El Salvador: Merger of Cuscatlan Bank and Banco Uno Bank to be endorsed
The Superintendence of the Financial System will announce next week whether or not both entities can begin to operate as Citibank, after their merger.
Thursday, August 28, 2008
Citigroup Inc. completed the purchase of the Corporación Unión de Bancos Cuscatlán Internacional (UBCI), owner of Cuscatlan Bank, in May 2007, and in March of the same year it acquired the Financiero Uno Group (GFU).
Citibank got the approval of the Salvadoran authorities to integrate the operations of Banco Uno Bank and Cuscatlan Bank.
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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