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Sale of the asset management unit and discontinued operations
 12 Months Ended
Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
3.
Sale of the asset management unit and discontinued operations
 
On April 2, 2013, the Bank reached a definitive agreement to sale its asset management unit (the “Management Unit”) to Alpha4X Asset Management, LLC and related companies (“Alpha4X”). Alpha 4X Asset Management, LLC is a company majority-owned by former executives of the Management Unit (see Note 7). The sale closed in the second quarter of 2013.
 
The sale resulted in a gain of $455 thousand, which is reported in net loss from discontinued operations in the consolidated statements of income. The Bank applied discontinued operations accounting to the operations of the Management Unit in accordance with ASC Topic 205-20 – Presentation of Financial Statements – Discontinued Operations.
 
The following table summarizes the operating results of the discontinued operations:
 
 
 
Year ended December 31
 
(In thousands of US$)
 
2013
 
2012
 
2011
 
Other income:
 
 
 
 
 
 
 
Fees and commissions (1)
 
610
 
2,683
 
2,942
 
Other income
 
468
 
20
 
-
 
 
 
1,078
 
2,703
 
2,942
 
Operating expenses:
 
 
 
 
 
 
 
Salaries and other employee expenses
 
373
 
1,535
 
1,443
 
Depreciation and amortization
 
8
 
21
 
27
 
Professional services
 
462
 
699
 
731
 
Maintenance and repairs
 
1
 
7
 
5
 
Other operating expenses
 
238
 
1,122
 
1,156
 
Total operating expenses
 
1,082
 
3,384
 
3,362
 
Net loss from discontinued operations
 
(4)
 
(681)
 
(420)
 
 
(1) Includes management fees from investment funds for $567 thousand, $2,588 thousand and $2,832 in 2013, 2012 y 2011, respectively.