Guatemala's dominant financial institution, Banco Industrial, awaits a window to raise equity capital to feed regional expansion. The increasingly attractive target says it is not for sale.
by Greg Brosnan
Fresh from buying a Honduran bank and on the verge of opening
in El Salvador, Guatemala's Banco Industrial continues to push
into still relatively virgin Central American retail banking
territory. Guatemala's largest bank also hopes to be the first
to forge a path north, with plans to expand into southern
Industrial was expected to make a splash with an equity listing
in Mexico early this year through Credit Suisse. But the bank's
international division manager Luis Prado tells LatinFinance
that those plans are up in the air and investors may have to
wait beyond 2008 for an IPO.
"We have decided to list shares in our holding company on an
international stock exchange but we still have not decided
where or when," he says. "We think it's a good way to raise
fresh capital and support our expansion plans and there are a
lot of advantages...
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