With a $1.77 billion all-cash purchase of Panama's Banistmo
in September 2006, HSBC entered Central America after more than
two years searching for a target. One of the world's strongest
banks instantly became the region's largest, setting up a
showdown with Citi, which bought El Salvador's Grupo
Cuscatlán for $1.5 billion shortly after. The
acquisition leaves HSBC well-positioned to create economies of
scale and improve retail banking products, services and
technology in the region. It is on this potential that HSBC is
awarded LatinFinance Bank of the Year for Central America.
"When you look at what they've done globally, HSBC...
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