A reform to the Organic Law of the National Banking System proposes to allow foreign banks to choose between a corporation or a branch as the legal form to establish themselves in the country.
Project No. 21,292 called "Reform to Law No. 1644 - Organic Law of the National Banking System - Technical Sheet" was presented to the Legislative Assembly on March 8.
After having bought 100% of the shares of the Costa Rican bank Bansol, Prival Bank announced that from September 7 it will operate in the country under its own brand name.
The purchase of 100% equity of Bansol was announced in April, and now the Bansol brand name is being replaced by the Panamanian bank.
Nacion.com reports that "... Currently, Prival Group consists of Prival Bank, Prival Securities, Prival Trust and Prival Leasing, in Panamá, and Prival Securities in El Salvador. Prival Bank focuses on private, corporate and investment banking in Central America. "
The financial company Desyfin has received $10.5 million from a Norwegian investment fund and has made a request to become a bank next year.
Recently the financial firm revealed that it signed an agreement for $6 million in a share issue with which it will have an investment reaching $10.5 million from the Norwegian Investment Fund for Developing Countries (Norfund). With this, the company is on track to become a bank.
In principle, the change will only be cosmetic, with the functional and operational structure remaining in place in the 30 offices and subsidiaries that are now part of the Colombian financial group.
In January 2012 Davivienda signed an agreement to the effect that HSBC Costa Rica, HSBC Honduras and HSBC El Salvador form part of the Bank to strengthen its regional presence.
The financing company is registering with the regulating authority the creation of a financial group made up by the financing company, an insurance seller and a leasing company.
Silvio Lacayo, Desyfin manager, said the proceedings were initiated in 2011 with the Superintendent of Financial Institutions and they are awaiting final approval by the agency.
The Venezuelan bank’s participation in the Costa Rican market will be marked by flexibility and adaptability to local characteristics.
Representatives from local banks, in the face of entry of a new competitor, agreed that this will stimulate the segment of medium-sized banks.
Strengths of the new institution are reported to be their knowledge of the Latin American market and experience in micro and small enterprises.
On the first of November Bansol became the 17th bank in the country.
The new bank will operate almost 100% electronically.
Few branches, small and without ATMs, were the words of its CEO Carlos Fernandez.
"The accounts opened will be linked automatically to the Integrated Electronic Payment System (IPNS) in order to facilitate the process of transferring to any destination within the domestic financial system," writes Elfinancierocr.com.
Financiera Acobo is to obtain a banking license and become Banco de las Soluciones (Bansol).
The authorization was granted by the National Financial System Supervision (CONASSIF), making Bansol the tenth commercial bank operating in Costa Rica.
Alberto Dent, president of CONASSIF, told Elfinanacierocr.com, "...now we just need for the Superintendent of Financial Institutions (Sugef) to issue a certificate to the effect that the new entity meets all requirements and regulations (including minimum capital) so they can begin to operate as a bank."
The leading Central American banks believe that the presence of the Colombian financial holding group will bring greater dynamism to the market.
Nacion.com reports that most bankers drew attention to the group’s size and its success in Colombia.
Armando Arias, president of the Salvadoran banking association (ABANSA), commented that, “the arrival of such a large group is good news for Central America.
The offer to buy BAC-Credomatic made by Banco de Bogotá confirms that Colombia’s large financial groups are seeking to expand their borders.
An article in Portafolio.com.co remarks that BAC has so far not responded to the Colombians. The financial website also lists the international operations of Colombia’s financial institutions such as Colpatria, Davivienda and Bancolombia.
As part of its expansion plan in the country, the banking institution opened a new branch in Alajuela.
During 2010, the bank plans to open 4 new offices.
“This new office aims to increase the number of deposits from the public, which grew 40% during 2009. Banco Cathay was funded in 1998”, reported El Financiero.
The banks started an expansion plan in the country by opening a new branch in the locality of Desamparados.
Gilberto Serrano, CEO at Banco Lafise, explained their plans to open 5 new branches in 2010, in addition to offering new products.
"Credit and debit cards, saving and checking accounts in colones, dollars and euros, investment certificates, mortgages and loans are just some of the services the bank offers", told Serrano to prensalibre.cr.
Both "Banco Industrial" and G&T Continental are moving forward with their expansion plans in Central America.
Banco Industrial will open an office in El Salvador in May 2010, while G&T Continental plans to enter the Costa Rican market in the medium term. G&T already operates in Panama and El Salvador.
Diego Pulido, director at "Corporación BI", parent company of Banco Industrial, said in a Prensalibre.com article that "...
The entity, subsidiary of Costa Rica's BCT Corporation, inaugurated its head office in Panama City.
It operates in Panama since September 2008, and in March 2009 it opened its first branch in Chitré.
Web site Panamá América published comments by Jorge Sosa, BCT Bank Panama executive vice-president: "... in the face of the global economic crisis, the entity is focusing on relationships with medium and long-term customers".