Banco Ficohsa has reached an agreement to purchase 100% of the shares of Banco Citibank de Honduras, and Cititarjetas de Honduras, as part of its strategy to boost its presence in the country.

The transaction, which requires approval from National Banking and Insurance Commission (CNBS) and the Competition Defense and Promotion Commission, includes all of Citi’s Consumer Banking business in Honduras: credit cards, personal loans and customer deposits.

The acquisition will further boost Banco Ficohsa’s portfolio of products and services and enhances its network with 22 additional points of service and 20 ATMs.

The transaction does not include the acquisition of any of Citi’s Corporate Banking business in the country, including Banco de Honduras.

Grupo Financiero Ficohsa president, Camilo Atala, said, "We are very optimistic about this acquisition, not only for our operations, but for the country as a whole. We see a long-term future in Honduras as part of our goal to continue growing and consolidating our business in Central America.

"We are pleased to welcome Citibank’s more than 700 professionals, and we are certain that they will help us to continue delivering excellent service and innovative products and services."

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MBA Lazard acted as the financial advisor of Ficohsa over the transaction.