November 1, 2010
The future looks even brighter now that Moodys has anointed the sovereign with investment grade.
"The future of the bank looks positive," says Mario Rivera, general manager of Banco de Costa Rica, adding that the countrys GDP is expected to grow about 4% this year. "The rating upgrade and GDP growth could help reactivate the demand for credit locally. It could increase foreign investors confidence in investing in the country," he adds.
Rivera expects the bank to grow organically and not by making acquisitions. "We plan to open five branches next year and to develop mobile banking services," he says. The bank hopes to allow fund transfers using a mobile device.
State-controlled Banco de Costa Rica has gained market share through the financial crisis, growing the loan portfolio and expanding facilities.