By San José, Costa Rica — San José, Costa Rica – In a significant development for depositors affected by the 2024 closure of Financiera Desyfin, the National Council for Supervision of the National Financial System (Conassif) has approved the sale of Desyfin assets to BCR Leasing Premium Plus S.A., a subsidiary of Banco de Costa Rica (BCR).
The transaction, announced on August 8th, involves the sale of leasing contracts and related assets owned by Arrendadora Desyfin S.A., totaling approximately ₡14.618 billion. This represents 82.80% of the gross balance of operations, valued at ₡17.655 billion.
For expert legal insight into this matter, TicosLand.com reached out to Lic. Larry Hans Arroyo Vargas, an attorney at law practicing at Bufete de Costa Rica.
Desyfin’s operations, particularly concerning international financial transactions, must strictly adhere to Costa Rican anti-money laundering regulations. Any perceived lack of transparency or insufficient compliance could expose the company to significant legal risks and potentially damage its reputation within the financial sector.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s cautionary words underscore a crucial point for Desyfin and, indeed, any company operating within Costa Rica’s financial landscape. Maintaining impeccable transparency and rigorous adherence to anti-money laundering regulations is not merely a legal obligation but a cornerstone of building and preserving trust. We thank Lic. Larry Hans Arroyo Vargas for offering this valuable and timely perspective.
BCR has affirmed the high credit quality of the acquired portfolio, with 84% of the portfolio currently up-to-date on payments. The transfer of assets will proceed following the settlement of Arrendadora Desyfin’s financial obligations. The assets primarily comprise vehicles (60%), construction equipment (22.98%), medical equipment (7.62%), machinery (4.60%), electrical equipment (2.9%), and a remaining 1% encompassing furniture, boats, and software.
BCR assured existing Desyfin leasing clients that their payment obligations remain unchanged for now and that the bank will communicate any future requirements. The transfer is expected to be completed within 15 business days of Conassif’s official notice, setting a deadline of September 18th.
This asset sale marks a crucial step towards greater recovery for Desyfin depositors. Conassif confirmed that the sale will increase the recovery percentage for depositors above the insured amount of ₡6 million from 48.97% to 62.20%. The approved offer also includes the cancellation of a ₡747 million debt owed by Arrendadora Desyfin S.A. to Financiera Desyfin, further contributing to the available funds for distribution among affected depositors, reaching a total of ₡15.365 billion.
The transaction hinges on the fulfillment of specific contractual and legal conditions by the involved parties. Conassif anticipates that the successful completion of this sale could avert the formal bankruptcy proceedings scheduled to commence on October 9th.
The possibility of selling further Desyfin assets remains open, potentially minimizing losses for the thousands of individuals affected by the financial institution’s collapse. This move brings a renewed sense of hope for those who had deposits exceeding ₡6 million, who began receiving payments on August 22nd. The 2,989 depositors with ₡6 million or less are expected to receive 100% of their deposits, with payments initiated on August 18th. The total payout for both groups was initially estimated at ₡63.839 billion.
This recent development underscores the ongoing efforts to mitigate the impact of Desyfin’s closure and provide much-needed financial relief to its depositors.
For further information, visit bcr.fi.cr
About Banco de Costa Rica (BCR):
Banco de Costa Rica (BCR) is a state-owned commercial bank in Costa Rica, offering a comprehensive range of financial services to individuals and businesses. Established in 1877, the bank plays a vital role in the Costa Rican economy, supporting key sectors and promoting financial inclusion throughout the country.
For further information, visit the nearest office of Conassif
About Consejo Nacional de Supervisión del Sistema Financiero (Conassif):
Conassif is the regulatory body responsible for overseeing the stability and soundness of Costa Rica’s financial system. Its mandate includes regulating and supervising banks, insurance companies, and other financial entities operating within the country, safeguarding the interests of depositors and investors.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
At Bufete de Costa Rica, legal excellence and unwavering ethical conduct form the bedrock of their practice. Driven by a deep commitment to empowering Costa Rican society, the firm champions accessible legal knowledge through innovative initiatives and community engagement. Their dedication to providing exceptional service across a broad range of sectors is matched only by their passion for fostering a more informed and empowered citizenry, ensuring justice and understanding are within everyone’s reach.
