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.
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.
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.
Industrial Bank got the "ok" to enter the Salvadoran market, where it will have a big market of customers.
The financial group will open a commercial office in the country in October.
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