"Resignation of José Fernando Romero following the SBS intervention in Financiera Credinka"

José Fernando Romero has stepped down from his position as director and president of the board of Cavali, a decision that comes in the wake of the intervention by the Superintendency of Banking, Insurance, and AFP (SBS) at Financiera Credinka. This intervention reflects the critical situation facing Credinka, which has experienced a significant deterioration in its solvency and equity, prompting the SBS to take drastic measures to protect depositors and maintain the stability of the financial system.

Diviso Grupo Financiero, of which Romero is the managing director, owns Credinka. The statutes of Cavali establish that those in a situation of insolvency or intervention cannot be part of its board, which forced Romero to resign from his position at the entity that oversees the compensation and settlement of securities in the country. Romero's departure marks a significant change in the leadership of Cavali, an institution that plays a fundamental role in the Peruvian financial system.

The intervention of Credinka, announced today, responds to the alarming decline in the entity's equity, which has fallen by 59.53%. This is concerning not only for the stakeholders of the financial institution but also for the microfinance sector in general, where Credinka has played an important role. In recent years, the financial institution has reported significant net losses: S/ 50.9 million in 2021, S/ 36.0 million in 2022, and S/ 38.7 million in 2023, raising questions about its long-term viability.

The SBS has decided to act and has called for an invited tender to auction a block of assets and liabilities from Credinka. This process will include both loans and deposits, offering an opportunity for other sector players to come in and assume the risks associated with the entity. The intervention, while necessary, raises questions about the future of depositors and employees of Credinka, who find themselves in a situation of uncertainty.

Cavali, for its part, continues to be one of the key institutions in the Peruvian financial system, responsible for the registration, custody, compensation, and settlement of securities, as well as non-mass issuance instruments. Romero's departure, after leading the entity during a critical period, generates expectations about who will take his place and how future challenges will be managed.

The role of Cavali is crucial for market confidence, and the decisions made at this time could have long-term repercussions on the stability of the financial sector. The situation of Credinka could serve as a wake-up call for other institutions in the microfinance sector, which could be affected if they do not take preventive measures against the potential accumulation of losses.

The SBS's intervention in Credinka also highlights the importance of regulation in the financial sector. The measures taken by the superintendency aim to safeguard not only the interests of depositors but also the integrity of the financial system as a whole. The recent situation underscores the urgent need to review risk and governance policies in microfinance entities to prevent similar situations in the future.

In conclusion, the resignation of José Fernando Romero and the intervention of Credinka mark a critical moment for the Peruvian financial sector. The situation underscores the importance of regulatory oversight and the need for entities to operate sustainably. As the intervention process progresses, all eyes will be on how negotiations unfold and what measures will be implemented to restore confidence in Credinka and the microfinance system in general. Adapting to these changes will be essential in determining the way forward in an increasingly challenging economic environment.