No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveCitigroup to Buy Out Cuscatlán for $1.5 Billion

Citigroup to Buy Out Cuscatlán for $1.5 Billion

The largest financial conglomerate in the world, Citigroup, in December announced plans for a $1.5 billion buyout of Corporacion UBC Internacional S.A.’s 53 Grupo Cuscatlán subsidiaries.

The buyout comes two months after Citigroup announced plans to buy out Grupo Financiero Uno, the largest credit

card issuer in Central America, according to a Citigroup news release.

A leading financial group in Central America, Grupo Cuscatlán has more than 45,000 corporate clients, 1.2 million consumer clients through a distribution network of 202 branches, 263 ATMs and about 5,000 employees in El Salvador, Guatemala, Costa Rica, Honduras and Panama. The group says it has $5.4 billion in assets, $3.5 billion in loans and $3.4 billion in deposits as of Sept. 30, 2006.

The purchase of Cuscatlán, which must be approved by the regulating authorities in each country, is anticipated early this year.

Citigroup is the leading global financial services company with some 200 million customer accounts and operations in more than 100 countries. It has more than 2,200 branches in Latin America. Recently it announced the acquisition of Grupo Financiero Uno, which has more than one million retail clients, more than 75 branches and 100 mini branches and points of sale. That transaction is still pending regulatory approvals.

Citigroup is the fourth multinational banking giant to step into Central America since 2005. In April 2005, GE Money bought out half of Grupo BAC’s stocks that were unofficially worth about $500 million, the business weekly El Financiero reported.

Last June, Scotiabank announced plans to buy out Corporacion Interfín for $293 million (TT, June 16, 2006). A month later HSBC bought out Banistmo for $1.7 billion.

 

Trending Now

Costa Rica’s Top Court Bans President Chaves from 2026 Election Campaign

Costa Rica’s Supreme Electoral Tribunal on Thursday barred President Rodrigo Chaves from participating in the 2026 election campaign, ruling that he "illegitimately used" his...

Costa Rica Hunts for Nicaraguan Hit Squad After Exile’s Assassination

Costa Rica’s Judicial Investigation Agency (OIJ) is investigating whether a hit squad tied to Nicaragua’s Ortega-Murillo regime is targeting exiled critics on its soil....

An Expat’s Take: 5 Burning Questions About Life in Costa Rica Right Now

Have you been keeping up with the various events taking place in Costa Rica? There is always something interesting going down, and here are...

Guatemala Offers Asylum to Nicaraguan Migrants Deported by U.S.

Guatemalan President Bernardo Arévalo announced on Friday that his country will grant asylum to Nicaraguan migrants deported by the United States who do not...

Prisma Dental in Costa Rica Keeps Customers Happy and Smiling

I am 81 years old and have had teeth removed, bridges, and cavities fixed several times to sustain my ability to eat and function....

Retired Nicaraguan Army Captain Sentenced to 50 Years for Treason

A retired military officer was sentenced to 50 years in prison in Nicaragua for the crime of "treason against the homeland," his family denounced...
Avatar
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica