HSBC Closes Office in Guatemala

In October 2009 the bank had set up the office which was dedicated to providing services to importers, exporters, multinational and transnational companies as well as offering trade services, loans and foreign accounts.

"Manuel Pérez Lara, an expert in banking and rector at the Universidad del Istmo, said it is 'strange' that HSCB has withdrawn, as it is a bank that has significant deposits by Guatemalan clients" noted an article in Prensalibre.com.

Source: prensalibre.com

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First Commercial Bank Closes its Salvadoran Operations

September 2010

In November the bank will close down its operations due to lack of clients.

The closure was announced on 25 August by El Salvador's Financial System Regulator (SSF in Spanish).

Víctor Ramírez, SSF head, indicated that the decision to close was made by the bank itself, adding that, "it is no longer in their interests to stay open since the original idea was to provide services to manufacturing companies but as this sector has suffered there is less incentive to stay".

Banex Nicaragua Definitive Closure

August 2010

The banking regulator has requested shareholders to begin the liquidation process of the financial institution.

The head of Nicaragua's Banking and Finance Regulator (SIBOIF), Víctor Urcuyo, has said that the decision does not impact on the bank's customers since, "the vast majority have already received their money".

Banex to Resume Operations in Nicaragua as Microfinance Bank

July 2010

The move will mean the closure of 10 branches and the loss of 50% of its staff.

Benjamín Vides, Chairman of the bank’s board of directors, indicated that the return of customers’ deposits forms part of this process since, according to Guatemalan legislation, a lending institution cannot hold deposits.

Societe Generale Closing Operations in Panama

September 2010

French bank Societe Generale completely closed its operations in the country, where it maintained a representation office.

The reasons given by the bank is Panama´s inclusion on the list of tax havens in France.

An article in Prensa.com reports, "The Minister of Economy, Alberto Vallarino, said the bank followed a closing schedule which existed prior to Panama negotiating with France a treaty to avoid double taxation, but also said they would return when the country is out of the French listing.”