The financial group G & T Continental has obtained a general license to expand the services it provides in Panama, where it plans to strengthen its corporate and private banking area.
The financial institution started operations in Panama in July 2008 under the name of Banco Financia, S.A. (BMF) and in 2009 changed its name to Banco G & T Continental (Panamá) S.A.
The bank is planning to grant loans this year worth $270 million.
Last year it approved $210 million worth of loans to productive sectors such as industry, trade, services, agriculture and construction, an increase of 49% compared to 2010, said the General Manager of the institution, Roberto Silva Alvarez.
"We have been growing in business banking, which deals with medium enterprises, and the corporate side.
The bank, notable for its A + rating awarded by Fitch Ratings, focuses on loans for the corporate sector and hopes to expand its credit portfolio thanks to the injection of funds.
The G & T Continental Bank, of Guatemalan capital, said that it is to receive a capital injection of about $10 million, which would increase its loan portfolio in El Salvador.
As part of its expansion plan, the bank will invest in the construction of five new branches.
The recent opening of branch number 21 on the Gran Via is part of the plan.
General manager Roberto Silva informed the media that another branch in the downtown area of San Salvador is also scheduled to be opened.
"G & T Continental is considered one of the largest in Central America, and with assets exceeding $4.747 million, it serves more than 1.7 million customers and has more than 3,600 service points in the region, in countries like the United States and neighboring Guatemala, Costa Rica and Panama", reported an article in Elmundo.com.sv.
The Guatemalan financial group plans to open 27 new branches next year in El Salvador.
Flavio Montenegro, General Manager, told Prensa Libre the group already has 23 branches, with the new openings it will consolidate presence in Salvadoran market.
"First, we will consolidate in El Salvador and then will start working in the other markets (Central America)," added the executive.
By opening its 11th branch, Grupo Financiero G&T Continental now features 600 locations in Central America.
The new Salvadoran branch is located at Shopping Mall Aventura Plaza, and will offer services in financing, investment, treasury, commerce, cash management and corporate and individual advising.
"With the new branch, the bank now employs 159 people in the country", reported Laprensagrafica.com.
Both "Banco Industrial" and G&T Continental are moving forward with their expansion plans in Central America.
Banco Industrial will open an office in El Salvador in May 2010, while G&T Continental plans to enter the Costa Rican market in the medium term. G&T already operates in Panama and El Salvador.
Diego Pulido, director at "Corporación BI", parent company of Banco Industrial, said in a Prensalibre.com article that "...
G&T Continental Bank's projections for next year are to conquer the financial markets of Costa Rica and Panama and to strengthen their position in El Salvador.
Flavio Montenegro, Director and President of G&T Continental, said that their main operation is in Guatemala, where the companies was born some 45 years ago, and to date they have more than 380 points of service.