HSBC Closes Office in Guatemala

The bank Hong Kong and Shanghai Banking Corporation (HSBC) argue that the main reason for the closure is the effects of the global economic crisis.

Friday, May 20, 2011

In October 2009 the bank had set up the office which was dedicated to providing services to importers, exporters, multinational and transnational companies as well as offering trade services, loans and foreign accounts.

"Manuel Pérez Lara, an expert in banking and rector at the Universidad del Istmo, said it is 'strange' that HSCB has withdrawn, as it is a bank that has significant deposits by Guatemalan clients" noted an article in Prensalibre.com.

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More on this topic

Banco de Credito Deposits Go to Banrural

December 2019

Following the suspension of the entity, the Guatemalan authorities decided that all deposits will be transferred to the Banco de Desarrollo Rural.

On December 6, 2019, the Monetary Board decided to suspend the operations of Banco de Credito, arguing that the suspension was decreed to preserve savings and the stability of the national banking system.

Credit Suisse in Panama Closes

June 2016

As part of a reorganization process at the regional level, the Bank of Swiss origin has decided to close its representative office in Panama City.

Arguing that its exit from the Panamanian market has no relation to the Panama Papers scandal, and required a long planning process, a bank spokesperson told Swiss Info that offices in other Latin American countries will not be affected and will continue to operate normally.

A company spokesman told Swissinfo.ch that "... the closure is due to a reorganization of offices in Latin America, which represents 'a region of significant growth for asset management and private banking'." 

Honduras: Forced Liquidation of Banco Continental

October 2015

It has been announced that deposits up to $9,200 (L200,000) per person will be returned, and then payments to employees, depositors and others, noting that "... there are sufficient resources to address them all."

The cause is the inclusion of the institution in the list of the U.S Office of Foreign Assets Control, and the freezing of its assets abroad.

First Commercial Bank Closes its Salvadoran Operations

September 2010

In November the bank will close down its operations due to lack of clients.

The closure was announced on 25 August by El Salvador's Financial System Regulator (SSF in Spanish).

Víctor Ramírez, SSF head, indicated that the decision to close was made by the bank itself, adding that, "it is no longer in their interests to stay open since the original idea was to provide services to manufacturing companies but as this sector has suffered there is less incentive to stay".

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