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
The closure was announced on 25 August by El Salvador's Financial System Regulator (SSF in Spanish).
Assurance has been given that companies where Continental Group or its shareholders have a minority participation may continue to operate normally.
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.
The banking regulator has requested shareholders to begin the liquidation process of the financial institution.
The move will mean the closure of 10 branches and the loss of 50% of its staff.
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