Western Financials Changes Hands

In Guatemala, Banco de Inversión S.A. acquired 60% of the asset portfolio of Financiera de Occidente S.A., which was suspended in December 2019.

Thursday, January 30, 2020

On December 13, 2019, the Monetary Board reported that because management practices were detected that put its solvency and soundness at risk, it decided to suspend the operations of Financiera Occidente S.A., an entity that at that time represented 0.35% of the total assets of the local banking system.

After the suspension of its operations, the Superintendence of Banks (SIB) informed the Monetary Board that Banco de Inversión S.A. bought 60% of the assets portfolio of Financiera de Occidente S.A.

Sergio Recinos, president of the Bank of Guatemala and the Monetary Board, told Elperiodico.com.gt that "... the SIB reported on the development of the work of the Assets and Liabilities Exclusion Board (JEAP) which was formed last December 13 after the suspension of operations of Financiera de Occidente S.A."

Recinos added that "... the JEAP still seeks to place 40 percent of the assets of Financiera de Occidente S.A.. The portfolio of the entity in liquidation consists mainly of medium and long term investments."

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More on this topic

Guatemala: Legal Dispute over Financial Suspension

March 2020

Arguing that there were arbitrariness and that due process had not been complied with, former representatives of Financiera de Occidente S.A. decided to file a legal appeal following the suspension of the entity.

On December 13, 2019, the Monetary Board decided to suspend the operations of Financiera de Occidente, S.A., since according to the authorities, management practices were detected that put its solvency and solidity at risk.

Guatemala: Financiera de Occidente Suspended

December 2019

Arguing that management practices were detected that put at risk its solvency and soundness, the Monetary Board decided to suspend the operations of Financiera de Occidente, S.A., an entity that represents 0.35% of the total assets of the local banking system.

Erick Vargas Sierra, head of the Superintendence of Banks (SIB), told Prensalibre.com that "...

Costa Rica: Financial Firm Changes Ownership

June 2019

Financiera G&T Continental Costa Rica announced the sale of 100% of its shares to a group of Central American investors.

Precise the relevant fact published on June 19 by the Superintendencia General de Valores (Sugeval), which completes the purchase-sale of the "... shares of the entire capital stock of Financiera GT Continental Costa Rica S.A. by the company called 3-101-771084 S.A."

Banrural Buys Procredit in Nicaragua

February 2015

The Superintendency of Banks in Guatemala has authorized Rural Bank of Guatemala to acquire the shares of the bank founded with Nicaraguan capital, ProCredit.

After Banrural submits the information and documents requested by law, the Superintendency of Banks in Guatemala (SIB) will authorize the purchase of shares of Banco ProCredit.

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