Luxury Hotel Looks to Open in GuatemalaThursday, April 23, 2009 The country has become the first candidate for the opening of a luxury resort under the Luxuriant Masterpiece Collection brand. The Alekson Development Group Corporation, which manages the brand, has decided to expand into Central America because of its proximity to the US and the variety of its landscapes. $3 Million Tourism Development Project in Panama AnnouncedWednesday, April 29, 2009 Zcom Networks announced the acquisition of the Playa Paraíso Real Estate Development Project. According to the press release issued by the company, the project will have 5 villas on the beach and 20 condominiums. Guatemala signs agreement for six casinosWednesday, November 12, 2008 Alekson Development Group signed an agreement with Guatemala to develop six casinos including hotel and golf course services. The Group is a subsidiary of Fin City Associates, which according to ADG is focusing on economic development in Guatemala. They signed an agreement with the government to develop recreational centers in the capital city, Puerto Quetzal, Puerto Barrios and Atitlan Lake over the next ten years. Secured Transactions Law for Costa RicaFriday, February 8, 2013 A bill has been presented to the Legislature which will regulate the use of inventories, intangible assets and other movable assets as security for financing. A statement from the MEIC reads: Pension Administrator Bought for $27 millionTuesday, September 30, 2014 Global Bank Corporation has announced the acquisition in Panama of 100% of the equity interest of the Pension Fund Administrator Progreso. From a statement from the Superintendent of the Panama Stock Exchange (SMV): Panama: Balboa Bank Has New OwnerMonday, October 9, 2017 The Superintendency of Banks in Panama has authorized the transfer of 100% of the bank's share capital to Corporación BCT, of Costa Rican origin. From a statement issued by the Superintendent of Banks: Million dollar Sue Against Banking RegulatorMonday, November 26, 2018 Arguing that the institution was negligent in the process of intervention and sale of the bank, in Panama Balboa Bank shareholders filed a $74 million lawsuit against the Superintendence of Banks. The legal appeal filed by the Balboa Bank shareholders and admitted by the Third Chamber of the Supreme Court of Justice, points out to the Superintendence of Banks of Panama (SBP) to cause presumptive damages because of the sale price fixing of the bank's shares. Approval Given to Sale of Balboa Bank to Costa Rican GroupTuesday, July 11, 2017 The Superintendency of Panama estimates that the full process of transferring share capital to the BCT group will be completed in August of this year. From a statement issued by the Superintendency of Banks in Panama: Work Started on Moin Transfer Port DesignMonday, March 19, 2012 Americas Gateway Development Corporation, the company that won the tender for the design, will start work on detailing the technical, environmental, commercial and financial studies. Aubrey Young, CEO of Americas Gateway Development Corporation (Amega), noted that they estimate about twelve months for this stage. Costa Rica: Studies Underway for Transfer Terminal in Port MoínWednesday, June 23, 2010 Americas Gateway Development Corporation (Amega) will conduct feasibility studies for a new container transfer terminal in the Costa Rican port. Ignacio Gallegos, company representative, told BNAmericas that they will start the studies shortly, and will determine if the project is legally, technically, environmentally and financially feasible. Concession for Quarry in PanamaWednesday, October 16, 2013 For a period of 20 years Corpus Christy Mineral Development could extract nonmetallic minerals in the village of Las Margaritas, district of Chepo. The company could "... exploit 256.33 hectares in Las Margaritas and if the comply with the obligations satisfactorily, could have the permit extended for 20 years as stipulated in the contract ...", reported Prensa.com. Panama: Canal Bank Completes Acquisition of Universal BankThursday, January 28, 2016 The bank acquired 70% of the shares of Universal Bank and annulled the license which it had been granted to operate in the microfinance segment. The Superintendency of Banks authorised CANAL BANK, SA (BMF) General Banking License, to change its name from CANAL BANK, SA (BMF) to CANAL BANK, SA and canceled and annulled the banking license for Microfinancing granted to CANAL BANK, SA (BMF). Banks in Panama extend business hoursWednesday, September 24, 2008 The huge demand for services has forced banks to extend their business hours and are now working overtime at many of their branches. Big banks such as Cuscatlán, General, Credicorp, Global Bank, HSBC-Banistmo, Bac International, Banvivienda and even the National GE Money to increase its participation in BACThursday, July 10, 2008 The American financial giant GE Money is negotiating to buy more shares in the Bank of Central America (BAC Credomatic) over the medium term. In 2006 the two firms signed an agrement under which GE Money would acquire 49.99 percent of BAC's capital. $602 million in bond issues pending in PanamaWednesday, July 23, 2008 Panama's National Securities Commission says there are 13 bond issues pending that will raise a total of 602 million dollars. Among the upcoming issues are a 250-million-dollar issue of perpetual bonds for from Banco General; another from Global Bank Corp for 60 million dollars; and three from the International Bank of Costa Rica, the Multistrategy Fixed Income Fund and the Sociedad de Inversión Inmobiliaria Balboa, each for 50 million dollars. |
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