Bank Superintendency alert

IF YOU WERE thinking of opening an account with SBT Bank or Suisse Bancor Trust, you might want to review your options.

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The Superintendency of Banks of Panama warned Tuesday, April 2 that it has not issued a bank operating license to SBT Bank or Suisse Bancor Trust.

The agency said that the web sitewww.suissebancortrust.com is offering foreign investors the possibility of opening bank accounts in Panama, but is not authorized to do so.

"SBT Bank or Suisse Bancor Trust is not authorized by the superintendency to use the word 'bank' or its derivatives or to accept, direct or indirectly, resources of the public in the form of accepting deposits," the agency said.

It said the business is not being regulated or supervised by the superintendency.

The bank's website does not contain the physical location of the entity and calls to the number listed on the site went to an answering machine.

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