The Superintendency of the Financial System is considering the application of a Salvadoran entity which, if there are no objections, will proceed to incorporate the company Banco Azul de El Salvador S.A. in August.

Eleconomista.net reports: "Among the founders of Banco Azul are: Carlos Enrique Araujo, Fernando Alfredo de la Cruz Pacas, Manuel Rodríguez Harrison, Raúl Navarrete Belismelis, Luis Álvarez Prunera and Óscar Armando Rodríguez, who make up 87.95% of the shareholding. "

According to Araujo, who will assume the position of CEO, "one of the important factors is that this is a Salvadoran bank for Salvadorans, it is a locally owned bank." The capital which will be used to set up the bank has not been revealed, however, the Superintendency of the Financial System (SSF) requires the minimum amount to be $17.25 million.

"We have presented everything that the superintendent requires: the origin of funds, the founders, what the systems will be that we use to serve customers, the creditworthiness of all directors. There are many requirements," said Araujo.

Source: ElEconomista.net

More on this topic

El Salvador: New bank Raises $40 million From Small Investors

December 2013

With amounts from $5 to over $50,000, people bought 1412 shares in Banco Azul which will begin operations in 2014.

This amount makes up the $60 million needed for the start of operations by the entity which was formed last September with a capital of $20 million. Of the 1,412 shareholders 97% are natural persons and 3% are companies.

Banco Azul to Start Operations in 2014

September 2013

The new bank, with a capital of $20 million, will begin operations in the second quarter of 2014 in the Salvadoran plaza.

On Monday September 23, a group of Salvadoran businessmen signed an act of constitution for Banco Azul de El Salvador, which is chaired by Carlos Enrique Araujo and consists of 100% of shareholders from that country.