From May Banco Industrial will be included in the list of entities that make up the Panamanian banking system.
The Superintendency of Banks in Panama granted to Banco Industrial de Guatemala a general license to operate in the banking system, starting with an initial capital of $20 million and "... 23 employees", reports Prensalibre.com.
"... The BI-Bank headquarters will be in a central avenue in the international banking center of Panama, in the area of Obarrio. "
The company Financiera de Inversión has received authorization to start operating as a private bank in the country.
With capital of $15 million, the company which has so far only operated in the financial segment will start providing banking services under the brand Banco INV, and will be subject to the regulation required of participants of the banking system.
The bank of Guatemalan origin has announced the completion of the purchase process of Procredit and the beginning of operations in December, focusing its services on the agricultural sector.
After completing the purchase process of shares of ProCredit Bank for $30 million, Banrural has announced that it will start operations with 15 agencies nationwide. Its main customer is the agricultural sector, but it also provides loans to SMEs in all areas.
Banco Industrial has announced that it is prepared to start operations in Panama's financial center in the first quarter of 2015.
The Bank which is of Guatemalan origin, and which already has a presence in Honduras and El Salvador, is preparing to open its offices in Panama City, driven by the economic growth there.
Diego Pulido, manager of the company, told Elperiodico.com.gt "...
Banco Industrial will be investing $2.5 million in opening six new branches in El Salvador.
Banco Industrial de Guatemala has announced the opening of six new branches in El Salvador, in which will it invest $2.5 million. The first three branches will open before the end of the first quarter of 2014 and will be located in Sonsonate, San Miguel and Plaza Mundo.
The Guatemalan bank G&T Continental has announced the opening of two new branches in the banking center of Panama.
The G & T Continental Bank of Guatemala plans to open two new branches in Panama in 2014. The company already has two other branches in the country.
Amador Carballido, development manager of G & T Continental explained that "in this country, with 3.8 million people, we estimate that there are more than five thousand customers."
The world economic order is changing rapidly , while Guatemala's foreign relations are conducted with the same style as in the times of the Cold War.
An analysis of this issue by Reny Mariane Bake in Prensalibre.com, reviews the current status of Foreign Affairs in Guatemala, but this analysis also applies to other, but not all, countries in the region.
With an investment of $220 million the Rural Development Bank of Guatemala plans to start operations in Honduras in May 2013.
The announcement of the expansion of the bank towards its neighboring country came amidst the celebration of the General Assembly of Shareholders of the Bank for Rural Development.
"The Commission has already granted approval to enter the Honduran market.
Grupo Bancolombia has agreed to acquire 40% of the ordinary shares of Grupo Financiero Agromercantil, with the possibility of acquiring a controlling interest in the medium term.
A statement of Grupo Bancolombia reads:
Grupo Bancolombia acquires 40% of Grupo Financiero Agromercantil of Guatemala – BAM - and strengthens its presence in Central America.
The Honduran bank has received approval from the Guatemalan Superintendency of Banks to provide services from April.
The financial group Ficohsa can use its brand for transactions and banking services in Guatemala from next April, authorized by the Guatemalan Superintendency of Banks.
"With this release, very soon in Guatemala will launch and promote the brand that has penetrated so successfully in Honduras, Panama and the state of Florida in United States of America, consolidating the Group's strategy to internationalize and expand into other markets", said Ficohsa.
The Rural Development Bank plans to open 21 branches in Honduras, investing $40 million.
Guatemalan banks are expanding into Central America. This time it is the Banrural, which has plans to open 21 branches in Honduras after obtaining permission from the authorities.
"The two largest banks in Guatemala have crossed the border and are competing for the Central American financial market, setting up operations in El Salvador, Honduras, Costa Rica and Panama; now they are being joined by the Rural Development Bank (Banrural) which has decided to enter Honduras and in the long term is also interested in expanding into El Salvador", reports ElPeriodico.com.
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 main shareholder of the new bank, which will open operations on 13 July, is the Panamanian holding company Bicapital Corporation.
As outlined in an article in Elperiodico.com.gt, Banco Industrial El Salvador will absorb the existing operations of the representative office of Banco Industrial Guatemala, which is already operating business loan services in El Salvador.
Banco Compartamos has announced the start of operations in Guatemala through a new subsidiary.
The offices of Compartamos SA are located in the departments of Quetzaltenango (Coatepeque and Quetzaltenango) Retalhuleu (in the town of the same name) and Suchitepequez (Mazatenango).
With this operation, Compartamos, S.A.B., de CV takes another step in its international expansion.
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