Davivienda Financial Group takes control of HSBC

Colombian bank Davivienda took over this week HSBC Bank operations in Costa Rica, after formalizing the acquisition of its shares last Friday.

Davivienda’s total investment was $300 million for all companies and businesses belonging to Grupo Financiero HSBC in the country, including a stock brokerage firm and an insurance agency.

Efraín Forero, president of the group, believes that Costa Rica is “promised land” for foreign companies in Central America and Colombia. He also confirmed the bank plans to approve personal loans or mortgages “within minutes.”

Davivienda is developing a strategy called “multilatina,” with $25 billion in assets, placing it 26th in the ranking of Latin American banks, Forero said.

After the Costa Rica venture, the company plans to open businesses in El Salvador, Honduras and Panama.

HSBC’s 800 employees will remain at their jobs.