Banco Ficohsa acquires Citi units, making it Honduras' largest bank

Bnamericas Published: Tuesday, April 08, 2014

Honduras' Banco Ficohsa agreed to acquire 100% of shares of Citibank's and Cititarjetas' Honduran units, which will make Ficohsa the country's largest bank.

Banco Ficohsa is set to acquire all of Citi's consumer banking business, including credit cards, personal loans and customer deposits and expands its network with 22 additional points of service and 20 ATMs, according to a press release.

The deal will be the largest acquisition ever by a Honduran bank if approved by local banking and insurance regulator CNBS. Financial details of the deal were not disclosed.​

Banco Ficohsa will have a net worth of US$339mn, US$2.77bn in assets, a loan portfolio of US$1.88bn and US$1.6bn in deposits, according to pro forma figures of the companies combined earnings as of end-December 2013.

Banco Ficohsa has operated in the Honduran market for 20 years and holds an A+ grade from Fitch Ratings.

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