Cuscatlan registers US$26mn in assets

Panamanian bank Cuscatlan registered US$26.2mn in assets and US$9mn in loans at the end of September, parent UBC said in a statement. El Salvador-based banking holding UBC launched its bank in Panama in June this year as part of its expansion program in Central America. Cuscatlan Panama opened with US$10mn initial capital, 17 employees and one office. "We don't have any doubts that in the short-term we will be in a relevant position in Panama's financial market," UBC chairman Mauricio Samayoa was quoted by local paper La Prensa as saying. The paper reported that UBC has not ruled out buying or teaming up with a local bank to speed up its growth process in Panama. Union de Bancos Cuscatlan (UBC) operates banks in El Salvador, Costa Rica, Guatemala and Panama and announced last week it would begin listing on the Madrid-based Latibex stock exchange this year. Latibex is the European bourse for Latin American companies.