Purchase of Citibank El Salvador Authorized

The Superintendence of Competition has authorized the Honduran company Imperia Imperia Intercontinental and Inversiones El Salvador to buy from Banco Citibank, five of its subsidiaries, Seguros e Inversiones, and Cititarjetas.

Thursday, June 9, 2016

From a statement issued by the Superintendency of Competition in El Salvador:

The Board of Directors of the Superintendency of Competition has approved this day, an authorization request for a merger consisting of the purchase of Banco Citibank de El Salvador, S.A. and five of its subsidiaries, Seguros e Inversiones S.A. (SISA) and its subsidiary and Cititarjetas, by Imperia Imperia Intercontinental Inc. and Inversiones El Salvador S.A. de C.V. The deal involves a non-horizontal economic concentration of a conglomerate for most of its operations and a vertical relationship for the provision of financial services through ATMs at gas stations.

The merger was initiated by an application lodged on February 29 2016 by the companies Imperia Imperia Intercontinental Inc. and Inversiones El Salvador, S.A. de C.V.



More on this topic

Banking Concentration Authorized in El Salvador

January 2020

The Superintendence of Competition authorized the merger request submitted in 2019 by the conglomerates Inversiones Financieras Imperia Cuscatlán and The Bank of Nova Scotia.

In February 2019, Scotiabank reported that it had reached an agreement to sell its banking and insurance operations in El Salvador, including Scotiabank El Salvador, its subsidiaries and Scotia Seguros, to Imperia Intercontinental Inc.

El Salvador: Scotiabank Purchase Approved

July 2019

The Superintendence of Competition notified Imperia Intercontinental Inc., the main shareholder of Banco Cuscatlán, that the request to purchase the banking and insurance operations of the Canadian entity was accepted.

In early February, Scotiabank reported that it had reached an agreement to sell its banking and insurance operations in El Salvador, including Scotiabank El Salvador, its subsidiaries and Scotia Seguros, to Imperia Intercontinental Inc.

Scotiabank Sells Its Operation in El Salvador

February 2019

Imperia Intercontinental Inc., the main shareholder of Banco Cuscatlán, reached an agreement to purchase the banking and insurance operations of the entity of Canadian origin.

The sale of Scotiabank's operations in El Salvador is subject to authorization by the Superintendence of Competition and the Superintendence of the Financial System.

Purchase of Citibank El Salvador Authorized

June 2016

The Superintendence of Competition has authorized the Honduran company Imperia Intercontinental and Inversiones El Salvador to buy Banco Citibank, five of its subsidiaries, Seguros e Inversiones, and Cititarjetas.

From a statement issued by the Superintendency of Competition in El Salvador:

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