Banco Promerica has raised $25 million from the future flow of receivables generated by remittances from Salvadorans living abroad.
The bank structured a financial vehicle through which it securitized flows of receivables generated by U.S. entities using Salvadorans to send remittances to the country.
In an article in Elsalvador.com the vice president of the securitization company Hencorp Securities SA, Victor Quijano explained, "when countrymen abroad send remittances to El Salvador, the latter may make them effective 10 minutes after the operation is made abroad, despite the advancement in technology, the money may not come as quickly to the country, therefore the bank, in this case Promerica, has to pay such remittances using its own funds, which in turn generates accounts receivable from remittance companies.
The Nicaraguan financial group has received approval to acquire a 55% stake in Produbanco in Ecuador.
The Superintendency of Control of Market Power in Ecuador gave its endorsement to Promerica Group, founded with Nicaraguan capital, to acquire a 55% stake of Produbanco, an entity from the South American nation.
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