El Sol Loan Center to Operate in Guatemala
The financial firm, property of the Puerto Rican Caribbean Financial Group (CFG), will begin operations in April.
Thursday, March 12, 2009
It will focus on financing for businesses that sell on credit and on personal loans.
Guatemala's monetary authority (Junta Monetaria - JM), passed new regulations by which retirement funds at non-banking financial entities can now be transferred to banks.
The microcredit portfolio in Latin America and the Caribbean is worth over $40 billion, is awarded by more than 1,000 institutions, and reaches more than 22 million customers.
In addition to the two audits a year, the idea of amending the legislation to increase the oversight of the 161 financial companies registered in the country is being contemplated.
Iconi Holding and Intermarket are the companies that the Securities Regulator has warned not have support or supervision in the country.
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