Tuesday, February 21, 2006

Banking: Guatemala's leading bank buys competitor

Guatemala's largest bank, Banco Industrial, has announced that it has bought its smaller competitor Banco de Occidente.

Banco Industrial senior executive Diego Pulido, told media that after the purchase of the 71-percent stake in smaller Banco del Occidente, it will have assets of $2.9 billion, making it the fourth largest bank in Central America.

A source from a bank that also bid for Banco de Occidente told Reuters the deal was worth around $100 million.