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BCP Solid Despite Run on Bank Scare

Posted: admin on Jun 10 | Business & Economy

On Wednesday, June 8th, the Cochabamba newspaper La Voz published a news article entitled, “Rumors of a Possible Bankruptcy in Banco de Credito (BCP) Grow” leading to hundreds of people lining up at BCP’s ATM machines in Cochabamba and other major cities. BCP’s director explained that BCP is a large multi-national bank part of a conglomerate traded on the NASDAQ stock exchange and they are not in any danger of a liquidity crisis. BCP General Manager Diego Savero futher announced that BCP will be pressing charges against La Voz for “financial terrorism” as panicked bank customers withdrew almost one million dollars in one day. The only reference La Voz cited in their article was “Cochabamba citizens” and their director said that BCP’s lawsuit would not hold up in court specifically because La Voz had made no attempt to hide the fact that they were simply reporting rumors. The Bolivian Authority for Supervision of the Financial System (ASFI) has confirmed that BCP’s has more than the minimum reserve amounts and remains profitable and secure. Likewise the Association of Private Banks of Bolivia (ASOBAN) said that the rumors are “absolutely false and bad-intentioned. Banco de Credito is in solid economic condition.” BCP announced that it will continue operating as normal and urged its customers to remain calm.

To learn more in Spanish see:

http://www.lostiempos.com/diario/actualidad/economia/20100610/el-bcp-garantiza-solidez-y-anuncia-juicio-a-la-voz_74888_139444.html

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