El Sol Loan Center to Operate in Guatemala

The financial firm, property of the Puerto Rican Caribbean Financial Group (CFG), will begin operations in April.

Thursday, March 12, 2009

It will focus on financing for businesses that sell on credit and on personal loans.

According to the note published in elPeriódico in Guatemala, the corporation "has more than $300 million in assets and offices in Panama, Aruba, the Netherlands Antilles, Trinidad and Tobago and Mexico. It is expected to start operations in Guatemala and El Salvador in April," and "it operates the brands Island Finance, El Sol Loan Center Corporation and Crédito Ideal (Ideal Credit)."

More on this topic

Financial Companies Unregulated in Costa Rica

February 2015

Iconi Holding and Intermarket are the companies that the Securities Regulator has warned not have support or supervision in the country.

The Superintendency of Securities (Sugeval) has updated the list of unsupervised and unregulated entities for which reports have been received of possible unauthorized securities offerings, which could even be fraudulent.

Panama: More Supervision for Financial Companies

December 2014

In addition to the two audits a year, the idea of amending the legislation to increase the oversight of the 161 financial companies registered in the country is being contemplated.

According to the Panamanian authorities it is important to update the legislation and supervision of financial institutions, as it is an important sector which manages $1.17 billion in assets.

Financial Inclusion: Data and Trends

November 2014

The microcredit portfolio in Latin America and the Caribbean is worth over $40 billion, is awarded by more than 1,000 institutions, and reaches more than 22 million customers.

From a statement issued by the Inter-American Development Bank (IDB):

A new report documents significant expansion of microcredit in Latin America and the Caribbean

Retirement Funds To Be Transferred to Banks

January 2010

Guatemala's monetary authority (Junta Monetaria - JM), passed new regulations by which retirement funds at non-banking financial entities can now be transferred to banks.

The JM ruled this in its latest resolution, named 14-2010.

They explained that investors must approve the transference, and once in a bank, "the funds will be protected by FOPA (a fund protecting savings)".

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