As explained by Banco General, the transaction, the amount of which was not disclosed, includes a portfolio of more than 1,000 clients, while Citi explained that the sale meets its goal of refocusing its business to corporate and consumer customers.

With this purchase, Banco General now has more than 2,000 customers in Costa Rica, $200 million in assets and $45 million in equity.

Customers will keep the conditions and benefits they previously enjoyed, said the General.

Source: Nacion.com

More on this topic

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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.

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In April this year the mortgage loan portfolio of the banking system amounted to $12 billion, 15% more than in the same month in 2014.

The growing demand for homes in Panama is the main factor behind the steady growth in mortgage lending, which is expected to continue rising due to the deficit that still exists in the availability of housing.

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G & T Continental has acquired, at $64 million, Citibank de Guatemala’s housing portfolio.

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. "

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