Juan Carlos Sansón, general manager of BAC-Credomatic, stated that GE’s sale of BAC-Credomatic shares is “nothing but a rumor”.
He told newspaper La Prensa that they don’t have any official information confirming that General Electric intends to sell Bac-Credomatic. He did acknowledge, however, that GE intends to reduce its participation in the financial market.
One of the potential buyers of General Eletric’s shares in BAC-Credomatic is Colombia’s Grupo Aval.
The transnational corporation intends to sell its Latin American financial arm, as part of its efforts to reduce its global banking division.
Reuters reported that a GE could net as much as $1.5 billion for its stake in BAC-Credomatic.
“In 2005, GE paid $500 million for 49.99% of BAC-Credomatic’s shares.
Before October 1st, the financial company will close its 16 stores and move those services to Credomatic's 'Red de Pagos' and BAC San José.
"Our business and commercialization model does not require our own points of sale. We are selling loans directly through points of sale of our commercial partners", explained Patricio Alemparte, General Manager of GE Money Costa Rica.
With this purchase, GE Money would have 75% of the shares of BAC International Bank.
Beginning in July, the financial group GE Money has the option to purchase additional shares.
Édgar Delgado wrote for the El Financiero website: GE Money bought 49.99% of BAC shares in May 2005. The original contract established the option that the parties could modify their shareholding participation beginning in the third quarter of 2009 and during a period of three years thereafter."
Genpact, which recently acquired the GE Money business center in the country, could quadruple the number of employees next year.
Juan Ferrara, vice president and business leader for the Americas, said in a telephone interview will Siglo Veintiuno that they consider Guatemala to be a strategic location and that provides the opportunity to compete with major contact center companies.
The American financial giant GE Money is negotiating to buy more shares in the Bank of Central America (BAC Credomatic) over the medium term.
In 2006 the two firms signed an agrement under which GE Money would acquire 49.99 percent of BAC's capital.
Edmundo Vallejo, president of GE Money Latin America, said there is a possibility of buying more BAC shares, and to consolidate their operations.
The GE Money Bac Credomatic Excellence Center was opened with an $11.6 million investment.
Edmundo Vallejo, GE Money Latin America president, reported that the decision to invest in Guatemala was due to the modern telecommunications infrastructure, a young, educated and bilingual workforce, and its strategic location. However, he pointed out that the country should not rest and instead keep improving its competitiveness.
24/7 Customer, a company from India, has decided to establish a call center near La Aurora Airport, in an area called Ciudad Aeropuerto (Airport City).
The 500 new jobs it generates will be in addition to those created by the Mexican company RY6 Global, which recently started operations in Airport City with a call center of 100 employees and space for 500 more in the coming years.