Investment Fund Managers in Costa Rica are looking to market their securities across Central America.
Some of these companies have many years experience in foreign markets and other started this year in 2013. For example the two funds belonging to Improsa SAFI have been authorized in Panama since 2009, while others such as Interbolsa, resumed this year the work of internationalization in all countries.
The cumulative transactions in Panamanian brokerage houses in the first 8 months of 2012 totalled $65.08 billion.
Capital.com reported: "According to the latest statistics published by the Panama Securities Superintendency (SMV), by August 2012, Interbolsa had the most transactions with a total of $18.346 billion, followed by SFC Investment with $2.369 billion, the National Bank of Panama with $1.337 billion and MMG Bank Corporation with $1.33 billion."
The Superintendency of Corporations has ordered the opening of bankruptcy proceedings on the assets of Interbolsa SA, parent company of the Grupo Interbolsa.
A statement from the Superintendence of Companies of Colombia reads:
Bogota, Jan 4 (SS).
The Superintendency of Corporations in the exercise of its statutory powers 430-000043 January 2013 has decreed the opening of bankruptcy proceedings of the assets of Interbolsa SA, the parent company of Grupo Interbolsa.
Interbolsa's subsidiary in Panama has been sold for $2.15 million to the Mexican company IPG.
IPG is an independent brokerage firm with operations in Mexico and the United States, providing banking services and private equity investments, as well as brokerage services, investment advisory services, private banking and investment banking.
The Financial Superintendence of Colombia, through Resolution 1812 November 7, 2012, ordered the immediate compulsory administrative liquidation of the property, assets and business of the stock brokerage company Interbolsa SA, domiciled in the city of Medellin.
The aim is to prevent a negative effect on the investments of the Panamanian subsidiary of Colombian holding company Interbolsa SA, which is in compulsory liquidation.
The financial crisis facing the group is affecting the investments of its subsidiary in Panama, for which reason the Superintendence of Companies in Colombia, at the request of holding company Interbolsa SA, has arranged to sell financial assets of the Panamanian company.
The fall of Colombia's largest trader is a heavy blow to the country's financial system, with possible repercussions for Central America.
An article in Dinero.com examines 23 topics that have arisen from the bankruptcy of Grupo InterBolsa, including "taking resources illegally to possible accounting fraud and money laundering."
After the liquidation of the parent company in Colombia, Panamanian securities authorities expect the subsidiary in Panama to be incorporated by another local entity.
On the subject, the superintendent of Panamanian market, Alejandro Abood, said "we expect another registrant TO absorb Interbolsa’s business in Panama, but so far we have no information on whether a decision has been taken."
Having determined that there are no viable alternatives for the entity to continue developing its objective, it will be liquidated.
A statement from the Financial Superintendence of Colombia reads:
SUPERINTENDENT OF FINANCE ORDERS COMPULSORY LIQUIDATION OF THE BROKERAGE AGENCY INTERBOLSA SA
- Fogafin informed the financial Superindendent that there are no viable alternatives for the entity to continue developing its objective, and for that reason it will be liquidated.
Interbolsa’s assets, liabilities and contracts have been acquired by Bancolombia in order to ensure the stable operation of the public debt market and Colombia’s payment system.
A statement from the Financial Supervision reads:
FINANCIAL SUPERVISOR AUTHORIZES MEASURES WITHIN THE TAKEOVER PROCESS OF INTERBOLSA SCB
- Authorization has been given for Interbolsa SCB to transfer to Bancolombia its operations of future performance, repurchase agreements and sell/buy-back transactions backed by TES, ensuring stability in the operation of the public debt market and payment system.
The activity of Interbolsa Panama, a Colombian subsidiary company is independent and not linked to the decisive intervention decided on by the Financial Superintendence of Colombia.
According to Reuters, the brokerage firm Bolsa Interbolsa, S.A. is the largest brokerage firm in Colombia, and belongs to the holding company Interbolsa Group, which also has a presence in the United States, Brazil and Panama.
With a secondary market with little dynamism, competition for customers is increasing, with operators opting for different strategies.
Jorge Velez, manager of Interbolsa Panama, Santiago Fernandez, president of SFC Investment Company, and Arthur Mirando, vice president of Thales Securites, analyze the last year’s results of their respective companies, the stock market behavior, and strategies that they have adopted in order to grow.
Four businesses have acquired part of the investment fund management company .
The sale of this subsidiary of Interbolsa is the latest in the list of changes and restructuring experienced by the Group since 2009, when it closed its money exchange office.
From that point on the company has undergone several changes, from the closure of the stock exchange office in April 2010 to the liquidation of its office in Panama, which operated under the company name IB International.
It will be the first time a Panamanian electricity company uses the local stock market for obtaining financing.
The issue will be structured in $10 million series, and was officially submitted before the Securities Commision (CNV), on Friday.
“Jorge Vélez, from Interbolsa Panama, commented that this operation is very beneficial for the country, because a large operation like Edemet’s draws both local and foreign investors”, reported Capital.com.pa.
Costa Rican financial group Interbolsa is looking for a partner to invest in its main asset, Interbolsa Sociedad Administradora de Fondos de Inversión.
50% of Interbolsa’s portfolio is composed of Real Estate Investment Trusts, considered the group’s key assets.
Interbolsa’s CEO, Danilo Montero, told Elfinancierocr.com that “they have been considering this possibility since last year, but there is nothing concrete yet”.
Physical and legal investors can buy Monetary Stabilization Bonds without a seat in the exchange.
The Central Bank of Costa Rica proposed a change in monetary policy regulations, allowing any investor to purchase bonds issued directly by the body to regulate the money supply in the economy.
In an article in elfinancierocr.com, Roy Gonzalez, "... explained that this measure, along with other changes they are pushing, aims to improve liquidity control and interest rate signal transmission."