The Honduran bank has concluded the operation for the purchase and transfer of shares of the companies Citibank and Cititarjetas of Honduras.
From a press release issued by Bank Ficohsa:
Ficohsa Bank announced that the purchase and transfer of shares of Banco Citibank de Honduras, SA and Cititarjetas of Honduras, SA, in its favor is already effective, after the National Banking and Insurance Commission (CNBS) and the Commission for the Defense and Promotion of Competition authorized the transaction. The transaction does not include Banco de Honduras, SA which manages the Corporate Banking products at Citibank in Honduras.
The Honduran group Ficohsa has completed negotiations to buy shares in Citibank and Cititarjetas in Honduras.
With these two purchases Ficohsa group becomes the country's largest bank and consolidates itself in the area of personal and consumer banking, leaving the business of corporate and investment banking to Citi.
According to an article in Laprensa.hn: "During the period of regulatory approval, the operations of the two banks will continue to operate independently and in the same way that they have been doing. Ficohsa Bank reported that once the agreement is approved by regulators, and the transaction completed, customers of the acquired entities will not lose any of the points, miles or awards they have acquired. "
The institution will also change its business strategy focusing now on MSMEs.
The name change will be formalized in March 2011.
"At a press conference the main directors of Banco Popular presented the financial recovery process, the strength of its foreign shareholders and the ability to provide credits to MSMEs," reported El Heraldo on its website.
Fitch Ratings reported that the risks to regional banks during the current crisis are growing and represent a major challenge for 2009.
The combination of reduced credit expansion, fund restrictions and increasing loan provisions have limited the profits of most banks and it is expected for these factors to continue to pressure the results in the coming months.
Fitch Ratings reported that the risks to regional banks during the current crisis are growing and represent a major challenge for 2009.
The combination of reduced credit expansion, fund restrictions and increasing loan provisions have limited the profits of most banks and it is expected for these factors to continue to pressure the results in the coming months.
Citibank Honduras, which belongs to the American Citigroup, started to operate today and is the result of the merger of two other banking institutions with Central American capital.
"Cuscatlan bank and Banco Uno bank have successfully completed their merger, and from now on will be called Citibank Honduras," indicated a paid ad published today in the press.