HONDURAS--(BUSINESS WIRE)--Banco Ficohsa announced today a successful agreement to acquire 100% of the shares of Banco Citibank de Honduras, S.A. and Cititarjetas de Honduras, S.A., pending authorization by the National Banking and Insurance Commission (CNBS) and the Competition Defense and Promotion Commission. The transaction does not include the acquisition of any of Citi’s Corporate Banking business in the country, including Banco de Honduras, S.A.
The acquisition makes Banco Ficohsa — the leading member of the country’s top financial group, with banking, insurance and credit card businesses – the largest bank in Honduras, with a net worth of US$339 million, US$ 2.77 billion in assets, a loan portfolio of US$1.88 billion, and US$1.6 billion in deposits (using pro forma figures of the companies combined as of December 31, 2013).
“We are very optimistic about this acquisition, not only for our operations, but for the country as a whole. We see a long-term future in Honduras as part of our goal to continue growing and consolidating our business in Central America,” said Camilo Atala, Grupo Financiero Ficohsa’s President. “We are pleased to welcome Citibank’s more than 700 professionals, and we are certain that they will help us to continue delivering excellent service and innovative products and services.”
The purchase of Citibank’s Consumer Banking business in Honduras, which includes credit cards, personal loans and customer deposits, strengthens Banco Ficohsa’s extensive portfolio of products and services and expands its network with 22 additional points of service and 20 ATMs.
“Citi has been present in Honduras for more than 48 years and we are committed to this country,” commented Reina Irene Mejía, Citi’s General Manager in Honduras. “We are not leaving Honduras. Our strategy is to focus our operations on the Corporate Banking business to strengthen our position and continue offering top-level services in the segments where we can offer the most value, backed by Citi’s unique global network.”
While awaiting regulatory approval of the acquisition, both banks will continue with their normal operations and looking after their respective customers. Banco Ficohsa has informed that, once the transaction is approved by the regulators and consummated, the clients of the acquired entities will maintain their accumulated points, miles or awards.
Banco Ficohsa has a 20-year history of operations in the Honduran market and an A+ grade from Fitch Ratings. Throughout its history it has proven itself to be a solid institution with quality products and services, including the country’s most advanced technological platform.
MBA Lazard served as Ficohsa’s financial advisor for the transaction.
For more information about the acquisition process, please visit: www.ficohsa.hn or contact Ficohsa Call Center at (504) 2280-7022.
About Banco Ficohsa
Banco Ficohsa has been an active participant in the Honduran financial system for the last 20 years. It is the country’s largest bank in terms of net worth and one of its leading institutions in terms of assets. With the World Bank’s International Finance Corporation and the German and Dutch development funds (DEG and FMO) as minority shareholders, Banco Ficohsa has created an extensive network of services across Honduras, including more than 130 points of service and 420 ATMs. It was the first bank in Central America to obtain a license to open an office in Miami, and was the first Honduran bank to have a presence in Guatemala and Panama. 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
About Citi
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.
Additional information may be found at 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
