| Publication Date: | lunes, diciembre 18, 2006 |
| News Title: | Consortium Central American Attorneys advised the financial institutions Citigroup and Cuscatlan Corporation in the acquisition of Grupo Cuscatlán |
| News Details: | |
Consortium Central American Attorneys, through its offices in El Salvador, Guatemala, Honduras and Costa Rica advised the financial institutions in the recent agreement that Citigroup made to acquire the subsidiaries of Grupo Cuscatlán from Corporation UBC International S.A., with operations in Guatemala, El Salvador, Costa Rica, Honduras and Panama for $1.5 billion in cash and stock. Citigroup will acquire the banking activities of Grupo Cuscatlan and the financial intermediaries, including pension and insurance operations in El Salvador. With the acquisition of Cuscatlán Corporation, one of the financial group leaders in Central America, Citigroup will expand its corporative operations with small and medium companies as well as the mortgage and personal loans business; Grupo Cuscatlán has $5.4 billion in assets, including $3.5 billion in loans and $3.4 billion in deposits to date. The definitive agreement was announced by Citigroup on December 13th and is subject to regulatory approval which is expected to be obtained in early 2007. Citigroup, the leading global financial services company, has some 200 million customer accounts and operates in 24 Latin America countries, with this transaction, Cuscatlán will contribute with 202 branches and 253 ATMs. The team of Consortium that participated in so important transaction was integrated by: Karin Herman and Alfredo Rodríguez of Consortium – Guatemala; Rolando Laclé and David Arturo Campos of Consortium – Costa Rica as legal counsel to Citigroup in Guatemala and Costa Rica and José Ramón Paz of Consortium –Honduras and Ricardo Cevallos, Beatriz Beltranena and Carlos Oviedo of Consortium – El Salvador as legal counsel to Grupo Cuscatlán in Guatemala, Honduras and El Salvador. |
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