Flavio Montenegro, general manager of G & T Continental, said the payment was in cash and Citibank de Guatemala has already handed over the records of the respective accounts.

For its part, Crista Kepfer, public relations officer of Citibank, told Prensalibre.com,"The decision was made to sell the FHA mortgage portfolio as part of Citi's strategy of focusing on a global scale in other banking segments and using those resources to invest in other lines of business. "

Source: prensalibre.com

More on this topic

Costa Rica: Credit for Housing Up 10%

May 2016

Competition, interbank interest rates and a stable exchange rate are the reasons for the growth of the housing loan portfolio in the first quarter of 2016.

An article on Elfinancierocr.com reports that "... Housing credit has been growing at safe rate since the start of 2016 and this market is expected to remain this way for the rest of the year ...

Best Rates for Homes in Guatemala

August 2012

In recent months the interest rates for new home purchases have declined from an average of 13.02% to 12.23%.

Banking institutions have added new options to their loan portfolios, such as funding for improvements and to buy a used house.

"Oscar Sequeira, coordinator of Statistics at the Construction Chamber of Guatemala (CGC), said that interest rates are down worldwide due to policies pursued by central banks and that has had an impact on reducing the level of fees charged for housing finance", reported Elperiodico.com.gt.

No Mortgage Recovery in Guatemala

February 2011

Loans to the construction sector in 2010 reported a 0.4% drop compared to 2009.

At the end of 2009 the banking sector loaned $ 816 million while in 2010 the figure was $ 813 million.

Likewise, defaults on housing loans increased by 1.4%.

"This was the only sector which reported a drop in the loan portfolio, which, in general, went up 5.6%," reported Sigloxxi.com.

OPIC Announces $105 Million in Support for Costa Rica

October 2008

The Overseas Private Investment Corporation announced a $45 million loan to Banco Lafise Costa Rica, and a $60 million loan to Banco BAC San Jose.

The first project involves a total of $45 million in loans to Banco Lafise Costa Rica, a member of the regional financial institution Lafise Group, to enable it to expand its portfolio of low- and middle-income residential mortgages.