The Superintendency of Banks has granted the banking group BCT approval to acquire Balboa Bank & Trust, putting an end to the reorganization process that began a year ago.
From a statement issued by the Superintendency of Banks in Panama:
Reorganization of Balboa Bank & Trust enters its final phase
The process of selecting trustees for the construction and operation of a major road work is running out of participants.
In February, when the law enabled the use of a trust to finance and build the road from San Ramon to San Jose, seven banks expressed interest in participating in the process, but now, following Banco Nacional´s decision to withdraw a few months ago, two other private banks have also decided to step aside.
Bank entities estimate that in 2015 they granted, on average, between 15% and 25% more loans than in 2014.
Although a lower level of uncertainty is expected, the economic and fiscal situation is an element which concerns bankers who predict, nevertheless, growth portfolios similar to those of 2014.
Elfinancierocr.com reports that "...Bancrédito, Banco Lafise and BCT are the entities which estimated higher growth in their portfolios for 2015, but other banks expected a rise of around 15%. "
Up to April 30, 2014 the number of cards in circulation amounted to 1,764,609, 2% more than at the end of January of the same year.
From a press release issued by the Ministry of Economy, Industry and Trade of Costa Rica:
According to data from the latest survey by the Directorate of Economic and Market Research of the Ministry of Economy, Industry and Commerce (MEIC), defaults decreased by 3%, corresponding to a delay of payment over 90 days, compared to the previous study.
A reform of the Development Banking System is stuck in Congress because of a possible tax on offshore banking.
The creation of a tax included in the bill to reform the Banking Development System is impeding its progress in the Costa Rican Congress. MEPs propose a tax of 15% on profits from offshore banking.
The Ministry of Finance projected that the new tax could generate revenues of $28 million annually for the National Development Trust (Finade). The Treasury chief, Edgar Ayales requested that if higher revenues than this are achieved, for the surplus to go to the state.
Congress is analyzing a 15% tax on offshore banks and 5.5% for banks domiciled in the country with presence abroad.
The Costa Rican Congress is considering three options for taxing offshore banking in a bill to reform the development banking system. "One proposal is for a tax of 5.5%, another is to exempt from taxes these type of banks and a third is a gradual tax", reported Nacion.com.
The Corporate Commercial Securities will be issued in registered form, immobilized and represented by book entries, in denominations of $1,000 and multiples thereof, without coupons.
Capital.com.pa reports that "the BCT Bank International, founded with Costa Rican capital, will enter the local stock market in search of $50 million in negotiable corporate securities (VCN by its initials in Spanish) as part of a strategy to finance the growth of its loan portfolio.
The Mer-link system will guarantee the necessary participation and compliance in public bidding.
The new method will come into operation on January 24 with Banco Nacional , BCT, Lafise, Cathay, Promérica and Improsa as well as the National Insurance Institute.
Alicia Avendaño, Director of the Technical Department of the Digital Government, told La Nacion: "...
The Central Bank authorized several banks to offer these services: Popular, Nacional, de Costa Rica, BCT and BAC San José.
These cards enable users to participate in the wholesale dollar market, plus giving them a more secure way to perform banking transactions online.
“Digital cards are similar to credit or debit cards, they have an incorporated chip which stores a digital certificate, for users to authenticate at websites which implement this technology, in addition to digitally signing online operations”, explained journalist Patricia Leitón, in Nacion.com.
A MEIC study found that credit card issuers charge interest rates between 20% and 54%.
There are 27 issuers in the country, whom collectively offer 407 different products, according to the study by the Economy, Industry and Commerce Ministry (MEIC).
The most expensive credit cards are: Compra Facil, issued by Medio Pago (54% interest rate), Vista International issued by BCT (50.4%) and Master Card issued by Citi (49.32%).
The entity, subsidiary of Costa Rica's BCT Corporation, inaugurated its head office in Panama City.
It operates in Panama since September 2008, and in March 2009 it opened its first branch in Chitré.
Web site Panamá América published comments by Jorge Sosa, BCT Bank Panama executive vice-president: "... in the face of the global economic crisis, the entity is focusing on relationships with medium and long-term customers".
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