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 ...".

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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.

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