Banco Industrial Gets Honduras’ Banco del Pais

Guatemala’s Banco Industrial has agreed to acquire 90% of Grupo Financiero Banpais for an undisclosed sum. Senior officials had told said Industrial would pay about $150m for the Honduran bank when they were working on the transaction. “This is the best way to enter that important market,” Luis Prado, international banking director tells LatinFinance, adding that it is the first step in a regional expansion plan that also includes organically building operations in El Salvador and southern Mexico. The transaction is being financed with shareholder equity and a loan from Standard Bank.