Bank
in Central America
Monday, May 21, 2012
It is no longer enough to use only a passport to open a personal bank account in Costa Rica, instead an identity document issued by the Immigration Department must be provided.
Foreigners living in Costa Rica and diplomats must comply with the additional requirement of carrying a Costa Rican identity card in order to open a bank account, from 1st July.
Monday, May 7, 2012
Simple transactions such as deposits, card payments and cash withdrawals will be able to be conducted in Panama in grocery stores, supermarkets or pharmacies.
Thanks to the 002-2012 agreement announced by the Superintendency of Banks of Panama (SBP), non-bank correspondents have been established, who will be able to perform some banking transactions such as making deposits, cash withdrawals or credit card payments at sites such as pharmacies, grocery stores, department stores, supermarkets and others.
Monday, May 7, 2012
While in 2011 Costa Rica’s economy grew by 4.1%, the assets of the banking system increased by 8%.
The financial system of Costa Rica made a giant leap in the second half of 2011, with assets of the 17 constituent entities increasing their growth rate from 2% in June to 8% at the end of the year.
Friday, May 4, 2012
The Panamanian banking sector is having difficulty finding qualified personnel for its operations, leading to "theft of talent" and generating high turnovers.
The "theft of talent" through wage offers and the shortage of qualified personnel is creating growing tensions for banking in Panama at a time of growth.
Thursday, May 3, 2012
$4.5 billion a year comes from the U.S., generating a fierce battle between 22 banks and transfer companies that compete for the market.
The stiff competition for larger pieces of the cake that makes up remittances is leading banks and financial companies to sign alliances and join forces.
Tuesday, April 24, 2012
The government of Costa Rica is promoting a legal reform that would transfer the cost of financial supervision to banking institutions, insurance companies and pension operators.
The legal amendment was included in the Bill for the Efficient Management of Public Finances already sent to the Legislature.
Tuesday, April 10, 2012
There is still uncertainty among U.S. citizens and companies abroad, regarding the effects of this law’s extraterritorial reach.
The start of registration stipulated by FATCA law (Foreign Account Tax Compliance Act) of the United States is January 1st, 2013, with enforcement beginning on 1st July of that year. However, many questions remain in several sectors such as insurance, securities and pensions, and even the regulators don’t have a clear idea of the effects of the law.
Thursday, March 29, 2012
To date, about 8 banks in Guatemala, 4 in El Salvador and 3 in Honduras, Nicaragua and Costa Rica offer the service; there is still much ground to cover in the region.
The director of Technology at the company Ebclosión, Derick Brol, indicates that in Central America in 2011 there were mobile phone banking services in about 8 banks in Guatemala, 4 in El Salvador and 3 in Honduras, Nicaragua and Costa Rica. The services offered include balance inquiries, transactions between own accounts and blocks.
Thursday, March 22, 2012
With average Return on Assets (ROA) of 2.30% and 20.28% on Equity (ROE) in 2011, there has been growth of 63% compared to profits in 2010.
Net earnings for January 2012 were $147 million, an increase of 62.9% compared to the same period in 2011, according to data from the Superintendency of Banks.
"Despite the volatility of international markets and the uncertainty posed by global economic difficulties in the U.S.
Thursday, March 22, 2012
The Honduran bank has received approval from the Guatemalan Superintendency of Banks to provide services from April.
The financial group Ficohsa can use its brand for transactions and banking services in Guatemala from next April, authorized by the Guatemalan Superintendency of Banks.
"With this release, very soon in Guatemala will launch and promote the brand that has penetrated so successfully in Honduras, Panama and the state of Florida in United States of America, consolidating the Group's strategy to internationalize and expand into other markets", said Ficohsa.
Thursday, March 15, 2012
The bank will invest between 5 and 7 million in the opening of 3 new branches this year.
The CEO of Scotiabank El Salvador, Peru's Juan Carlos Garcia Vizcaino, confirmed the new investments in three new branches, the relocation of others and new channels and technology to improve customer service.
Wednesday, March 14, 2012
Fitch Ratings has conducted analysis on the hidden potential of the banking systems of countries in the region.
The prevailing economic environment in Central America is forcing banks to preserve and enhance profitability.
Friday, March 9, 2012
The bank will continue its banking and insurance business in Panama as part of its strategy in Latin America to focus on high potential markets.
Panama is one of the four strongest countries in Latin America for HSBC, said Yoselyn Garcia, Head of Marketing HSBC Bank to Panamaamerica.com.pa.
Wednesday, March 7, 2012
Fitch Ratings believes that improving the level of efficiency in the banking system would result in a notable increase in profits.
The required improvements in efficiency in the banking systems in Central America could have a positive impact on earnings, on the internal generation of capital and, ultimately, on risk ratings, according to a report by Fitch Ratings.
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