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).
Citi, an American group with branches in more than 100 countries, is in the process of merging the operations of UBCI and GFU in Central America. Honduras was the first country in the region where the conglomerate obtained the authorization to integrate the operations of Cuscatlan Bank and Financiero Uno Group, which now form Citibank Honduras.

More on this topic

El Salvador Citibank operations approved in El Salvador

September 2008

Citibank got the approval of the Salvadoran authorities to integrate the operations of Banco Uno Bank and Cuscatlan Bank.

The Superintendence of the Financial System (SSF) reported yesterday that the Board granted its approval last Wednesday after receiving the corresponding reports.

Citibank starts operations in Nicaragua

September 2008

Today Citibank will officially begin to operate under that name in Nicaragua, after having acquired the Uno Financial Group.

The bank has completed the integration process in Nicaragua, after having bought the Salvadoran bank, Cuscatlan, almost a year ago for approximately 1.5 billion dollars.

Citibank, the new brand

September 2008

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.

The full Citibank network started to function fully yesterday and is made up branches that belonged to Cuscatlan Bank and Bank Uno

Cuscatlán sets date for Banco Uno takeover

April 2008

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.

The takeover was approved by Banco Cuscatlán shareholders April 15, the bank said in a stock market filing.

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