In the last year, the number of credit cards circulating in the country increased 6%, and it is estimated that every Salvadoran who has acquired some debt has on average two cards.
According to data from the Credit Card Observatory (OTC), between October 31st of last year and the same date in 2018, credit card subscriptions went up from 748,949 to 793,141, equivalent to a 5.9% increase.
On February 14th and 15th, representatives of banks, international financial institutions and risk rating agencies will meet in Panama City to discuss issues related to the sector.
The event called "International Banking Congress for Regulators & Bankers," will be organized by the Superintendence of Banks of Panama (SBP) and seeks to address issues such as Basel III, prevention of money laundering, de-risking, new risks facing the industry, financial innovation-Fintech, cybersecurity, among others.
On November 14th, Banpro Grupo Promerica issued $200 million in bonds on the international market for a six-year term under the 144A format.
The bank announced that the issuance was made by Promerica Financial Corporation (PFC), its main shareholder, and that the issue was structured by Bank of America Merrill Lynch and Credit Suisse.
Up to the ninth month of 2018, El Salvador's gross loan portfolio totaled $12.342 million, 5% more than the same month last year.
According to representatives of the Salvadoran Banking Association (Abansa), between September 2017 and the same month of 2018 the gross loan portfolio increased from $11.764 million to $12.342 million.
As of June of this year, banks in El Salvador granted $6,121 million in loans to companies, registering an increase of almost 6% compared to the first half of 2017.
Figures from the Superintendency of the Financial System (SSF) indicate that out of every $100 in credits approved in June by banks in El Salvador, $45 was used to financecompanies.
The telecommunications company Tigo has received legal backing to operate as the first provider of an electronic money service in El Salvador.
The company announced that due to compliance with the requirements required by local law, the Superintendency of the Financial System authorized the operation in the Salvadoran market in accordance with the regulations issued by the Central Reserve Bank.
Inversiones Simco has placed the first $12 million of $20 million it expects to issue in the Salvadoran securities market, to finance part of the Millennium Plaza mixed-use project.
The securitization fund called Millennium was structured by Ricorp Titularizadora and amounts to $20 million.However, initially $12 million has been placed and the remaining funds will be raised as the works progress.
Grupo Prival, a financial institution of Panamanian origin, has announced the sale of its subsidiary Prival Securities El Salvador, on May 8, 2018.
Elcapitalfinanciero.com reports that "... In a note sent to the Superintendency of the Stock Market(SMV) for public knowledge, the banking institution reported that the change was duly notified and authorized by the Superintendency of Banks of Panama (SBP). "
In the first quarter of 2018, credit granted by banking system entities grew by 5% compared to the same period in 2017, driven by consumer loans and business loans.
Figures from the Salvadoran Banking Association (Abansa), up to last March, indicate that "... most of the financing granted was oriented towards consumption, housing, commerce and manufacturing, which in some way stimulated productive activity."
In 2017, bank deposits totaled $11,715 million, 10% more than the figure registered at the end of 2016.
The "Financial Bulletin of the Banking System up to December 2017", prepared by the Salvadoran Banking Association, states that "... in the last five years, deposits have had average growth of 4.3%."
The Latin American Bank for Foreign Trade has granted Dos Pinos a syndicated loan of $100 million over five years, for three of the companies belonging to the cooperative.
O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
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O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...
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