The company has announced the phased closure of the operation in the country and the laying off of 1,500 workers over a period of 9-12 months.
In addition to the service center specializing in finance and technology in Costa Rica, the U.S. bank will also cease operations in the Philippines and Mexico, as part of an overall process of re structuring of the company.
Swiss bankers have detected interesting sectors in the country to whom they can provide services and financing.
"Proof of this is that it is not only the banks USB, BSI and Merrill Lynch whose representative offices form part of the International Banking Center (CBI), but also at least another three new ones will soon implement projects in Panama," reported Capital.com.pa.
$4.5 billion a year comes from the U.S., generating a fierce battle between 22 banks and transfer companies that compete for the market.
The stiff competition for larger pieces of the cake that makes up remittances is leading banks and financial companies to sign alliances and join forces.
For example the company AirPak / Western Union this week signed an alliance with Banco de los Trabajadores (Bantrab) in order to increase their participation in the remittance business through the promotion "Remesa del Norte” (Remittance from the North). Customers participate in a draw for a car, motorcycles and appliances with each consignment.
Technisys is the omnichannel digital banking company. It offers technology solutions that allow banks to stand out through their customer experience, increase their sales and dramatically reduce their time-to-market when it comes to launching new financial services. Technisys culture lies on its innovation, its human capital talent and its vision of the future. The digital age represents an unprecedented growth opportunity for the financial service providers, and Technisys helps its customers to differentiate and capitalize it.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (506) 2256 7168