In November 2010, according to information from Banco de Guatemala, the loan portfolio was $ 1,450 million, 17.4% lower than the $ 1,751 million reported at year-end in 2009.
Flavio Montenegro, general manager of G&T Continental Bank, told Elperiodico.com.gt, "There are two factors which explain the behavior of off shore banks over the past year. The first relates to the exchange rate variation which reduces Dollar amounts after conversion to Quetzales ... The second factor was that during 2010 there was an excess in Dollar liquidity due to slower economic growth".
Source: elperiodico.com.gt
More on this topic
July 2009
The proposed modifications to the Banking Law will establish minimum deposits and limitations to investments.
The General Secretary of the Presidency is currently analyzing the proposal, and it could reach the Legislative soon.
"Among the new measures there is a $12.500 minimum for opening accounts", publishes PrensaLibre.com.
January 2010
The loan to the Guatemalan bank aims to finance import and export operations.
Within the Trade Finance Facilitation Program (TFFP), the Inter-American Development Bank (IDB) granted Guatemalan Bank G&T Continental $70 million.
Flavio Montenegro, G&T CEO, remarked: "This transaction strengthens our trade operations and supports the economy of Guatemala, as it increases the funding available for our nation's industries".
December 2011
G & T Continental has acquired, at $64 million, Citibank de Guatemala’s housing portfolio.
Flavio Montenegro, general manager of G & T Continental, said the payment was in cash and Citibank de Guatemala has already handed over the records of the respective accounts.
For its part, Crista Kepfer, public relations officer of Citibank, told Prensalibre.com,"The decision was made to sell the FHA mortgage portfolio as part of Citi's strategy of focusing on a global scale in other banking segments and using those resources to invest in other lines of business. "
September 2008
G&T Continental Bank's projections for next year are to conquer the financial markets of Costa Rica and Panama and to strengthen their position in El Salvador.
Flavio Montenegro, Director and President of G&T Continental, said that their main operation is in Guatemala, where the companies was born some 45 years ago, and to date they have more than 380 points of service.
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