The main shareholder of the new bank, which will open operations on 13 July, is the Panamanian holding company Bicapital Corporation.
As outlined in an article in Elperiodico.com.gt, Banco Industrial El Salvador will absorb the existing operations of the representative office of Banco Industrial Guatemala, which is already operating business loan services in El Salvador.
The number of basic banking services offered by local, small stores increased 27.6% when compared to 2008.
Currently there are 1.915 agencies offering basic transactions like cashing small checks and paying public services.
"In Guatemala, two banks have implemented this business model: G&T Continental and Industrial (BI)", reported Prensalibre.com. "In 2010, G&T expects to grow 30% in this segment, and BI 25%".
Banks in Guatemala are expanding by installing branches in small businesses to offer financial services.
Who would have thought that a pharmacy, a hardware store, a book store, or any other business would one day offer many of the financial services that have been exclusive to banks for decades?
"I never imagined it, but now I am happy because, not only will it help a lot of people, but it will also help my business to get more clients; I'm happy." This is the way Irma Medrano, the owner of J&M Bookstore, described her new role as a banker. Medrano has her business in Jalpatagua, Jutiapa. Her bookstore has been converted to a branch of the G&T Continental Bank and offers a variety of services such as reception of payments (telephone, water, and electricity), remittances and checks, as well as deposits.