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public banks

Costa Rica to Sell Two State Banks to Cover Public Debt

Costa Rican President Rodrigo Chaves announced on Tuesday that his government plans to sell state-owned banks BICSA and BCR for the equivalent of almost...

Costa Rica Money Laundering Investigation Results in 35 Raids

The Organization of Judicial Investigations (OIJ) launched 35 simultaneous raids early this morning as a part of a case of an alleged large scale...

Several institutions suspend operations due to Orange Alert

Several Costa Rican institutions have reduced or suspended operations this week due to the Orange Alert that comprises the Greater Metropolitan Area (among other cantons).

What’s open, closed during the holidays

A rundown of the hours of banks and other key services over the holidays.

National Police, banks beef up security ahead of holiday season

Costa Rica National Police launched a holiday season security operation on Friday to safeguard residents who will be collecting or spending money in the coming weeks.

Most Costa Ricans still prefer to pay in cash, study finds

Nearly 8 out of ten Ticos use debit cards regularly. But they use them mostly to get cash from ATMs.

Lawmakers probe Banco de Costa Rica appointments, salary bonuses

Members of the Legislative Assembly's Commission on Public Income and Expenditures on Monday scrutinized the manner in which state-owned Banco de Costa Rica (BCR) appointed its current general manager and two assistant managers.

Executive branch asks public banks for a full report on salary incentives and bonuses

Vice President and Finance Minister Helio Fallas announced on Tuesday that the government will conduct an evaluation of all salary incentives and policies at public banks, following an investigation by the Comptroller General's Office last month. The investigation found that salary incentives and bonuses are hurting credit options for people and for small businesses.

Salary incentives and bonuses at public banks hurt credit options for small businesses, says comptroller general

A report made public this week by Costa Rica's Comptroller General's Office notes that from 2006-2012, three of the country's public banks spent ₡100 billion ($185 million) on salary incentives and bonuses for employees, which is the equivalent of almost a quarter of their total profits.

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