El Salvador Citibank operations approved in El Salvador
Citibank got the approval of the Salvadoran authorities to integrate the operations of Banco Uno Bank and Cuscatlan Bank.
Friday, September 5, 2008
The Superintendence of the Financial System (SSF) reported yesterday that the Board granted its approval last Wednesday after receiving the corresponding reports.
The Superintendence of the Financial System will announce next week whether or not both entities can begin to operate as Citibank, after their merger.
Today Citibank will officially begin to operate under that name in Nicaragua, after having acquired the Uno Financial Group.
El Salvador is the second country to join the Citigroup network in Central America; the plan should be completed in the last quarter of this year and includes Panama.
El Salvador-based Banco Cuscatlán announced that it will officially take over Banco Uno on July 1. Both banks were acquired by Citigroup at the end of 2006.
Grupo Uno, which owns Banco Uno and Aval Card in Costa Rica, also has operations in Honduras, Guatemala Nicaragua, El Salvador and Panama.
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