do any of the CRT members have any opinions as too the various plusses and minuses of Banks in CR?
today, there is an article about a purchase/merger of two financial institutions in CR.
Quote: Scotiabank agrees to purchase Corporación Interfin
Special to A.M. Costa Rica
Scotiabank said Tuesday that it has agreed to buy Corporación Interfin for $293.5 million. Corporación Interfin is the parent of Banco Interfin, Costa Rica’s largest private bank.
Scotia will merge its existing facilties here with Interfin, resulting in a 13 per cent loan market share, it said. Subject to regulatory approval, the transaction is expected to close in about two month’s time and will be undertaken through a public share offering.
“Scotiabank has deep roots and a long history in Latin America and we are proud to grow our operations in this region, where we have become a leading bank,†said Rick Waugh, Scotiabank president and chief executive officer. “Acquiring Interfin complements our strategy of investing in high growth markets where we anticipate increased demand for financial services."
"This region is an increasingly important part of Scotiabank’s international strategy, and we have built a strong franchise by delivering superior service and by providing financial stability.â€
“Scotiabank’s focus on customer service and teamwork are absolutely consistent with the culture we have maintained at Corporación Interfin, which assures us that our customers and the members of the Interfin team will find themselves in a familiar environment,†said Luis Liberman, chief executive officer of Interfin.
Scotiabank has operated in Costa Rica since 1995. The bank’s subsidiary has about 300 employees, plus 39 automated banking machines and 17 branches, offering retail, commercial and cash management services.
Founded in 1979, Interfin has 24 branches, 36 automatic tellers and about 950 employees. Scotiabank’s combined Costa Rican operation will have 41 branches, 75 automatic tellers, with about $1.6 billion in assets and $1 billion in deposits, Scotia said in its announcement.
In Latin America, Scotiabank already operates in Mexico, Perú, El Salvador, the Dominican Republic, Puerto Rico, Panamá, Belize and Chile, with an affiliate in Venezuela and a representative office in Brazil.
“Scotiabank will be leveraging proven, bank-wide capabilities to expand our product and services offerings,†said Brian Brady, Scotiabank’s country head in Costa Rica.
Scotiabank, based in Toronto, has more than 55,000 employees, Scotiabank Group and its affiliates serve about 10 million customers in some 50 countries around the world. With $357 billion in assets, Scotiabank trades on the Toronto and New York stock exchanges.
The Interfin Corporation began in 1979 with the foundation of the International Finance Corp., a financial enterprise dedicated to financing and international commerce to industrial and commercial businesses. Interfin Bank was approved in 1982.
Interfin bank has branch offices in Alajuela, Barva, Cartago, Curridabat, Desamparados, Escazu, global Park, Guapiles, Heredia, Laureles, Las Flores, Los Suenos, Novacentro, Plaza America, Rohrmoser, Sabana, San Francisco, downtown San José, San Pedro, San Carlos and Tibas.
In addition to Banco Interfin S.A, the Corporación Interfin S.A. operates Transamerica Bank and Trust Company Ltd. in the Bahamas, Interfin Valores, Puesto de Bolsa S.A., a stock brokerage and investment service; Interfin Banex Pensiones S.A., a special unit to manage pension funds with 34,000 clients.
Also, Corporación Privada de Inversiones de Centroamérica, S.A. CPI. a firm speciaizing in commercial financing; Arrendadora Interfin S.A., a firm that leases heavy equipment; Arrendadora Interfin Guatemala S.A.; Arrendadora Interfin Nicaragua; Arrendadora Interfin Honduras S.A; Arrendadora Interfin Panamá S.A,; Arrendadora Interfin El Salvador S.A de CV, and Financiera Arrendadora Centroamericana S.A.
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