HSBC El Salvador

Banco HSBC Salvadoreño, S.A.
Subsidiary of HSBC Holdings plc
Industry Finance and Insurance
Founded 1891
Headquarters San Salvador, El Salvador
Key people
Gerardo Jose Siman-Siri, CEO
Products Financial Services
Slogan El banco locall mundo
Website www.hsbc.com.sv

Banco HSBC Salvadoreño, S.A., established in 1885, is the third largest bank in the country. It has some 65 branches, 1,800 employees and $1.5 billion in assets.

History

In 1891, the bank, merged with the branch there of London Bank of Central America under the name Banco Salvadoreño (Bancosal). The bank came to an agreement with Banco Internacional de El Salvador, which had a 25-year monopoly on note issuance, so that it too could issue notes. The government of El Salvador nationalized the bank in 1980 as part of a blanket nationalization of financial institutions, but privatized the bank in 1993.

In November 2006, HSBC acquired Grupo Banistmo (Banistmo), a Panamanian banking group that owned Panama's leading bank, Primer Banco del Istmo, and 106 other branches in Costa Rica, Honduras, Colombia and Nicaragua, as well as 56.2% of the holding company that owned Bancosal. The next year, HSBC extended two tender offers to acquire the remaining shares in the bank. The bank changed its name to Banco HSBC Salvadoreño and then to HSBC El Salvador.

HSBC sold its operations in El Salvador to Davivienda in 2012.[1]

References

Website

This article is issued from Wikipedia - version of the Saturday, February 14, 2015. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.