El Salvador: Preparations for Opening of Banco Azul

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.

Friday, June 19, 2015

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.

According to Eleconomista.net, the Superintendency of the Financial System (SSF) reports that "... Banco Azul El Salvador SA began operations with capital of $60 million capital which is exclusively Salvadoran coming from 1,410 shareholders...".

Furthermore it has been confirmed that "... the new banking entity will be allowed to start to raise funds from the public in the Salvadoran financial market from that date ...".



More on this topic

Nicaragua: New Player in the Banking Market

November 2017

The Honduran Banco Atlántida has received authorization to operate in the Nicaraguan financial market.

As of November 15, the Honduran bank will have 180 days to comply with the requirements in the law for banks and financial institutions.

"... Through a resolution published in La Gaceta on November 15, the board of directors of the Siboif made official the authorization for the constitution of a banking corporation under the name: `Banco Atlántida de Nicaragua S.A. or simply Banco Atlántida Nicaragua or Banco Atlántida'."

Banco Azul Issues $21 million in Bonds

November 2017

In its first issuance of investment certificates, Banco Azul in El Salvador sold $21 million, with a five year term and a fixed rate of 5.98%.

The banking institution began operating in mid-2015, with an initial capital of $60 million, contributed in full by Salvadoran investors.

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.

Banks Expands Into Shops and Stores

July 2013

In El Salvador, any business or individual can act as a financial intermediary with the support of a financial institution.

The regulation, which will take effect on August 1, enables banks to make agreements with third parties who can receive deposits from the public or lend money, up to certain limits, backed by a financial institution.

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