Getting Guatemalan Banks Up to Global Speed

Getting Guatemalan Banks Up to Global Speed

Central America

In 1944, a group of armed insurgents overthrew Guatemalan President Jorge Ubico and began the country's democratic and urban revolution, which included establishing new regulations for the financial system. The trouble is, those rules are still in effect. Guatemala has 32 banks with $4 billion in assets serving 12 million customers. More consolidation in the industry is likely. "The local legal structure of our financial system is completely antiquated," says Raymond Puccini, vice president of finance at Banco del Occidente, Central America's oldest bank and one of the few dedicated t

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