Banex begins operations in Nicaragua

Previously known as Findesa, Banex began operations with 30 branches in the country.

Friday, October 17, 2008

The Nicaraguan Development Finance Corporation, Findesa, which became a commercial bank called the Success Bank, Banex, began operations with 30 branches nationwide.
Banex will focus its operations towards small and medium sized producers.

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Banex to Resume Operations in Nicaragua as Microfinance Bank

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The move will mean the closure of 10 branches and the loss of 50% of its staff.

Benjamín Vides, Chairman of the bank’s board of directors, indicated that the return of customers’ deposits forms part of this process since, according to Guatemalan legislation, a lending institution cannot hold deposits.

Nicaragua: Banex Bank Closes Offices

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The bank closed 5 branches, while it awaits a potential $32 million recapitalization.

The banking superintendence (Siboif), gave “Banco del Exito” (Banex), until June 30 to confirm this second capitalization. Meanwhile, the bank closed branches in Granada, Ocotal, Bonanza, Rosita and Siuna.

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The Panamanian Superintendent of Banks has a pending general license application for the opening of a new bank.

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