Costa Rica pitches sale of state banks

Costa Rica pitches sale of state banks

Economy & Policy Debt M&A Regulation Politics Costa Rica Central America

Costa Rica plans to privatize two government-owned banks and 49% of a state insurance company in an effort to generate revenue for cutting public debt, President Rodrigo Chaves said in a speech on Wednesday. The sales of Banco de Costa Rica (BCR) and Banco International de Costa Rica (BICSA) is expected to raise $1.8 billion, while selling 49% of Instituto Nacional de Seguros (INS) would raise a further $890 million, Reuters quoted Chaves as saying. The divestments will be included in a bill his

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