Ficohsa gets green light to buy Citi’s Nicaragua unit
Photo: Matt Buck

Photo: Matt Buck

9th June 2015

Deal includes Citibank and Cititarjetas de Nicaragua
Honduras-based Grupo Financiero Ficohsa has received regulatory approval from Nicaragua’s Superintendency of Banks and Other Financial Institutions and from the Superintendency of Banks of Panama to acquire all shares of two Citibank units: Banco Citibank de Nicaragua, and its card business Cititarjetas de Nicaragua.
The acquisition will be effective once the contract terms are executed.
Once the transaction is completed, which is expected to take place in the next few weeks, Ficohsa will take over Citibank and Cititarjetas de Nicaragua’s operations.
The operation of Citi in Nicaragua comprises $279 million in assets, $166 million in loans, $225 million in deposits, and $45 million in equity, according to the group’s figures as of March 31, 2015.
“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,” said Camilo Atala, President of Grupo Financiero Ficohsa.
Having successfully completed the merger with Citi in Honduras, Ficohsa has developed an integration plan aimed at ensuring a smooth transition for Citi’s customers and employees in Nicaragua.
Ficohsa added that customers of the acquired entities will not lose their points, miles or any accumulated awards, and that …

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