BANCO DE LOS ANDES PRESIDENT FIRED

Created: 8/5/1994

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Banco de los Andes President Fired

Supenniendent of Banks fired Banco de losPresident Duenas onuly, followingon money laundering charges and rumors of bad loansThe government has

anagcrnenTcclmnjtteewith some power toBDLA's activities, and the run on deposits that was spurred by the arrest has slowed. Central Bank officials have said the past supervision of BDLA. the responsibility of (he Supcrintendency of Banks, was weak to nonexistent. BDLA probably soon wilt be sold, in whole or in part, to remedy its extremely weak capital position.

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