MANAGUA, Nicaragua, June 30, 2015 // --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.
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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."
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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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Grupo Financiero Ficohsa (GFF) is a regional financial group of Honduran capital, headquartered in Panama. It is comprised by nine companies carrying the same brand name: Banco Ficohsa Guatemala, Banco Ficohsa Honduras, Banco Ficohsa Nicaragua and Banco Ficohsa Panamá; Ficohsa Seguros, Ficohsa Casa de Bolsa, Ficohsa Tarjetas de Crédito, Ficohsa Pensiones and Ficohsa Casa de Cambio. GFF is the largest financial group in Honduras and Ficohsa is one of the most important brands in the Central American region. It has more than 6, 600 employees and has been recognized by Great Place to Work®, and as a leader in Corporate Social Responsibility, both locally and internationally, by institutions like "FUNDAHRSE" y "CEMEFI. For more information, visit www.ficohsa.hn ● Twitter: @ficohsa ● Facebook: www.facebook.com/ficohsa ● Youtube: www.youtube.com/FicohsaHonduras ● Linkedin: www.linkedin.com/company/banco-ficohsaMANAGUA, Nicaragua, June 9, 2015 // --Grupo Financiero Ficohsa (GFF) received regulatory approval from the Superintendency of Banks and Other Financial Institutions of Nicaragua (SIBOIF) and from the Superintendency of Banks of Panama (SBP) to acquire all shares of Banco Citibank de Nicaragua, S.A. and Cititarjetas de Nicaragua, S.A.
The acquisition will be effective once the contract terms are executed; therefore, at this time Citi in Nicaragua will continue to operate independently until the transaction is completed.
Once the transaction is completed, which is expected to take place in the next few weeks, Grupo Financiero Ficohsa will take over Citibank and Cititarjetas de Nicaragua's operations. Therefore, all current benefits enjoyed by Citi's customers, as well as their obligations, will not change. Customers may continue to conduct their transactions through the usual and customary processes and the channels they typically use.
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Camilo Atala, President of Grupo Financiero Ficohsa, said: "We are pleased with the regulators' decision and appreciate their support. We reaffirm our commitment to establish our operations in Nicaragua to contribute to the country's development. We are eager to welcome the employees of Citibank and Cititarjetas in Nicaragua to the Ficohsa family."
Having successfully completed the merger with Citi in Honduras, Grupo Financiero Ficohsa has developed an integration plan aimed at ensuring a smooth transition for Citi's customers and employees in Nicaragua. Ficohsa informed that customers of the acquired entities will not lose their points, miles or any accumulated awards, and that the group will honor the respective commitments.
The agreement to purchase Citibank and Cititarjetas' shares in Nicaragua, including commercial loans, personal loans, deposits and credit cards, was announced on March 25, 2015. With 16 branches, 11 ATMs and more than 600 employees, Citi is a leader in the consumer banking segment in the country, in terms of market share.
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The operation of Citi in Nicaragua comprises US$ 279 million in assets, US$ 166 million in loans, US$ 225 million in deposits, and US$ 45 million in equity (according to the group's figures as of March 31, 2015).
Today, Grupo Financiero Ficohsa includes the largest bank and insurance company in Honduras, as well as banking operations in Guatemala and Panama, and financial services in the United States.
Grupo Financiero Ficohsa (GFF) is a regional financial group of Honduran capital, headquartered in Panama. It is comprised by eight companies carrying the same brand name: Banco Ficohsa Guatemala, Banco Ficohsa Honduras, and Banco Ficohsa Panama; Ficohsa Seguros, Ficohsa Casa de Bolsa, Ficohsa Tarjetas de Credito, Ficohsa Pensiones and Ficohsa Casa de Cambio. GFF is the largest financial group in Honduras and Ficohsa is one of the most important brands in the Central American region. It has approximately 6, 000 employees and has been recognized with the Great Place to Work® distinction, and as a leader in Corporate Social Responsibility, both locally and internationally, by institutions like "FUNDAHRSE" y "CEMEFI. For more information, visit www.ficohsa.hn- Twitter: @ficohsa- Facebook: www.facebook.com/ficohsa- Youtube: www.youtube.com/FicohsaHonduras- Linkedin: www.linkedin.com/company/banco-ficohsa
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Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions, with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.
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