HSBC changes strategy for opening in Guatemala

HSBC will modify its request to open in the country; instead of one branch, it is looking to set up as a local bank.

Monday, November 24, 2008

HSBC (the Hong Kong and Shanghai Banking Corporation) has still not landed in the Guatemalan financial market, the only country in Central America where it is missing, and to date this continues to be uncertain as the request process has been changed.

The Superintendent of Banks, Edgar Barquin, explained to estrategiaynegocios.net that the corporation initially presented a request to set up a branch at the beginning of the year.

More on this topic

HSBC starts the process for operating in Guatemala

June 2008

HSBC has started the approval process for operating in Guatemala. According to information from the Central American Daily, the Monetary Committee that oversees Guatemala's financial sector, will make its decision on the bank's application within two months.

Publication in the Official Daily is part of the approval process required by the Office of the Superintendent of Banks.

HSBC to Stay in Panama

March 2012

The bank will continue its banking and insurance business in Panama as part of its strategy in Latin America to focus on high potential markets.

Panama is one of the four strongest countries in Latin America for HSBC, said Yoselyn Garcia, Head of Marketing HSBC Bank to Panamaamerica.com.pa.

Industrial Bank authorized to operate in El Salvador

December 2008

Industrial Bank got the "ok" to enter the Salvadoran market, where it will have a big market of customers.

The inauguration of the first agency will occur during the first semester of 2009, the company's general director, Diego Pulido, said to estrategiaynegocios.net.

El Salvador will be the third country outside Guatemala where the bank has set up operations; in 2008 they opened in Honduras, where they acquired the operations of the Banco del Pais bank.

HSBC Enters Guatemala

September 2009

The financial group will open a commercial office in the country in October.

Paul Stickland, HSBC's representative in Guatemala, explained that the new office will service Guatemalan and multinational corporations.

Regarding the possibility of acquiring a local bank, Stickland said: "It is a long term possibility, but nor our immediate objective".

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