Created on April 21, 2006 Eurovalores, S.A. is a company which obtained its license from the National Securities Commission to operate as a Securities Broker on August 8, 2005 by means of resolution 187-05. It is a wholly owned subsidiary of MetroBank, S.A., a banking entity with a general license created through Public Deed #3560 dated May 6, 1991 of the First Notary Office in the Circuit of Panama, and which is authorized to carry out banking business by Resolution # 7 -91 of the Superintendency of Banks of the Republic of Panama.
Even though it is not completely foreign to the regular scope of its operations, this is a new business for MetroBank, S.A. However, with the objective of developing this new line of business, the Bank has designated a business premise for Eurovalores, S.A. in the MetroBank Tower, located on Boulevard Pacifica in Punta Pacifica and thus creating a special area to exclusively serve its own clients.
Eurovalores, S.A. will act as an intermediary between the client and the securities broker abroad. In this case, that broker is Pershing, a BNY Securities Group Co. Solutions from The Bank of New York (PERSHING). The Bank of New York, founded in 1784, is recognized as one of the most solid banks in the United States, with a risk rating of AA-/Aa2. The account is directly opened in this last company, which is also responsible for the custody and for carrying out collections and payments on behalf of the investor, according to the terms and conditions of the signed contract.
Additionally, we will work with LATIN CLEAR for local accounts. LATIN CLEAR is a private company of public tendencies, whose main stockholders are the Brokers of International Markets and it is duly authorized to operate as a custody, compensation and liquidation center by Resolution No. CNV-68-97 of July 23, 1997, issued by the National Securities Commission.
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