MANAGUA, Nicaragua, June 9, 2015 /PRNewswire/ -- 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.
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.
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.
About Grupo Financiero Ficohsa
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
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.
For more information, visit www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
SOURCE Grupo Financiero Ficohsa