Last updated: 13:46 / Wednesday, 1 July 2015
Effective as of July 1

Grupo Financiero Ficohsa Takes Control Of Citi Operations In Nicaragua

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Grupo Financiero Ficohsa Takes Control Of Citi Operations In Nicaragua
  • The Superintendency of Banks and Other Financial Institutions of Nicaragua (SIBOIF) and the Superintendency of Banks of Panama (SBP) authorized the transaction
  • The acquisition includes Banco Citibank de Nicaragua, S.A. and Cititarjetas de Nicaragua, S.A.
  • Marco Antonio López, who until today served as regional vice president of business development at Ficohsa, named executive president

Grupo Financiero Ficohsa (GFF) announced that it has completed the purchase of Banco Citibank de Nicaragua, S.A. and Cititarjetas de Nicaragua, S.A., after the Superintendency of Banks and Other Financial Institutions of Nicaragua (SIBOIF) and the Superintendency of Banks of Panama (SBP) authorized the transaction.

"Today we begin to deliver on our commitment to invest in Nicaragua," stated Camilo Atala, president of Grupo Financiero Ficohsa. "We arrive with great expectation and with responsible practices to contribute to the country's development."

With the entry to Nicaragua, and following an expansion process both in Honduras and the Central America region, Ficohsa establishes its presence in four countries. In May, the Group successfully completed the integration of Citi's consumer banking unit in Honduras, an experience that Ficohsa is using to ensure a smooth transition for clients and employees in Nicaragua.

Within the next few days, Citi's agencies, ATMs and service points will be rebranded to Banco Ficohsa Nicaragua. However, customers will continue to conduct their transactions through the usual and customary processes and the channels they typically use. Additionally, all customer benefits and obligations, will remain the same. Ficohsa will honor its commitments to customers, who will retain points, miles and awards accumulated.

Ficohsa informed that the group's plans in Nicaragua include the expansion of its network, which will entail expanding its workforce. Additionally, the group indicated that they would integrate various Ficohsa products and services gradually, to ensure a seamless transition.

Ficohsa takes over the totality of Citi's operations in Nicaragua, including the more than 600 employees who join the group. "We are thrilled to welcome our new employees in Nicaragua into the Ficohsa family," said Atala. "They will be the key to our success in the Nicaraguan market and in this integration process that begins today."

The financial group, the first of Honduran capital to enter Nicaragua, appointed Marco Antonio López as executive president. López, a renowned Nicaraguan banker, until today served as regional vice president of business development at Ficohsa.

"I am pleased to come back home with Ficohsa and with a clear mandate to support the country's productive sector and reinforce existing SME and consumer banking services, as well as expand the business into new areas, such as corporate banking," added López. "The idea is to offer the most innovative financial services in the market."

Today, Grupo Financiero Ficohsa includes the largest bank and insurance company in Honduras, as well as banking operations in Guatemala, Panama and Nicaragua, and financial services in the United States. After the acquisition, the group encompasses US$ 4.016 billion in assets, US$ 2.645 billion in loans, US$ 522 million in equity, US$ 2.577 billion in deposits, and more than 6,600 employees (using figures as of May 31, 2015.)  This enables Grupo Ficohsa to strengthen its position among the 10 leading financial groups in Central America.

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