Grupo Promerica buys Citibank Guatemala

Grupo Promerica bought CitiBank and CitiTarjetas Guatemala - although the deal excluded Citi’s Corporate Bank in Guatemala (La Prensa Grafica, 3 November 2016). Regarding the acquisition, Banpro Promerica CEO and Director Luis Rivas Anduray stated that the acquisition meant that Banpro Promerica would become the only commercial bank with a presence in all countries involved in the Central America – Dominican Republic Free Trade Agreement (CAFTA-DR) (Estrategia y Negocios). Rivas Anduray added that the expansion helps the company become relevant for SMEs, which constitute a key growth enginge in the region. According to Rivas Anduray, the company will focus on consolidating and standardizing operations, after which they will focus on boosting mobile banking, electronic wallets, and PayPhone amongst other initiatives.The acquisition brings Banco Promerica's assets in Guatemala up to US$1.6 billion, with a portfolio comprising 313,000 clients (La Prensa Gráfica).