In the year 1994, ACHAP takes the decision to voluntarily dissolve itself and to submit the required documentation to the National Banking Commission of Panama (today Superintendence of Banks of Panama) to ask for a General Banking License. On August 31st, 1994 by means of Resolution No. 24-94, the license is granted so that ACHAP begins to operate as BANCO UNIVERSAL On December 1st, 1994, Banco Universal initiated operations offering commercial, industrial, personal, and auto loans, mortgage, letters of credit, checking and savings accounts, certificate of deposit, and night deposits. From this conversion Banco Universal has sustained a remarkable growth with a strong positioning in regions such as: David, Concepcion, Santiago, Paso Canoas and Panama. Banco Universal has five subsidiaries dedicated to the activities of real estate, factoring, leasing, off shore banking and reforestation; with highly qualified personnel who keep the Bank in high standards of efficiency.