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.
Panama and Nicaragua are among the ten countries in Latin America with the highest risk of money laundering, according to the Basel Institute of Governance.
The anti-money laundering index (AML) prepared by the Basel Institute of Governance places Panama in fourth place in the list of countries with the highest risk of money laundering and financing of terrorist activities in Latin America and the Caribbean.
...and I will tell you who you are. In their quest to reduce exposure to risk, banking correspondents have started to restrict the services they provide to gambling companies, remittance companies, and brokerage firms that are not related to banking groups in the region.
In order to reduce risk exposure, some international banks with correspondents in Panama and other countries in the region are failing to open accounts for or provide services for companies whose income comes from activities such as remittances and gambling.The banks' argument is that they are more likely to be used for money laundering. Even non-banking brokerage firms claim to have difficulty offering their customers products and services,"... since banks wont open accounts in which customers can deposit their funds and receive a return on their investment."
The Salvadoran banking system is maintaining stable performance, despite an operating environment deteriorated by a recent increase in the risk rating for sovereign debt.
From a report entitled "Panorama one of El Salvador's Largest Banks in the First Quarter 2017" by Fitch Ratings:
As of June, 883 correspondents in El Salvador were registered in El Salvador, with a total of $128 million in transactions.
Most of the transactions reported by correspondents, which include shops, supermarkets, pharmacies, or natural persons, correspond to credit card and collector payments.These two types of transactions alone accounted for almost 70% of the transactions reported by correspondents up to November 2016.
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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