Panama takes bid for local Stanford bank unit

Panamanian regulators say an unnamed buyer has offered to purchase the local unit of Stanford Bank from its government.

Panama took control of the bank in February, when U.S. regulators filed fraud charges against Texas billionaire R. Allen Stanford.

Panama’s banking oversight agency did not give the name or source of the bid on Saturday, but said it will continue accepting offers as it prepares the bank for sale over the next 60 days.

The bank was shuttered amid a run on deposits amid U.S. charges that Stanford was involved in an $8 billion fraud scheme. Regulators have not reported any losses in Panama.

Stanford operated banks or brokerages in a half-dozen Latin American countries.

Source: http://www.forbes.com/feeds/ap/2009/04/18/ap6307582.html