The Superintendence of Competition authorized the merger request submitted in 2019 by the conglomerates Inversiones Financieras Imperia Cuscatlán and The Bank of Nova Scotia.
The Superintendence of Competition notified Imperia Intercontinental Inc., the main shareholder of Banco Cuscatlán, that the request to purchase the banking and insurance operations of the Canadian entity was accepted.
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.
Grupo Prival, a financial institution of Panamanian origin, has announced the sale of its subsidiary Prival Securities El Salvador, on May 8, 2018.
Elcapitalfinanciero.com reports that "... In a note sent to the Superintendency of the Stock Market (SMV) for public knowledge, the banking institution reported that the change was duly notified and authorized by the Superintendency of Banks of Panama (SBP). "
Cane producers and workers from the four mills operating in El Salvador are those who will be able to purchase part of the shares that Corsain has already put up for sale.
The Salvadoran Investment Corporation (Corsain) published the conditions of sale of its share in the capital stock of four sugar mills, with which it aims to raise about $27 million.
In search of fresh resources, capital shares in sugar factories and plants held by Corporación Salvadoreña de Inversiones will be sold to private companies.
The aim of the Sánchez Cerén administration is to part with its shares and obtain fresh resources to pay off debts amid the liquidity crisis it is facing.The decree approved by the Legislative Assembly"... establishes a deadline up until October 10 for Corsain to be able to gradually sell the shares it owns, which could be worth about $23 million."
Actis and Mesoamerica have agreed to sell SunEdison 100% of its interest in Globeleq Mesoamerica Energy, which operates in the area of renewable energy plants.
From a statement issued by Globeleq Mesoamerica Energy:
Actis and Mesoamerica, investment and consultancy firms based in Costa Rica and Colombia have agreed to sell 100% of their combined interest in Globeleq Mesoamerica Energy (GME), a leader in the business of wind energy and solar energy in Central America, to SundEdison. SunEdison is the largest developer of renewable energy in the world.
A world leader in packaging, Smurfit Kappa, has announced the acquisition of Cybsa Group, a company which produces smooth and corrugated cardboard boxes plants in El Salvador and Costa Rica.
From a statement issued by Smurfit Kappa:
Smurfit Kappa Group is pleased to announce that it has agreed to acquire CYBSA Group, a manufacturer of folding cartons and flexible packaging with operations in El Salvador and Costa Rica.
The business group chaired by the Panamanian Stanley Motta may be interested in acquiring units of Citi's consumer banking operations in Panama and Costa Rica.
It is not yet been revealed which of Citibank' consumer banking companies in Panama and Costa Rica they may be interested in acquiring. However, potential stakeholders include the General Bank of Panama and Grupo ASSA, which in addition to being insurers, also runs La Hipotecaria.
Reforms have been made to the Law on Privatization of Mills and Alcohol Plants to give a three year extension to the timeframe for selling shares of mills owned by the Salvadoran Investment Corporation.
From a statement issued by the Legislative Assembly of El Salvador:
The Legislature approved on Wednesday, with 44 votes, an amendment to the Law on Privatization of Mills and Alcohol Plants in order to extend for three years the period for the Salvadoran Investment Corporation (CORSAIN), to sell shares of some mills that were subject to privatization and are still owned by them.
Citigroup has sold 75% of the shares in Administradora de Fondos de Pensiones Confía to the company Inversiones Atlántida.
Although the amount of the sale has not been released, the three institutions involved have confirmed the transaction. According to authorities at Citigroup, this operation does not affect the rest of the bank's business in El Salvador and they are just waiting for approval from the Superintendent of the Financial System in order to complete the transfer.
The Mexican group has announced an agreement to acquire all the assets of Eskimo and its subsidiaries in Nicaragua and the rest of Central America, without disclosing the amount of the transaction.
Eskimo SA is a food company in Nicaragua which has been operating for more than 72 years. Its main products include ice cream, milk and yoghurt. In Nicaragua, Eskimo is a leader in the dairy industry and its brand is synonymous with ice cream.
The Italian company Enel Green Power will be selling its stake in the geothermal electricity station LaGeo, which could end to the dispute between the company and the Salvadoran government.
As outlined in an article on Laprensagrafica.com, a transfer of the 36.2% stake belonging to Enel has been valued at $280 million, payable via a trust based on the future flows from LaGeo, an instrument which must be operational before December 15th, 2014.
The banks Davivienda and Grupo Aval, already present in Central America, could be in talks with Citi to acquire its consumer banking operations in the region.
The sale of assets of Citigroup in 7 countries in Latin America represents an expansion opportunity for Colombian banks. Bloomberg reports cited by Elfinancierocr.com note that in the case of Banco Davivienda, it's interest is soley in the consumer banking units in Peru and Guatemala.
The company which won the tender is offering 70% of the shares in the project in order to get funding for its development.
Mutual fund companies, power generators and distributors in South America, the United States and Europe have shown interest in the work estimated at $900 million, which includes the construction of a parallel dock measuring 1200 meters and a floating storage tank.