Industrial Evolution

Apr 1, 2008

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 Mexico.

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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