GE Money Closes Stores in Costa Rica

Before October 1st, the financial company will close its 16 stores and move those services to Credomatic's 'Red de Pagos' and BAC San José.

Monday, September 28, 2009

"Our business and commercialization model does not require our own points of sale. We are selling loans directly through points of sale of our commercial partners", explained Patricio Alemparte, General Manager of GE Money Costa Rica.

"These movements will reduce operation costs, helping increase coverage and taking advantage of growth opportunities", told Alemparte to newspaper Elfinancierocr.com.

More on this topic

GE Could Sell BAC-Credomatic

June 2010

One of the potential buyers of General Eletric’s shares in BAC-Credomatic is Colombia’s Grupo Aval.

The transnational corporation intends to sell its Latin American financial arm, as part of its efforts to reduce its global banking division.
Reuters reported that a GE could net as much as $1.5 billion for its stake in BAC-Credomatic.

Major Banks Retreating From Panama

September 2009

BNP Paribas, who recently announced its exit from Panama, is one more big bank joining the exodus of important financial entities leaving the country.

Chase Manhattan Bank was the first big bank to leave the country, in 2000. It was followed by The Bank of Tokyo Mitsubishi, Banque Sudameris, BankBoston, UBS, ABN Amro Bank, Societé Génerale and now BNP Paribas.

Natixis Banks says goodbye to Panama

January 2009

With a little over a year in operation, the number four bank from France is ending its activities in Panama.

Prensa.com reports: "The decision was communicated to the Superintendence of Banks at the end of last month and is "completely linked to the international crisis," according to a comment by the manager of the Panama branch, Pierre Tereygeol, who said that he was restricted from giving more details as corporate communications are handled from France."

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