A PYMNTS Company

Central America: Citibank leaves, while Promérica expands in region

By  |  September 22, 2015

Banco Promérica has announced a final deal which will allow it to buy the entirety of Banco Citibank de Guatemala’s personal loans, credit cards, safety deposit accounts and all individual and commercial banking services.

In it’s press release, Promérica states that the operation is still pending on approval by Guatemala’s regulators. With the sale of its Guatemalan assets, Citibank’s presence in Central America is now reduced to El Salvador.

On the other hand, Grupo Promérica has grown to become one of the major financial players in the region, with total assets of over 11 billion dollars and operations in 10 Latin American countries, including Ecuador, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Cayman Islands and the Dominican Republic, as well as an affiliate in the United States.

Source: El Salvador

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.