Nicaragua: Banco Atlántida Operations Approved

The Superintendence of Banks granted permission for Banco Atlántida, an entity of Honduran origin, to begin operating throughout the country under local supervision and regulation.

Wednesday, October 2, 2019

The constitution of Banco Atlántida in Nicaragua was authorized on October 24, 2017, but it was not until October 2, 2019 that the permit to operate in the financial system was published in La Gaceta. See La Gaceta publication. reviews that "... The sudden resolution of authorization to start operations arises almost seven months after it was known that senior officials of the Honduran bank had come to the country to request the Central Bank of Nicaragua to return its constitutional capital."

See "Nicaragua: Bank Credit Falls by 20%"

The article adds that "... Atlántida set its sights on Nicaragua in 2017, when national banks were still enjoying solid growth in their credit and deposit portfolios. Five months after the announcement of the constitution of the bank in the country, the economic crisis that still persists exploded in April 2018."

Up to July 2019, the gross portfolio of the financial system totaled $3.966 million, 20% less than in the same month in 2018, partly because of the negative performance of commercial, industrial and personal credit.

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