The financial group G & T Continental has obtained a general license to expand the services it provides in Panama, where it plans to strengthen its corporate and private banking area.
The financial institution started operations in Panama in July 2008 under the name of Banco Financia, S.A. (BMF) and in 2009 changed its name to Banco G & T Continental (Panamá) S.A.
Eight banks have provide to a Costa Rican subsidiary with its first Latin American syndicated loan to finance the construction of two cell phone towers.
"The operation involved Citibank, Banco General, Banco G & T Continental, Corpbanca, MetroBank, RBC Merchant Bank (Caribbean) Limited and Towerbank International. Additionally, Improsa Bank acted as trustee," reported Elfinancierocr.com.
To date, about 8 banks in Guatemala, 4 in El Salvador and 3 in Honduras, Nicaragua and Costa Rica offer the service; there is still much ground to cover in the region.
The director of Technology at the company Ebclosión, Derick Brol, indicates that in Central America in 2011 there were mobile phone banking services in about 8 banks in Guatemala, 4 in El Salvador and 3 in Honduras, Nicaragua and Costa Rica.
Both "Banco Industrial" and G&T Continental are moving forward with their expansion plans in Central America.
Banco Industrial will open an office in El Salvador in May 2010, while G&T Continental plans to enter the Costa Rican market in the medium term. G&T already operates in Panama and El Salvador.
Diego Pulido, director at "Corporación BI", parent company of Banco Industrial, said in a Prensalibre.com article that "...
G&T Continental Bank's projections for next year are to conquer the financial markets of Costa Rica and Panama and to strengthen their position in El Salvador.
Flavio Montenegro, Director and President of G&T Continental, said that their main operation is in Guatemala, where the companies was born some 45 years ago, and to date they have more than 380 points of service.