El Salvador: New bank Raises $40 million From Small Investors

With amounts from $5 to over $50,000, people bought 1412 shares in Banco Azul which will begin operations in 2014.

Wednesday, December 18, 2013

This amount makes up the $60 million needed for the start of operations by the entity which was formed last September with a capital of $20 million. Of the 1,412 shareholders 97% are natural persons and 3% are companies.

"... When we announced the creation of Banco Azul El Salvador, on September 23rd, I said that one of our market differentiators, would be to convert ourselves into an attractive investment instrument for Salvadorans through the possibility of becoming shareholders," said Carlos Araujo, president of the institution.

"This formal commitment by the 1,412 shareholders constitutes the portion corresponding to the increase in capital of $40 million, with which we are now awaiting authorization from the Superintendency of the Financial System (SSF)," he added.



More on this topic

El Salvador: Preparations for Opening of Banco Azul

June 2015

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.

Costa Rica: Panamanian Group enters the Banking Market

April 2015

Authorization has been given to Grupo Prival de Panama to complete the transaction to acquire 100% of the shares of Banco Bansol in Costa Rica.

The financial group of Panamanian origin which also now operates in El Salvador, in addition to Panama, and its incursion into Costa Rica aims to strengthen its process of regionalization.

Banco Azul to Start Operations in 2014

September 2013

The new bank, with a capital of $20 million, will begin operations in the second quarter of 2014 in the Salvadoran plaza.

On Monday September 23, a group of Salvadoran businessmen signed an act of constitution for Banco Azul de El Salvador, which is chaired by Carlos Enrique Araujo and consists of 100% of shareholders from that country.

El Salvador: New Bank Requests License

July 2013

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

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.

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Banco Ficohsa

Organization that operates in Honduras.
Phone: (504) 239 6410

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