Appeal for Financial Pacific SuspensionThursday, November 15, 2012 Executives from the brokerage firm Financial Pacific will ask the SMV to reconsider the suspension of its license to operate in Panama. The Superintendency of Securities of Panama (SMV) suspended the operating license of the brokerage house because of a shortfall of $11.5 million in "customer’s cash ". Bancolombia Completes Purchase of Guatemalan BankTuesday, March 3, 2020 In Guatemala, the business group of South American origin acquired 40% of the shares still owned by BAM Financial Corporation, and consolidated 100% of the assets of the Agromercantil Holding Group. Directors of Bancolombia reported that the company will begin the process of authorizations to regulatory bodies and that in the coming days will provide details on the price of shares, according to the contractual rules between the parties who closed the negotiation. Financial Access in Central AmericaTuesday, September 21, 2010 Bank Accounts per 1,000 adults: Costa Rica 1354, Guatemala 1140, Honduras 758, Panamá 412. In branches per 100,000 adults, Guatemala is first with 35, followed by Costa Rica with 23, Panamá 18, El Salvador 9, and Honduras 2. No available data for Nicaragua. Regulating Entity Takes Control of Stanford Bank PanamaWednesday, February 18, 2009 The Banks Superintendent reported in a broadcasted message that it will effectively take financial and administrative control of the Stanford Bank Panama. DialogoCiudadano.com reports in its website: "The SEC accused Allen Stanford and two executives of the Stanford Financial Group of fraudulently selling $8 billion in certificates in a plan that involved operations from Texas to Antigua." El Sol Loan Center to Operate in GuatemalaThursday, March 12, 2009 The financial firm, property of the Puerto Rican Caribbean Financial Group (CFG), will begin operations in April. It will focus on financing for businesses that sell on credit and on personal loans. Financial Pacific Sells SharesMonday, November 19, 2012 The Panamanian Financial company, which has had its activities suspended, is trying to get partners to inject capital, in order to address the identified shortfall of $11.5 million. Panama's Supreme Court, in a decision challenged by financial market analysts, put the breaks on a reorganization of Financial Pacific, which had already been put into progress after being ordered by the Superintendency of Securities (VPS), leading the directors of the lender to seek the essential composition of capital, after what was reported as a criminal act by one of its officials. Panama Authorizes Sale of Financial PacificThursday, May 16, 2013 At the same time as the Superintendency of the Stock Market approved the sale, the financial company formally withdrew its complaint against the Superintendent Alejandro Alfaro Abood. Added to the problems faced by Financial Pacific (FP) is the embezzlement of $12 million. Prensa.com reports that "the brokerage firm revised its board of directors on February 21, with West Valdés and Iván Clare ceding control of the entity to Joshua Absalom Chavez, Joao Bosco Santana, Rogero Marcio Pereira and Octavio Souto Vidigal , related to the Brazilian group Mendo Sampaio ". Sale of Panamanian Stanford Operation Being NegotiatedFriday, March 27, 2009 Panamanian regulators announced that there are parties interested in buying the bank and stock brokerage. In an article in prensa.com, it was reported that there are 7 local and foreign groups interested in acquiring the Stanford Bank (Panama) S.A. and the Stanford Casa de Valores S.A., as ongoing businesses. Multibank Panama Changes OwnershipFriday, November 1, 2019 After Grupo Aval S.A. of Colombia signed an agreement to acquire Multibank Financial Group of Panama, the transaction process is expected to be completed in the second quarter of 2020. For Grupo Aval de Colombia S.A., owner of BAC Credomátic, this transaction represents an important step in the development of its regionalization strategy, since up to June 2019 Multibank Financial Group (MFG), holding company of Multibank Panama, had assets of approximately $5 billion and a book equity of $560 million, the Colombian group informed on October 31st. Costa Rica: Passive Base Rate Continues to Fall and Reaches 6.15%Wednesday, November 4, 2015 The main reference for loans and investments is continuing on its downward trend and will be located at 6.15% until at least 11 November. The Central Bank of Costa Rica announced that the passive base rate dropped from 6.25% to 6.15% in the last week, and will remain at that level until at least 11 November. Base Lending Rate Rises to 7%Wednesday, July 9, 2014 After four weeks at 6.95%, the rate used as a reference for investments and loans will stand at least 7% until July 16th. The Central Bank of Costa Rica reported that the passive base rate, an indicator of the average rates given by financial institutions for savings on periods of 150 to 210 days will stand at 7%, at least until July 16, 2014. Base Lending Rate to Stay at 7%Wednesday, July 30, 2014 For the second consecutive week the benchmark rate for loans and investments will be located at 7% and will remain at that level at least until August 6. The Central Bank of Costa Rica has reported that the passive base rate will remain at 7% for another week, until Wednesday 6 August. Costa Rica: Passive Base Rate Remains at 6.7%Wednesday, April 30, 2014 For the fourth consecutive week the benchmark for interest rates on investments and loans remains unchanged until May 7. The Central Bank of Costa Rica reported that the passive base rate, an indicator of the average savings rates given by financial institutions on terms of 150 to 210 days will remain at 6.70% at least until May 7. Costa Rica: Base Rate Remains at 7.15%Wednesday, September 24, 2014 For the fourth consecutive week the main benchmark for loans and investments remains at 7.15%. The base interest rate, an indicator calculated by the Central Bank which reflects the average rates given by financial institutions for deposits for periods of 150-210 days will stay at the level of 7.15% for one more week. Costa Rica: Passive Base Rate Rises to 6.5%Wednesday, October 7, 2015 Following the erratic behavior seen a few weeks ago, the index rose from 6.45% to 6.5%, a level where it will remain until at least 14 October. One week up, another week down. That has been the behavior of the main reference rate for loans and investments in colones in the country in recent weeks. Now the passive base rate will be located on 6.5%, after having stayed at 6.45% last week. |
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