According to Andrew Jervis, president of the Board of Directors of the Bank of Antigua, the transaction which has the backing of the Superintendency of Banks (SIB), does not mean a change in the operating model, and continuity of service has been assured for their customers.
Guatemalan Banks earned $61 million in February, 15% more than the $53 million earned during the same month in 2008.
According to the general manager of Banco de los Trabajadores, Ronald Garcia, the increase in profits was due to prudence and a reduction in financial service costs: "The opening of non-traditional channels such as electronic made services less expensive," the official told the newspaper La Prensa Libre of Guatemala.
Scotiabank continued its advance in Latin America with the acquisition in Guatemala of Banco de Antigua. The only countries in Central America where the Canadian bank has still to establish a presence are Nicaragua and Honduras.
Along with Banco de Antigua, Scotiabank acquired some shares in the Dominican Republic's Banco de Ahorro y Crédito, plust an option to purchase Peru's Banco de Trabajo. All three institutions belonged to the Chilean group Altos Cumbres.
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