Citi Unveils Honduras Operation

Citi’s Honduran unit Banco Citibank de Honduras has begun operations. The bank is the result of the merger between Banco Cuscatlan and Banco Uno. “In Honduras, we see a financial system that has evolved in the right direction, that allows free competition among global and local institutions and that allows that competition to bring benefits to the clientele,” Edgardo del Rincon, the executive in charge integrating Citi’s operations in Central America, tells LatinFinance. “We see Honduras … as an important player in the context of Central American integration,” he says. Citibank de Honduras will have $400m in assets, engaging in micro lending, retail, commercial and corporate banking operations, as well as a credit card unit called Cititarjetas de Honduras.