Investment Fund Managers in Costa Rica are looking to market their securities across Central America.
Some of these companies have many years experience in foreign markets and other started this year in 2013. For example the two funds belonging to Improsa SAFI have been authorized in Panama since 2009, while others such as Interbolsa, resumed this year the work of internationalization in all countries.
The Superintendency of Corporations has ordered the opening of bankruptcy proceedings on the assets of Interbolsa SA, parent company of the Grupo Interbolsa.
A statement from the Superintendence of Companies of Colombia reads:
Bogota, Jan 4 (SS).
The Superintendency of Corporations in the exercise of its statutory powers 430-000043 January 2013 has decreed the opening of bankruptcy proceedings of the assets of Interbolsa SA, the parent company of Grupo Interbolsa.
The fall of Colombia's largest trader is a heavy blow to the country's financial system, with possible repercussions for Central America.
An article in Dinero.com examines 23 topics that have arisen from the bankruptcy of Grupo InterBolsa, including "taking resources illegally to possible accounting fraud and money laundering."
Having determined that there are no viable alternatives for the entity to continue developing its objective, it will be liquidated.
A statement from the Financial Superintendence of Colombia reads:
SUPERINTENDENT OF FINANCE ORDERS COMPULSORY LIQUIDATION OF THE BROKERAGE AGENCY INTERBOLSA SA
- Fogafin informed the financial Superindendent that there are no viable alternatives for the entity to continue developing its objective, and for that reason it will be liquidated.
Interbolsa’s assets, liabilities and contracts have been acquired by Bancolombia in order to ensure the stable operation of the public debt market and Colombia’s payment system.
A statement from the Financial Supervision reads:
FINANCIAL SUPERVISOR AUTHORIZES MEASURES WITHIN THE TAKEOVER PROCESS OF INTERBOLSA SCB
- Authorization has been given for Interbolsa SCB to transfer to Bancolombia its operations of future performance, repurchase agreements and sell/buy-back transactions backed by TES, ensuring stability in the operation of the public debt market and payment system.
The activity of Interbolsa Panama, a Colombian subsidiary company is independent and not linked to the decisive intervention decided on by the Financial Superintendence of Colombia.
According to Reuters, the brokerage firm Bolsa Interbolsa, S.A. is the largest brokerage firm in Colombia, and belongs to the holding company Interbolsa Group, which also has a presence in the United States, Brazil and Panama.
Costa Rican investors are steering clear of stock markets in other Central American countries where they say interest rates are too low and assets lack liquidity.
Yet the markets in El Salvador and Panama have attractive features. Corporate debt dominates in Panama, while in El Salvador investors can acquire stocks in companies that are quoted on Wall Street.