El Salvador: New Bank Requests License

Banco Azul, which is to join the 10 other privately owned banks, is characterized by having Salvadorans shareholders.

Tuesday, July 30, 2013

The Superintendency of the Financial System is considering the application of a Salvadoran entity which, if there are no objections, will proceed to incorporate the company Banco Azul de El Salvador S.A. in August.

Eleconomista.net reports: "Among the founders of Banco Azul are: Carlos Enrique Araujo, Fernando Alfredo de la Cruz Pacas, Manuel Rodríguez Harrison, Raúl Navarrete Belismelis, Luis Álvarez Prunera and Óscar Armando Rodríguez, who make up 87.95% of the shareholding. "

According to Araujo, who will assume the position of CEO, "one of the important factors is that this is a Salvadoran bank for Salvadorans, it is a locally owned bank." The capital which will be used to set up the bank has not been revealed, however, the Superintendency of the Financial System (SSF) requires the minimum amount to be $17.25 million.

"We have presented everything that the superintendent requires: the origin of funds, the founders, what the systems will be that we use to serve customers, the creditworthiness of all directors. There are many requirements," said Araujo.

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