Scotiabank Expands in El Salvador

As part of an expansion plan, the bank opened two new branches.

Friday, March 18, 2011

With the two new branches at Torre Futura and Torre Avante, the financial institution has a total of 55 throughout the country.

Sergio Cruz, vice president of Personal Banking and Branches of Scotiabank, told, "... this year we will open one or two more service points and during the next three years we expect to have between seven and 10 additional branches. This adds to the installation of 25 ATMs in 2011 and 25 more next year."

More on this topic

Costa Rica: Moderate Expansion of Bank Branches in 2012

January 2012

Only the Banco Popular plans to open ten new offices, the rest have plans from only one or two openings.

For the banks Nacional BCR, BCT, Lafise and others, it will be a year of moderate growth and their plans will be to participate in new developments or strategic communities.

Guatemalan Drug Store Chain Enters Salvadoran Market

September 2010

Grupo Pharma, through its 'Community Pharmacy' brand, has opened its first 15 branches in El Salvador.

Grupo Farmacéutico, S.A. de C.V., the group's representative in El Salvador, plans to open 200 drug stores, which will also operate as mini Banco Industrial branches.

"Grupo Pharma's growth plans point to North America.

Banco Cathay Opens Branch in Costa Rica

March 2010

As part of its expansion plan in the country, the banking institution opened a new branch in Alajuela.

During 2010, the bank plans to open 4 new offices.

“This new office aims to increase the number of deposits from the public, which grew 40% during 2009. Banco Cathay was funded in 1998”, reported El Financiero.

The Coffee Cup Forays into United States

August 2009

In February, the Salvadoran company will open a store in Austin, Texas.

Samuel Quirós is the president of Quality Grains, holding company for The Coffee Cup stores. He said they intend to open 10 stores in Texas in their first year of U.S. operations.

"At first, the Austin store will operate under a hybrid business model, 50% property of the company and 50% franchise.

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