November 10, 2016
Despite strong economic growth in Guatemala, many of the country’s biggest banks have had to contend with fallout from a corruption scandal that toppled Guatemala’s president last year.
Former President Otto Pérez Molina resigned and was jailed in September in connection with a customs fraud scandal that plunged the country into a political crisis. Fortunately for Guatemalan banks, the impact on the economy was limited.
Banco Industrial, the winner of LatinFinance’s Bank of the Year Guatemala award, successfully managed the political turbulence. At the end of June, Industrial recorded 1.1 billion quetzales ($147 million) in net profit, a 0.3% increase from the same period a year earlier. R
The lender managed political turbulence and continues to set its sights on a US initial public offering