The Central Bank of Uruguay (BCU) approved a USD 13,254,331 transfer to the Bank Asset Recovery Fund of the former Banco Comercial S.A., for the benefit of the bank’s depositors. The funds come from court-ordered auctions and the realisation of assets that had been seized under litigation and precautionary measures pursued by the BCU. The recoveries stem from actions brought by the BCU’s legal services, in line with its legal mandate to protect public savings, against individuals, legal entities and related companies involved in fraudulent transactions that contributed to the institution’s economic and financial imbalance. All recovered assets are channelled into the fund, which is administered by the Banking Savings Protection Corporation (Copab) and in which the liquidated bank’s depositors are unit holders, increasing their recovery percentages. The BCU also noted that it is continuing to enforce favourable judgments and pursue other judicial precautionary measures that have enabled asset recoveries for depositors of financial institutions liquidated during the 2002 financial crisis.
Central Bank of Uruguay 2026-04-20
Central Bank of Uruguay approves USD 13,254,331 transfer to former Banco Comercial depositor recovery fund
The Central Bank of Uruguay approved a USD 13,254,331 transfer to the Bank Asset Recovery Fund of former Banco Comercial S.A., funded by court-ordered auctions and seized assets, for the benefit of depositors. The recoveries stem from legal actions against parties involved in fraudulent transactions, with all assets channelled into a fund administered by the Banking Savings Protection Corporation, increasing depositors’ recovery percentages. The Central Bank added that it continues to enforce favourable judgments and pursue precautionary measures to recover assets for depositors of institutions liquidated during the 2002 financial crisis.