Banpais acquires military bank

Monday, September 29, 2003

Honduras' Banco del Pais (Banpais) has acquired compatriot armed forces financial institute Banco de las Fuerzas Armadas (Banffaa). The military bank's ailing financial condition is the reason for the sale, local daily La Prensa Grafica reported.

The official announcement of the exit of Banffaa from the local financial system will take place this week, head of congress's banking committee, Gilberto Goldstein told press.

The military bank has operated in Honduras since 1979 when it was formed by high-ranking members of the armed forces following on from the foundation of military pensions' agency IPM.

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The IPM, set up in 1971 to invest the pension contributions of the armed forces' commissioned officers, grew to incorporate over 20 local businesses including an insurance company.