Income from voluntary insurance premiums grew by 25% compared to April 2015, due in most part to the increase in personal insurance.
From the quarterly report by the Superintendent of Insurance of Costa Rica:
"Revenues from voluntary insurance premiums increased by 25% in relation to April 2015, reaching ¢265 billion colones.The growth of this type of insurance remains one of the main driving forces, but its growth responds, on the one hand, to an increase of ¢ 38.6 billion colones in the SOA, since RT premiums decreased by ¢12.9 billion colones.
Following the suspension of operations in June, the Banco Universal de Panama entered into an organizational process that culminated with the sale of assets and liabilities of the company.
The invitation to participate in the expressions of interest was issued to all banking institutions with a general license in the Panamanian banking system. The finalists in this auction, as reported Prensa.com, are Canal Bank and Lafise.
The entity is preparing, for the March 18, to place corporate debt at a 2 year term and a net rate of 5.25%, via auction on the National Stock Exchange.
From a statement issued by FCCA Investment Banking:
On Wednesday March 18 Banco Lafise Costa Rica a member of the prestigious Lafise Group with operations in Central America and the Caribbean, will auction on the National Stock Exchange 10-year bonds for $10 million, at a 5.25% rate, quarterly risk rating (SCR AA-) and (PCR AA).
The risk premium demanded by investors for the Costa Rican international bond due in 2023 rose from 2.10% to 2.56% between June and September 2014.
Investors could be moving towards a degradation of the sovereign rating of the country, a possibility already suggested by Fitch rating agency.
An article on Nacion.com reports that "... Since last June, the extra rate of return that foreign savers demand for Costa Rican Government's securities in respect to United States Treasuries (so-called risk premium or margin) has gone. "
Through a mutual fund, the World Bank and other multilateral institutions, will be awarding $50 million to finance small and medium enterprises in the region.
With a mix of capital and a long-term soft loan the III Caseif fund, managed by Lafise Panama, will have $50 million for small and medium businesses who require funds to finance their operations.
Lafise-Bancentro has launched a financing plan with low-interest credits aimed at the cattle farming sector.
Loans from $1 million up to $5 million will be available, depending on recipients' ability to repay at an interest rate of 8.5%.
According to Nicaragua's El Nuevo Diario, Lafise-Bancentro director, Carlos A. Briceño Ríos commented that, "we have been financing cattle farmers for 15 years and as a result we have financing plans corresponding to the country's various cattle farming activities".
In order to encourage commercial business with Central America, the Lafise group has started operating in Colombia.
The bank has been operating for 26 years with offices in Nicaragua, Mexico, United States, Honduras, Spain, Costa Rica, Guatemala, Venezuela, Panama, El Salvador and the Dominican Republic.
Maria Paula Alban, at the Larepublica.co, interviewed the president and founder of Lafise, Roberto Zamora on his visit to the Colombian capital:
Shares in the brewery company Florida Ice and Farm have risen 20% in a week.
After having remained stable throughout 2011, the value of shares quoted on the national stock exchange showed a significant increase, from trading at $1.44 (¢733) to $ 1.73 (¢ 880) in just one week.
Although there doesn’t appear to be a single technical reason to explain the increase, Fifco representatives attributed the increase to the yield obtained by the dividends per share declared by the company, which at a price of $1.73 (¢880) would be 4 %.
Reduction of the national harvest means that the private sector must buy grain abroad.
Heavy rains in 2010 hit much of the country and affected grain production so heavily that the current national harvest is not sufficient to supply the domestic market.
Owing to this situation, the private sector has had to import beans from outside markets, and then subject them to various quality and safety tests before distributing them in the country.
The Overseas Private Investment Corporation (OPIC) approved funding to Lafise Bank in order to support small and medium enterprises (SMEs) in the region.
With better access to long-term credit, small-scale farmers, manufacturers and owners of retail businesses will be able to grow faster and in turn support their local economies.
OPIC resources will strengthen the capital base of Lafise Panama Group, Inc.
The commercial agreement created a $5 million fund to finance 500 small Nicaraguan growers.
Vernón Narváez, WalMart manager, explained that in addition to receiving funding, growers will commercialize their products in WalMart’s points of sale.
In turn, “Roberto Zamora, president of Lafise, estimated that this agreement will make it easier for farmers to sell their products directly to Walmart, and export to other markets once domestic demand is covered”, reported Prensalibre.com.
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”.
During the international trade show Fitur, Spanish businessmen expressed their intention of developing hotels in the country.
Enrique Zamora, corporative director at Grupo Lafise, explained they are coordinating a visit by the businessmen to the country in two months.
Zamora told Elnuevodiario.com.ni: "We are arranging this visit, in fact they are most interested in the hospitality sector, as they would use their existing networks in Europe and Central America for their expansion process".
Multibank has become the third bank to join the Panamanian Facilitation of Foreign Trade Financing Program (TFFP).
Through TFFP, the IDB offers guarantees to cover letters of credit, promissory notes, bid bonds, performance bonds, advance payment bonds and other instruments used in International Trade transactions.
In joining the TFFP, Multibank further expands its role in supporting businesses in the area outside Panama and in other countries in Latin America and the Caribbean.
The BCIE granted a loan of $15 million to the Lafise Group to finance the productive sectors in Nicaragua.
The funds will be channeled via the Bancentro, which is a member of the Lafise Financial Group, and comes from three European organizations: the Belgian Investment Society for Developing Countries, the Finnish Fund for Industrial Cooperation and the Swiss Fund for Investment in Emerging Markets.
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