The government intervened and suspended Banco Comercial, Banco Montevideo, Banco Caja Obrera and Banco de Credito in July and August 2002 due to liquidity and capital problems sparked by Uruguay’s financial crisis.
The government expects to start liquidating Comercial, Montevideo and Caja Obrera on January 13 and complete the process by the end of the month. Once the liquidation is finished, the government will set up the new entity called Nuevo Banco Comercial.
Banco de Credito is not included in the liquidation process since the government is in talks to hand control of the bank over to minority shareholder St George. St George is an investment company owned by the South Korean Moon group.
