The bank, owned by Colombia's Grupo Aval has bought Grupo Financiero, which includes Banco Reformador in Guatemala and Transcom Bank Limited of Barbados.
The only thing now pending is approval of this transaction by the financial market's supervisory authorities in the country. According to the general manager of BAC San José in Costa Rica, Gerardo Corrales, the intention of this purchase is to strengthen corporate banking in the Guatemalan market..
While Costa Rica’s state-owned banks are hiring more employees, those in the private sector cut back their workforce in first five months of 2010.
State-owned Banco Nacional and Banco de Costa Rica stated that the increase comprises temporary positions for vacation and sickness cover, in addition to some short-term contracts for specific projects.