During 2010 the 'off shore' banks reported a 17.4% decline in their loan portfolio.
In November 2010, according to information from Banco de Guatemala, the loan portfolio was $ 1,450 million, 17.4% lower than the $ 1,751 million reported at year-end in 2009.
Flavio Montenegro, general manager of G&T Continental Bank, told Elperiodico.com.gt, "There are two factors which explain the behavior of off shore banks over the past year. The first relates to the exchange rate variation which reduces Dollar amounts after conversion to Quetzales ... The second factor was that during 2010 there was an excess in Dollar liquidity due to slower economic growth".
The deposits were at $12 billion, an increase of $2 billion compared to 2006.
According to the Siglo XXI newspaper, the Superintendence of Banks in Guatemala indicated that the opening of accounts grew at a faster rate, going from 6.5 million accounts in 2006 to 8.3 million in 2008, an increase of 26%.
85.3% of the earnings where in local currency (the quetzal).
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.
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