Ficohsa Acquires Citi in Nicaragua

The transaction involves the acquisition of all of Citi's operations in the country, including commercial loans, personal loans, deposits and credit cards.

Thursday, March 26, 2015

From a statement issued by Ficohsa Group:

The company has been consolidated among the 10 largest financial groups in Central America

* The transaction involves the acquisition of all of Citi's operations in Nicaragua: commercial loans, personal loans, deposits and credit cards.

* The transaction is subject to regulatory approval. During this process, Citi will continue to operate in the same way that it has always done.

* The acquisition will follow the successful integration of Citi's operations in Honduras by Banco Ficohsa.

El Financiero Ficohsa (GFF) Group announced that it has reached an agreement to acquire all of the shares of Citibank Nicaragua, SA and Cititarjetas of Nicaragua, SA The acquisition is subject to approval by the Superintendency of Banks and Other Financial Institutions of Nicaragua (SIBOIF), and the Superintendency of Banks of Panama (SBP).

More on this topic

Banco Cuscatlan Brand Returns to El Salvador

June 2016

The operations of Citi Tarjetas and Citibank personal banking, now owned by Grupo Terra, will once again operate under the Cuscatlán brand.

Terra Group has confirmed it will once again be using the Cuscatlán brand to provide "... products and specialized financial services for the following segments: Personal Banking, Corporate Banking, Retail Banking, Business Banking and Insurance Banking" according to a statement issued by the company.

El Salvador: Sale of Citi to Terra Group Confirmed

March 2016

The sale of Citibank operations in El Salvador to Honduras' Grupo Terra has been formalized, with the insurer SISA included in the transaction.

From a statement issued by the Stock Exchange of El Salvador:

It was reported that subject to regulatory approvals from the competent Salvadoran authorities, Inversiones Financieras Citibank, S.A.

Sale of Citi El Salvador to Terra Group

October 2015

It has emerged that the operation may include the insurance company SISA, and that the transaction may be worth $180 million.

An article on Elmundo.sv reports that "... Almost a year after announcing its departure from the retail banking market in 11 countries, yesterday it emerged that Citigroup has finally reached an agreement to sell its operations in El Salvador.

Promerica Buys Citi Guatemala

September 2015

The financial group from Nicaragua has announced the acquisition of the consumer and commercial banking operations of Citi in Guatemala.

Promerica Group announces the signing of a definitive agreement for the acquisition of consumer banking and commercial banking of Citi Guatemala, subject to approval from the regulatory agencies.

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