Colombian brokerage company Suvalor has been granted a license by Panama’s Securities Commission to operate in the local market. Suvalor is the second Colombian brokerage to be allowed to enter the Panamanian market – Interbolsa received the green light in September and began operations last week.
Category: Regions
Posted inDaily Brief
Ecuador Politicians Call For Palacio To Go
Leading politicians in Ecuador have called on President Alfredo Palacio to step down for trying to push through a referendum on constitutional reform without the support of Congress. Analysts believe this may be the beginning of the end of Palacio’s six-month old government, formed in April after then President Lucio Gutiérrez was ousted following popular protest.
Posted inDaily Brief
Advent Leads Group Buying Hipotecaria Casa Mexicana
International private equity fund Advent International had led a group of investors to take a majority stake in Mexican finance company Hipotecaria Casa Mexicana for an undisclosed sum. The Mexican mortgage market is experiencing a boom and foreign investors are looking to share in the profits. Spanish BBVA and Caja Madrid both bought into the Mexican mortgage market earlier this year.
Posted inDaily Brief
Colombia To Sell Off Stake In Paper-producer
Colombia is to sell off its 12.66% stake in local paper-producer Propal. It hopes to raise around $17.3 million from the sale. Propal is Colombia’s second-largest paper and cardboard producer. The company is based in the south-western industrial city of Yumbo.
Posted inDaily Brief
Ecuador Arrests Ex-President Gutiérrez
Ecuador arrested ex-President Lucio Gutiérrez on Friday, shortly after he arrived back in the country from Colombia where he had been granted asylum. Gutiérrez was arrested on a charge of endangering national security by failing to recognize his successor, Alfredo Palacio. The latter took over as president in April when Gutiérrez was ousted from power by Congress after he dissolved Ecuador’s Supreme Court sparking protests in the country.
Posted inDaily Brief
Monex May Enter Mexican Banking Market
Mexican financial group Monex is considering entering the banking market. The company said it is considering establishing a bank aimed at providing credit for medium-sized companies and to support its current activities in the foreign currency and exchange markets. It says it has yet to apply formally for a banking license.
Posted inDaily Brief
Ecuador Interior Minister Resigns
Ecuador’s Interior Minister, Oswaldo Molestina, has resigned his post after only a month in the job. The former foreign trade minister took over on 9 September following the departure of Mauricio Gándara. Molestina cited differences with President Alfredo Palacio over a referendum on constitutional reform.
Posted inDaily Brief
Bank of America Mexico Agrees Sale Of Asset Management Business
Bank of America Corp says it has agreed the sale of it asset management business in Mexico to the subsidiary of Spanish Grupo Santander, Grupo Financiero Santander Serfin. Bank of America in Mexico currently has $1.8 billion under management. It hopes to complete the sale of its business before the first quarter of next year. Bank of America owns 24.9% of Grupo Financiero Santander Serfin.
Posted inDaily Brief
Colombia Protests Uribe Reelection Bid
Thousands have marched in Colombia in protest against President Alvaro Uribe seeking to alter the constitution to allow him to run for reelection next year. The demonstrations were called by three of the country’s trades unions. The amendment to allow Uribe to stand for a second four-year term has already been approved by Congress and is awaiting a decision from the Constitutional Court, possibly this week. Security has been raised in Colombia following a failed rocket attempt on the president earlier this week.
Posted inDaily Brief
Bolivia Judge Freezes Entel’s Assets
A labor law judge in Bolivia has ordered the freezing of assets of the country’s largest telecoms operator, Empresa Nacional de Telecomunicaciones (Entel), which is owned by Italian Telecom. The company is reported to owe around $9.7 million in wages, going back a decade or more when Entel was state-owned.