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March 4, 2008 |
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BANCO INDUSTRIAL: Works With Investors to Set Up Salvadorian Arm Banco Industrial's International Banking Director Luis Prado told Business News Americas that the bank has collaborated with investors to launch a bank in El Salvador. According to BNamericas, Mr. Prado said that the new bank will operate under the Banco Industrial name and the bank's parent will be its controlling shareholder. Banco Industrial will launch operations in El Salvador in the first half of 2008 after securing authorization from Salvadorian authorities, Mr. Prado told BNamericas. Banco Industrial's banking unit in El Salvador will compete with 13 other banks, BNamericas notes, citing data from El Salvador's financial sector regulator Superintendencia del Sistema Financiero. Headquartered in Ciudad de Guatemala, Guatemala, Banco Industrial, S.A., operates as a bank providing loans, depository accounts and related services. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 21, 2008, Moody's Investors Service affirmed the positive outlook for the Ba3 and Not Prime long and short term foreign currency deposit ratings for Banco Industrial S.A. As reported in the Troubled Company Reporter-Latin America on Jan. 15, 2008, Standard & Poor's Ratings Services affirmed its 'BB-/B' counterparty credit and CD ratings on Banco Industrial S.A. S&P said the outlook is stable. |
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