Banco de Antigua has announced the acquisition of the microcredit portfolio of the G & T Continental entity, which will continue to focus on consumer and corporate areas.
G & T Continental Bank reported that the operation is due to a restructuring process to meet the new technological trends in the financial market.
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.
Two private banks account for 81% of the 5767 bank agents operating in the country, which in the last three years have increased their presence by 40%.
As of June 30, 2015, 5767 agents are operating , 9.4% more than in the same period in 2014, according to the Superintendency of Banks. "... Five banks have a banking agents system : Banco G & T Continental has 48.5% of these agents, Banrural 33%, BI 17.65%, followed far behind by Banco de Crédito (0.66%) and Banco Promérica (0.19%). "
The Guatemalan bank G&T Continental has announced the opening of two new branches in the banking center of Panama.
The G & T Continental Bank of Guatemala plans to open two new branches in Panama in 2014. The company already has two other branches in the country.
Amador Carballido, development manager of G & T Continental explained that "in this country, with 3.8 million people, we estimate that there are more than five thousand customers."
For every $100 that migrants send to their families between $30 and $35 are in some way related to banking services.
Prensalibre.com reports: "If you take into account that from January to September this year family remittances, according to the Bank of Guatemala, totaled $3.801 billion, the amount that passed through banks was between $1.1403 billion and $1.3303 billion" .
In Guatemala, 10% of banking operations are currently handled by banking agents.
Fernando Quiñónez interviewed Herbert Hernández from G&T Continental for Siglo21.com.gt on the importance of banking agents to the Guatemalan economy, which have handled transactions worth more than $700 million since their inception in 2003.
Hernández comments that, "we began with three (agents), and there were no more than three or four for a while.
In the last ten years the number of banks operating in the country fell by 52.6%.
According to information from the Superintendency of Banks (SIB), in 1999 there were 38 banks operating in the country, dropping to 18 in 2010. In contrast, sector earnings rose 1736.7%.
Bankers and financial analysts agree today that the financial system is stronger.
The number of basic banking services offered by local, small stores increased 27.6% when compared to 2008.
Currently there are 1.915 agencies offering basic transactions like cashing small checks and paying public services.
"In Guatemala, two banks have implemented this business model: G&T Continental and Industrial (BI)", reported Prensalibre.com. "In 2010, G&T expects to grow 30% in this segment, and BI 25%".
Banks in Guatemala are expanding by installing branches in small businesses to offer financial services.
Who would have thought that a pharmacy, a hardware store, a book store, or any other business would one day offer many of the financial services that have been exclusive to banks for decades?
"I never imagined it, but now I am happy because, not only will it help a lot of people, but it will also help my business to get more clients; I'm happy." This is the way Irma Medrano, the owner of J&M Bookstore, described her new role as a banker. Medrano has her business in Jalpatagua, Jutiapa. Her bookstore has been converted to a branch of the G&T Continental Bank and offers a variety of services such as reception of payments (telephone, water, and electricity), remittances and checks, as well as deposits.