Guatemala Banking Consolidation Continues

Guatemala’s banking sector continues to consolidate with the acquisition by Banco Reformador (Bancor), the country’s fifth-largest bank, of Banco SCI. Bancor has $800 million in assets; Banco SCI has $175 million. This is the third merger in the sector since the beginning of the year. First was the acquisition by G&T Continental of Banex-Figsa, then came Banco Agromercantil, which bought Banco Corporativo last week. Guatemala’s banking sector has suffered recently from two bank failures – those of Bancafe and Banco de Comercio, in October and January.