Ecuador's Superintendency of Banks has ordered the forced liquidation of Banco Amibank S.A. The move activates deposit insurance payments to the bank’s depositors, with coverage up to USD 32,000 under the current maximum coverage referenced for this case. The deposit insurance framework cited sets the insured amount for deposits in private financial institutions and “popular and solidarity” entities (segment 1) at twice the current basic tax-exempt income tax band, but not less than USD 32,000. The General Management of COSEDE has instructed payment of the deposit insurance for Banco Amibank and appointed Cooperativa de Ahorro y Crédito JEP and Cooperativa de Ahorro y Crédito 29 de Octubre as paying agents, with 29 de Octubre serving Carchi province and JEP serving the remaining provinces. Payments are scheduled by the last digit of the depositor’s national ID for natural persons from 21 April 2025 to 1 May 2025, with digit 0, passport holders and legal entities scheduled for 5 May 2025; after the schedule, payments continue during normal opening hours. COSEDE also set documentation requirements for Ecuadorian individuals (ID), foreign individuals (passport, with additional pages if renewed), and legal entities (certified proof of legal representation, certified taxpayer registry, and identification of the legal representative).
Superintendencia de Bancos de Ecuador 2025-04-16
Ecuador's Superintendency of Banks orders forced liquidation of Banco Amibank triggering deposit insurance payouts up to USD 32,000
Ecuador's Superintendency of Banks has mandated the forced liquidation of Banco Amibank S.A., triggering deposit insurance payments up to USD 32,000 for depositors. COSEDE's General Management appointed Cooperativa de Ahorro y Crédito JEP and Cooperativa de Ahorro y Crédito 29 de Octubre as paying agents, with specific provinces assigned to each. Payments will follow a schedule based on the depositor's national ID number, with documentation requirements for different depositor categories.