On August 26, ABANK began operations in the country, a banking institution that emerged as a result of the acquisition of Banco Azteca's shares by Grupo Perinversiones.
At the end of June of this year and after the Superintendence of Competition accepted the request for concentration, Perinversiones S.A.
In its first issuance of investment certificates, Banco Azul in El Salvador sold $21 million, with a five year term and a fixed rate of 5.98%.
The banking institution began operating in mid-2015, with an initial capital of $60 million, contributed in full by Salvadoran investors.
Eleconomista.net reports that "...It is the first placement in the BVES after the pension reform. According to Carlos Araujo, president of the aforementioned banking institution, the parameters were defined before the pension agreement and it was decided to maintain the rate."
The new entity, founded with 100% local capital, has started operating two branches offering products such as savings and checking accounts, personal loans, mortgages and corporate lending.
The entity started with an initial capital of $60 million, provided entirely by Salvadoran investors, as reported by representatives of the bank when they started the license application process.
With three agencies in San Salvador, Banco Industrial will begin operations.
Alicia Maria Mayorga, president of the institution in El Salvador said they already have planned an expansion for next year with the opening of new agencies and more products and services.
"Juan Miguel Torrebiarte, president of the BI corporation, said that the arrival in El Salvador is a major event for the financial group, because through this new bank they will consolidate their presence in the Central American Northern Triangle (Guatemala, El Salvador and Honduras ) as well as allowing them to offer their present and potential customers greater regional coverage and services to facilitate trade", reported Elperiodico.com.gt
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.
Both "Banco Industrial" and G&T Continental are moving forward with their expansion plans in Central America.
Banco Industrial will open an office in El Salvador in May 2010, while G&T Continental plans to enter the Costa Rican market in the medium term. G&T already operates in Panama and El Salvador.
Diego Pulido, director at "Corporación BI", parent company of Banco Industrial, said in a Prensalibre.com article that "...
The bank plans to expand its presence to 39 branches, from the 29 offices it currently operates in El Salvador.
The announcement was made by Luis Niño de Rivera, president of the board, who remarked that the bank has so far created 445 jobs and will employ 100 more people next year.
"After just three and a half months of operating in the country, Banco Azteca already has around 50.000 customers and $19 million in deposits.