The coronavirus has left an economic impact in several countries. For this reason, some governments are developing exceptional measures to mitigate its effects. For example, the suspension of tax and mortgage payments to lessen the economic pressure on small businesses and households.
In the United States, interest rates were reduced to almost zero and a US$700 billion stimulus program was launched in a bid to protect its economy, says Mario Miranda, director of finance at MonederoSMART.
It is difficult to understand - especially because it has been made public - how a major state bank has described the International Bank of Costa Rica as "high risk" while another main state bank has stated the opposite.
EDITORIAL
The banks involved are Banco de Costa Rica (BCR) and Banco Nacional (BN). Between them they are the owners of Banco Internacional de Costa Rica (BICSA), with 51% of the shares the first and 49% of the second.
Investment groups interested in buying shares of Banco Produzcamos have until June 30 to submit their bids.
As announced by the Nicaraguan government in April , about 60% of the shares of the state bank Produzcamos will be sold to private entities, who will have time to present their proposals for purchase up until June 30, according to the notice published in the La Gaceta, Official Journal No. 103 of June 4, 2015.
The government authorized the issuance of shares of this bank to incorporate private partners into the entity and turn it into a joint venture.
It is projected that the private sector will be able to acquire up to 60% of the shares and the state would get the rest. Until February 2015 the credit portfolio of state bank amounted to $1.195 billion, according to data from the Superintendency of Banks and Other Financial Institutions (Siboif).
Analysis by Fitch Ratings projects that banks in the region will maintain strong balance sheets and have stable profitability in 2014.
Excerpted from Fitch Ratings:
Differential Growth and Opportunities: Low financial depth, in most systems, continues to provide significant opportunities for expansion of bank balance sheets; although this is limited by low average income levels.
Private banks are protesting because "the provisions contained in the banking law referring to the requirements and authorizations for the establishment and commencement of operations of commercial banks will not be applicable to Produzcamos."
In the process of starting operations, the entity is not required to comply with the rules of the General Banking Act and that of the Superintendency for Banks and Other Financial Institutions (SIBOIF).