The current business scenario ended up breaking down several barriers, and now there are more customers who demand the online services of financial institutions, which are challenged to facilitate digital processes and in turn apply strict security standards.
In the last four months, in most Central American cities, bank clients have moved away from the bank's service points, because between the home quarantines decreed due to the spread of covid-19 and the preference to avoid attending places where large numbers of people can congregate, consumers are choosing to look for ways to carry out transactions digitally.
Preventive reasons for unforeseen expenses in the context of the pandemic and low liable interest rates are some of the factors that explain the increase in the balance of short-term savings instruments in the Costa Rican market.
In the context of the spread of covid-19 and the restriction of several productive activities, the broad money supply (including cash held by the public and highly liquid financial instruments in national and foreign currency) showed a 35.7% year-on-year growth rate in June 2020, considerably higher than the 2.7% recorded in the same month in 2019, while the balance of term instruments fell, reported the Central Bank of Costa Rica (BCCR).
Setting a maximum usury rate and preventing clients from getting into debt to the extent of reducing their income below the minimum wage line are some of the changes that have arisen due to the application of the new law that has been in force since June 20.
On June 20, 2020 the Usury Law was published in the scope number 150 to La Gaceta number 147, which establishes the methodology to be used to set the maximum interest rate, from which the crime of usury will be considered to exist, details an official statement.
At a regional level, nearly 16 million people are looking to purchase financial services online. Of this group of consumers, approximately 11% are exploring options for acquiring a credit card.
The interactive information system developed by CentralAmericaData, monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the new commercial environment that has emerged in an accelerated manner.
In the third debate, the National Assembly approved a bill that grants debtors a 90-day extension of time for payment of credits granted by banking, cooperative and financial institutions.
According to the law that must be sanctioned or banned by President Cortizo, once the term of the moratorium set forth in this law has expired, creditors, in common agreement with the debtor, must agree on the conditions for the unpaid debt to be prorated, to be paid within 24 months.
The Superintendence of Banks authorized the transfer of up to 100% of the issued and outstanding shares of Multibank in favor of Leasing Bogotá S.A.
Resolution SBP-0053-2020 dated March 24, 2020, explains that "... Authorizes the transfer of up to 100% of the issued and outstanding shares of Multi Financial Group, INC.
Fitch Ratings agreed to change the perspective of the region's banks from stable to negative, arguing that the current health crisis will affect financial institutions in all countries.
Considering the measures that countries have adopted in the last 15 days in economic matters, following the spread of covid-19, Fitch expects that there will be a decrease in the issuance of loans.
Increased demand for credit and more requests for loan restructuring is part of what the covid-19 crisis has brought to Guatemala's banking sector.
According to representatives of the Guatemalan Banking Association (ABG), the spread of covid-19 and the restrictive measures that have been decreed in the country are affecting the liquidity of companies, many of which have no income and must use credit to pay their bills.
The impact of the coronavirus crisis on the financial sector in Central America is expected to be felt mainly in services related to stock brokerage and investment advice, where a drop is expected.
The "Information System for the Impact Analysis of Covid-19 on Business", prepared by the Trade Intelligence Unit of CentralAmericaData, measures the degree of impact that the crisis will have on companies according to their sector or economic activity, during the coming months.
In order to help cooperatives, cope with the emergency caused by the spread of covid-19, the National Institute for Cooperative Development agreed to reduce the interest rate on loans.
This decision was taken to support the cooperative sector, especially the agricultural sector, which has been suffering from a variety of effects. The authorities also hope to make a significant contribution to the country, in the context of the current epidemiological situation, reported the National Institute for Cooperative Development (INFOCOOP).
Local authorities decided to raise by 10% the minimum capital required for the opening of a bank or the operation of existing ones.
The Superintendence of Banks and Other Financial Institutions (Siboif) announced that the minimum capital required for banks that already operate or wish to enter was raised by $1.03 million, from $10.67 million to $11.70 million.
Panamanian authorities announced that as of September 2020, it will begin to exchange financial information automatically with the South American country.
Negotiations between the two countries began in 2019 and at the technical meetings they agreed on the mechanisms that will be used to automatically double-track the information.
In Guatemala, the business group of South American origin acquired 40% of the shares still owned by BAM Financial Corporation, and consolidated 100% of the assets of the Agromercantil Holding Group.
Directors of Bancolombia reported that the company will begin the process of authorizations to regulatory bodies and that in the coming days will provide details on the price of shares, according to the contractual rules between the parties who closed the negotiation.
Arguing that there were arbitrariness and that due process had not been complied with, former representatives of Financiera de Occidente S.A. decided to file a legal appeal following the suspension of the entity.
The Óptima financial group bought the shares of Financiera Solidaria S.A., a transaction that amounted to $50 million.
Directors of Óptima reported that Financiera Solidaria S.A. (Finsol) has been in the Honduran market for 21 years and that this acquisition is part of its strategy to regionalize the financial company in the micro and small business segments.
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