First Commercial Bank Closes its Salvadoran Operations

In November the bank will close down its operations due to lack of clients.

Wednesday, September 1, 2010


©image:

The closure was announced on 25 August by El Salvador's Financial System Regulator (SSF in Spanish).

Víctor Ramírez, SSF head, indicated that the decision to close was made by the bank itself, adding that, "it is no longer in their interests to stay open since the original idea was to provide services to manufacturing companies but as this sector has suffered there is less incentive to stay".

More on this topic

Rosenthal Case: Which Companies Can Keep Operating

October 2015

Assurance has been given that companies where Continental Group or its shareholders have a minority participation may continue to operate normally.

As outlined in an article on Televicentro.hn , the general coordinator of Government, Jorge Ramon Hernandez Alcerro, stated that "...

HSBC Closes Office in Guatemala

May 2011

The bank Hong Kong and Shanghai Banking Corporation (HSBC) argue that the main reason for the closure is the effects of the global economic crisis.

In October 2009 the bank had set up the office which was dedicated to providing services to importers, exporters, multinational and transnational companies as well as offering trade services, loans and foreign accounts.

Banex Nicaragua Definitive Closure

August 2010

The banking regulator has requested shareholders to begin the liquidation process of the financial institution.

The head of Nicaragua's Banking and Finance Regulator (SIBOIF), Víctor Urcuyo, has said that the decision does not impact on the bank's customers since, "the vast majority have already received their money".

Banex to Resume Operations in Nicaragua as Microfinance Bank

July 2010

The move will mean the closure of 10 branches and the loss of 50% of its staff.

Benjamín Vides, Chairman of the bank’s board of directors, indicated that the return of customers’ deposits forms part of this process since, according to Guatemalan legislation, a lending institution cannot hold deposits.

 close (x)

Receive more news about Banking

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Costa Rica Coffee Farm and Development Property

Sustainable 70 Acre Coffee Farm, San Ramon, Costa Rica Coffee Estate, development property with 20 titled lots, ready to develop with roads, water, power. Great Location, close to everything
Ideal area for living or developing an ecologically...

Stock Indexes

(Apr 27)
Dow Jones
0.03%
S&P 500
0.06%
Nasdaq
0.39%

Commodities

(Apr 27)
Brent Crude Oil
51.97
Coffee "C"
129.5
Gold
1,265
Silver
17.255