The Superintendence of Banks granted permission for Banco Atlántida, an entity of Honduran origin, to begin operating throughout the country under local supervision and regulation.
The constitution of Banco Atlántida in Nicaragua was authorized on October 24, 2017, but it was not until October 2, 2019 that the permit to operate in the financial system was published in La Gaceta. See La Gaceta publication.
Although the downward adjustments made months ago in the bank reserve and monetary policy rate do not yet appear to have had an effect on the loan portfolio in Costa Rica, banks expect credit to be reactivated soon.
On September 9, local authorities took operational and administrative control of AllBank, Corp, arguing that the group of "shareholders did not respond in a timely manner to the requirements of the corrective actions" that were instructed.
The results of the latest supervisions carried out by the Superintendence of Banks of Panama reflect a strong weakness in the health of the loan portfolio, which added to a fragile management of Corporate Governance, the institution reported.
Since the beginning of the political crisis in the country, several banks have decided to close some of their service centers, and only during the first half of 2019 have 56 branches been reported closed.
In April 2018, the country plunged into a political crisis that has dragged the economy into recession.
Arguing that it does not comply with the standards on transparency and exchange of information for tax purposes, the OECD evaluated Guatemala negatively and recommended working on direct access to taxpayers' banking information.
As planned, following the temporary suspension by the Constitutional Court (CC) of the article of law facilitating access to taxpayers' bank information, the Organization for Economic Cooperation and Development (OECD) decided to include Guatemala in the list of countries that do not comply with their fiscal information commitments.
Perinversiones S.A. de C.V. completed the purchase of the majority stake in Banco Azteca El Salvador.
At the end of last month, the Superintendency of Competition of El Salvador informed that the application presented by those involved for the purchase of 100% of the capital stock of Banco Azteca by the company Perinversiones and nine natural persons had been admitted, authorizing this economic concentration on Wednesday, May 22, 2019.
The shareholders of Grupo Centenario de Inversiones, the parent company of Banco de Panamá, authorized the merger with Banco Aliado, S.A. for an amount of $225 million.
The signing of the agreement is scheduled for May 31, 2019 and the operation is expected to be completed in September, as banks must receive the corresponding regulatory authorizations.
The entities of the International Banking Center of Panama generated during last year profits of $1.582 million, 4% more than reported in 2017.
The Superintendence of Banks of Panama (SBP) specify that during the last two years the profits of the 84 banks that operate in the International Banking Center (IBC) of Panama, grew by $70 million, going from $1,782 million in 2017 to $1,852 million in 2018.
A reform to the Organic Law of the National Banking System proposes to allow foreign banks to choose between a corporation or a branch as the legal form to establish themselves in the country.
TORONTO AND SANTO DOMINGO, March 1, 2019. Scotiabank reported today that it has successfully completed the acquisition of 97.44% of shares belonging to Banco Dominicano del Progreso (BDP), following regulatory approval on December 28, 2018 by the Superintendence of Banks and the Central Bank of the Dominican Republic.
The inclusion of Panama in the list of high-risk countries with strategic deficiencies in the battle against money laundering and terrorism would increase the operating costs of foreign banks in the country.
A few days ago, the European Commission included the Central American country in a list of 23 nations classified as territories with lax measures and controls against money laundering and financing of terrorism.
Imperia Intercontinental Inc., the main shareholder of Banco Cuscatlán, reached an agreement to purchase the banking and insurance operations of the entity of Canadian origin.
The sale of Scotiabank's operations in El Salvador is subject to authorization by the Superintendence of Competition and the Superintendence of the Financial System.
Because of the slowdown in the issuance of loans, in 2018 the profits of banks in Costa Rica grew just 3% over what was recorded in 2017.
Figures from the Central Bank of Costa Rica show the deceleration reported in loans granted during the first nine months of last year, detailing that up to December 2017 the credit portfolio to the private sector registered an 8% year-on-year increase, while the indicator concerned up to September 2018 dropped to 5%.
On February 14th and 15th, representatives of banks, international financial institutions and risk rating agencies will meet in Panama City to discuss issues related to the sector.
The event called "International Banking Congress for Regulators & Bankers," will be organized by the Superintendence of Banks of Panama (SBP) and seeks to address issues such as Basel III, prevention of money laundering, de-risking, new risks facing the industry, financial innovation-Fintech, cybersecurity, among others.
In Costa Rica a law proposal pretends to reduce by 50% the bank fees on loans for businesses and SMEs, as well as credits for social housing and lower class.
The law project, which was presented to the Congress by the representative, Yorleny Leon, aims to reduce fees in the formalization of bank loans, which currently range between 8% and 10% of total credit.
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