The leading Central American banks believe that the presence of the Colombian financial holding group will bring greater dynamism to the market.
Nacion.com reports that most bankers drew attention to the group’s size and its success in Colombia.
Armando Arias, president of the Salvadoran banking association (ABANSA), commented that, “the arrival of such a large group is good news for Central America.
The offer to buy BAC-Credomatic made by Banco de Bogotá confirms that Colombia’s large financial groups are seeking to expand their borders.
An article in Portafolio.com.co remarks that BAC has so far not responded to the Colombians. The financial website also lists the international operations of Colombia’s financial institutions such as Colpatria, Davivienda and Bancolombia.
BNP Paribas, who recently announced its exit from Panama, is one more big bank joining the exodus of important financial entities leaving the country.
Chase Manhattan Bank was the first big bank to leave the country, in 2000. It was followed by The Bank of Tokyo Mitsubishi, Banque Sudameris, BankBoston, UBS, ABN Amro Bank, Societé Génerale and now BNP Paribas.