The Nicaraguan financial group has received approval to acquire a 55% stake in Produbanco in Ecuador.
The Superintendency of Control of Market Power in Ecuador gave its endorsement to Promerica Group, founded with Nicaraguan capital, to acquire a 55% stake of Produbanco, an entity from the South American nation.
With an investment of $35 million and under the name Pride Denim Mills the textile the plant will restart operations in early 2014.
The textile company, which was acquired by Grupo Karim’s de Honduras announced the creation of "600 jobs to produce about 28 million yards of denim a year, which is the production capacity of the plant," noted an article in Laprensa.com.ni.
The National Institute for the Promotion of Competition has stated that there is an agreement between banks to fix interest rates on credit cards.
The Supreme Court of Justice (CSJ) of Nicaragua annulled the resolutions issued by Procompetencia against the practice, considerer by the watchdog as abusive against consumers.
Banks are seeking funds to ensure financing for the housing sector with better interest rates.
EL NUEVO DIARIO.com.ni reports on its website: "Luis Rivas, General Manager of the Production Bank (Banpro), said that the funds to finance home purchases are generally intermediate, because there are no long term deposits in the country, and interest rates offered to the final consumer depend on those set by the providers of the funds.
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