Microfinance Banks Offer to Help Nicaragua's Banex
The Nicaraguan Association of Micro-Finance Institutions (ASOMIF) has offered to assist in the recovery of Banex.
Wednesday, August 4, 2010
Alfredo Alaniz, ASOMIF's executive director, commented that in meetings held with Nicaragua's banking regulator and central bank authorities those present agreed on the need for the institution to continue its operations whether as a bank or as a finance company.
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.
The bank closed 5 branches, while it awaits a potential $32 million recapitalization.
18 international creditors will assume control of Banex’s (Banco del Éxito) loan portfolio.
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