No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveVenezuelan Bank Sets Sights on Costa Rica

Venezuelan Bank Sets Sights on Costa Rica

The growing Venezuelan bank Banesco Banco Universal has fixed its sights on Costa Rica as part of its Central America expansion plan.

The bank, which has more than 400 branches in Venezuela, has already invested $50 million to set up shop in Panama, and is headed to Costa Rica and Guatemala next, the bank’s president Luis Davier Luján told the daily La República.

Already operating in the United States and Puerto Rico, the bank plans to spend some $141 million this year on its Central America expansion. The expansion will mean some 40 branches, several in Costa Rica, that will offer “community banking” services such as microcredits and credits for low-income sectors.

The announcement comes as part of a flood of multinational banking giants into Central America in recent years.

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 (TT, Jan. 5).

That buyout came two months after Citigroup announced plans to buy out Grupo Financiero Uno, the largest credit card issuer in Central America.

In April 2005, GE Money bought out half of Grupo BAC’s stocks, which were unofficially worth about $500 million, the business weekly El Financiero reported.

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

 

Trending Now

2025 Gold Cup: Honduras Advances After Dramatic Shootout, Mexico Ends Goal Drought

Honduras, with a surprising and dramatic penalty shootout victory over Panama, and Mexico, with a lackluster win against Saudi Arabia, advanced Saturday to the...

Life After MS-13 in El Salvador as Residents Seek a Fragile Peace

Esperanza Martinez lost three relatives who were murdered and saw numerous bodies left in the streets of her neighborhood, a former stronghold of the...

El Salvador Slams Paris Fashion Show Inspired by Cecot Mega-Prison Inmates

The president of El Salvador, Nayib Bukele, joked on Saturday that he could send inmates from his mega-prison to France, after they were represented...

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....

Costa Rica Introduces New ₡500 Coin: Old One No Longer Valid

Visitors to Costa Rica this month should be aware of an important change to the country’s currency. As of Tuesday, July 1, the old...

Chiquita Brands Leaves Panama Amid Protests, Talks Underway to Resume

Laid-off workers from the U.S.-based banana company Chiquita Brands said on Monday that they are hoping for the company’s return to Panama, after it...
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