Citibank starts operations in Honduras

Citibank Honduras, which belongs to the American Citigroup, started to operate today and is the result of the merger of two other banking institutions with Central American capital.

Monday, August 18, 2008

"Cuscatlan bank and Banco Uno bank have successfully completed their merger, and from now on will be called Citibank Honduras," indicated a paid ad published today in the press.

More on this topic

HSBC completes takeover of Banistmo in Panama

July 2008

HSBC Bank Panama has presented to regulatory authorities a solicitude for completion of a merger with Panama's Primer Banco del Istmo (Banismo).

HSBC began negotiations for a takeover of Banistmo in July 2006.
It has concluded, or is in process of concluding, arrangements with Banismo's operations in Colombia, Costa Rica, El Salvador, Honduras, Nicaragua, and the Bahamas.

Bank consolidation in Central America

July 2008

The process of consolidating banking services in Central America is linked to the entrance of international banks into the region and the potential for attracting new customers to use banking services.

In the last two years, there's been a change in the way consolidation takes place.

Assets of Central American banks growing by US$9 billion a year

June 2008

The assets of Central America's banks are growing by more than US$9 billion a year and the presence of foreign capital is growing in the sector.

At the end of last year, the total assets of the region's 76 banks came to US$58.8 billion, a 16.4 percent increase on 2006, and 47 of them were foreign controlled or had foreign participation in their capital.

Citibank starts operations in Panama

October 2008

Citigroup cemented the legal fusion of Banco Uno and Cuscatlan Bank in Panama today. These brands will now be removed from the market.

The result of the union of these operations is a new brand called Banco Citibank (Panama) S.A. with an equity of 250 million dollars, and assets totaling more than 840 million dollars and a network of 22 branches and close to 200 thousand clients.

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