Costa Rican banks plan aggressive expansion this year

Driven by fierce competition, public and private banks are carrying out aggressive expansion plans this year.

Monday, June 23, 2008

Seven banks and the Mutual Group have announced that they will open at least 84 branch offices or agencies.
The most ambitious plans are those of the Banco de Costa Rica and Banco Popular, each of which is planning to end the year with 20 new branches.

More on this topic

Multibank Targets Regional Banking Market

March 2012

The Panamanian bank is continuing its expansion plans in Central and South America.

Multibank, an entity founded on Panamanian capital, intends to consolidate and expand its share of the banking sector in Colombia and Central America, where it has already acquired full control of Macrofinanciera SA (Colombia) and the incorporation of the company Multi Resuelve (Costa Rica), focused on financing the purchase of cars.

Banco Cathay Opens Branch in Costa Rica

March 2010

As part of its expansion plan in the country, the banking institution opened a new branch in Alajuela.

During 2010, the bank plans to open 4 new offices.

“This new office aims to increase the number of deposits from the public, which grew 40% during 2009. Banco Cathay was funded in 1998”, reported El Financiero.

G&T Continental to Invest $15 million in El Salvador

June 2011

As part of its expansion plan, the bank will invest in the construction of five new branches.

The recent opening of branch number 21 on the Gran Via is part of the plan.

General manager Roberto Silva informed the media that another branch in the downtown area of San Salvador is also scheduled to be opened.

Guatemala’s Banrural to Operate in Honduras

January 2012

The Rural Development Bank plans to open 21 branches in Honduras, investing $40 million.

Guatemalan banks are expanding into Central America. This time it is the Banrural, which has plans to open 21 branches in Honduras after obtaining permission from the authorities.

"The two largest banks in Guatemala have crossed the border and are competing for the Central American financial market, setting up operations in El Salvador, Honduras, Costa Rica and Panama; now they are being joined by the Rural Development Bank (Banrural) which has decided to enter Honduras and in the long term is also interested in expanding into El Salvador", reports ElPeriodico.com.

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