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Banking Scandal Shakes Bolivia's Financial System

ISSN:1060-4189
LADB Article ID: 55992
Category/Department: Bolivia
Date: 1995-08-10
By: LADB Staff

In late July, a huge corruption scandal erupted in a subsidiary of one of Bolivia's most prominent banks, shaking the financial stability of the country's national banking system. In mid-July, Bolivia's Banking Superintendent, Jacques Trigo, announced that the International Banking Corporation (IB) a subsidiary of the prestigious Banco Boliviano Americano (BBA) was bankrupt, leaving outstanding debts of about US$21 million owed to some 2,000 clients who had deposits in the bank.

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