Citibank starts operations in Panama

Citigroup cemented the legal fusion of Banco Uno and Cuscatlan Bank in Panama today. These brands will now be removed from the market.

Monday, October 13, 2008

The result of the union of these operations is a new brand called Banco Citibank (Panama) S.A. with an equity of 250 million dollars, and assets totaling more than 840 million dollars and a network of 22 branches and close to 200 thousand clients.
All Banco Uno and Cuscatlan branches started out the day today under the Citibank brand name, including signs and stationery.

More on this topic

Citibank begins operations in Costa Rica

November 2008

Starting today Costa Rica becomes the fifth country in CA where the Cuscatlan and Banco Uno Banks started to operate under the Citibank name.

By joining up the local operations of Cuscatlan and Uno, Citi will have an equity of more than $100 million and totals assets greater than $750 million.

Citibank, the new brand

September 2008

El Salvador is the second country to join the Citigroup network in Central America; the plan should be completed in the last quarter of this year and includes Panama.

The full Citibank network started to function fully yesterday and is made up branches that belonged to Cuscatlan Bank and Bank Uno

El Salvador Citibank operations approved in El Salvador

September 2008

Citibank got the approval of the Salvadoran authorities to integrate the operations of Banco Uno Bank and Cuscatlan Bank.

The Superintendence of the Financial System (SSF) reported yesterday that the Board granted its approval last Wednesday after receiving the corresponding reports.

El Salvador: Merger of Cuscatlan Bank and Banco Uno Bank to be endorsed

August 2008

The Superintendence of the Financial System will announce next week whether or not both entities can begin to operate as Citibank, after their merger.

Citigroup Inc. completed the purchase of the Corporación Unión de Bancos Cuscatlán Internacional (UBCI), owner of Cuscatlan Bank, in May 2007, and in March of the same year it acquired the Financiero Uno Group (GFU).

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