The transaction involves the acquisition of all of Citi's operations in the country, including commercial loans, personal loans, deposits and credit cards.
From a statement issued by Ficohsa Group:
The company has been consolidated among the 10 largest financial groups in Central America
* The transaction involves the acquisition of all of Citi's operations in Nicaragua: commercial loans, personal loans, deposits and credit cards.
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 link through SIEPAC allows Honduras to purchase cheaper energy from Guatemalan private power generators.
The opening of the penultimate stage of the Central American network opens up a new way for Honduras to obtain energy from outside of its domestic market at lower prices.
"The connection between Guatemala and Honduras "will increase transmission capacity in the regional energy market," said Rene Gonzalez, Executive Director of the Regional Operating Agency (EOR).
Two Israeli companies could be interested in doing business with or buying a significant percentage of the shares of the Honduran Telecommunications Company.
The two companies have recently had a meeting with government officials about a possible acquisition or partnership with Hondutel, press reports revealed.
"We indicated (to the businesses) how they should present their investment proposal model and we are waiting to hear the response," said Jose Antonio Pineda, secretary of Association for Public-Private Investment (Coalianza) to Elheraldo.hn.
The Mexican Corporation Coca-Cola FEMSA announced it has completed the acquisition of Panama's "Grupo Industrias Lácteas", parent company of "Estrella Azul", "Conservas Panameñas" and "Plásticos Modernos".
This is Coca Cola's first foray into the milk and dairy industry, which is one of the largest and most dynamic segments of the non-alcoholic beverages market in Latin America.
The multinational agreed to its sale, including debt, to a private equity group led by Kohlberg Kravis Roberts fund (KKR).
The purchasing group formed by Kohlberg Kravis Roberts fund (KKR), Centerview Partners and Vestar Capital Partners will pay $ 19 per share of Del Monte, plus the company's debt of about $ 1,300 million.
The deal is expected to close in late March 2011 and it allows Del Monte to search for a better purchase offer up until January 8th.