As in other Central American countries, Colombian transnationals have markedly increased their participation in various sectors of the Costa Rican economy.
Investments in recent years in Costa Rica by Colombian companies have already reached $3.4 billion in various sectors such as banking, paint, supermarkets, candy, and tourism.
33% of it focuses on production and sale of paint nationwide, they control 15% of Costa Rican bank credit, and besides this, they own a fifth of the large supermarkets, according to Elfinancierocr.com.
The financial conglomerate has issued 1,538,461 shares for the sum of $10 million in the local primary market.
The issue was agreed at the last shareholders meeting.
The funds will be used to increase capital of the Banco Panameño de la Vivienda (Banvivienda) and "’to meet obligations of the holding company’, said Fernando Lewis, president of the group", according to an article in Prensa.com
The Panamanian insurer, owned by regional conglomerate Grupo Mundial, would operate in Costa Rica in 4 months.
As the insurance market opens in Costa Rica, Sociedad Aseguradora Mundial S.A. is the first foreign capital company to be authorized by the Pensions Superintendence (Supen, spanish acronym) to compete with the state's "Instituto Nacional de Seguros" and "Sociedad de Seguros del Magisterio" the first Costa Rican competitor.
Panama-based financial group Grupo Mundial is preparing to enter the Costa Rican and Colombian insurance markets in 2009.
"We want to enter the Costa Rican insurance market during the first half of the next year," said Jaime Jean François, VP and general manager of the firm's investment vehicle Mundial Desarrollo. on the sidelines of insurance and financial services association Limra's Latin American conference.
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