El Salvador: New Bank Starts Operations

On August 26, ABANK began operations in the country, a banking institution that emerged as a result of the acquisition of Banco Azteca's shares by Grupo Perinversiones.

Monday, August 26, 2019

At the end of June of this year and after the Superintendence of Competition accepted the request for concentration, Perinversiones S.A. de C.V. completed the purchase of the majority stake in Banco Azteca El Salvador.

In its resolution, the Superintendence of Competition informed that the request was presented by those involved for the purchase of 100% of the capital stock of Banco Azteca by Perinversiones and nine natural persons, authorizing this economic concentration on Wednesday, May 22, 2019.

Following this transaction, the new bank began operations. Elsalvador.com reports that "... ABANK will maintain all its current services of deposits, credits, insurance and remittances, and does not expect to make changes."

The article adds that "... the Salvadoran company Grupo Perinversiones, belongs to Grupo Salume."

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