The new entity, founded with 100% local capital, has started operating two branches offering products such as savings and checking accounts, personal loans, mortgages and corporate lending.
Tuesday, July 21, 2015
The entity started with an initial capital of $60 million, provided entirely by Salvadoran investors, as reported by representatives of the bank when they started the license application process.
The two branches operating at the moment are Azul Olímpica and Azul Santa Tecla, but "...The bank said it will complete its first phase of opening in July with nine agencies located in the greater San Salvador area and in the main cities of the country, besides the two aforementioned branches, those in Santa Elena, Soyapango and Masferrer will be the next to be opened between 20 and 25 of July. "
In addition to "... products such as savings and checking accounts, personal and business loans, mortgage lending," "... it provides personalized customer services through home banking and a call center with attention to domestic residents and those from abroad. Banco Azul estimated that it will complete its range of products and services within a year. "
The operations of Citi Tarjetas and Citibank personal banking, now owned by Grupo Terra, will once again operate under the Cuscatlán brand.
Terra Group has confirmed it will once again be using the Cuscatlán brand to provide"... products and specialized financial services for the following segments: Personal Banking, Corporate Banking, Retail Banking, Business Banking and Insurance Banking"according to a statement issued by the company.
Having obtained authorization to operate from the Superintendence of the Financial System, the new bank has announced that it will start operations on July 20.
The bank will start with nine agencies in different parts of El Salvador, credit card services, online banking and 26 of its own ATMs. This will be the first proposal from a bank founded on fully Salvadoran capital, after sales of local banks in previous years.
In an attempt to attract more customers banks are diversifying their product portfolios.
One example is the Agromercantil Bank (Bam) who will soon launch a product called 'Hazlo sencillo' (Make it Simple), which will be accessible to the institution's debit card users. "The service will consist of rounding off cardholder's accounts and transferring the balance to a small savings account, where the owner will earn interest on those savings.", said the general manager of the institution, Luis Fernando Caceres, in an article in Siglo21.com.gt
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.