Guatemalan Banks Expand in Central America

Both "Banco Industrial" and G&T Continental are moving forward with their expansion plans in Central America.

Friday, November 27, 2009

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 "... we are going to El Salvador to serve our clients with operations in that country, as we did in Honduras".

The newspaper also printed comments by Flavio Montenegro, CEO of Corporación G&T Continental: "We have to move slowly, get to know the market and its authorities before entering Costa Rica. This could become a reality in the next two years".



More on this topic

G&T Continental Expands in El Salvador

October 2010

The Guatemalan financial group plans to open 27 new branches next year in El Salvador.

Flavio Montenegro, General Manager, told Prensa Libre the group already has 23 branches, with the new openings it will consolidate presence in Salvadoran market.

"First, we will consolidate in El Salvador and then will start working in the other markets (Central America)," added the executive.

65% of Guatemalan Deposits in Just Three Banks

April 2010

From all the resources deposited in the Guatemalan banking system, 65.3% is concentrated in banks Industrial, G&T Continental and Banrural.

The figure corresponds to February 2010. According to the Banking Superintendence, in the same month of 2009 these banks had 64% of the deposits, out of a total 18 banking institutions in Guatemala.

IDB Loans $70 Million to Banco G&T Continental

January 2010

The loan to the Guatemalan bank aims to finance import and export operations.

Within the Trade Finance Facilitation Program (TFFP), the Inter-American Development Bank (IDB) granted Guatemalan Bank G&T Continental $70 million.

Flavio Montenegro, G&T CEO, remarked: "This transaction strengthens our trade operations and supports the economy of Guatemala, as it increases the funding available for our nation's industries".

$500 Million Loan for Guatemalan Banks Analyzed

March 2009

In order to support liquidity, the government is analyzing whether to accept a $500 million line of credit from the IDB.

The Superintendent of Guatemalan Banks, Edgar Barquín, said that the purpose of this instrument would be to compensate for the likely loss of foreign credit lines.

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