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AmericasJuly 2 2006

Fanfare as Honduran bank dips toe in US

The opening of a representative office overseas – not even a branch – does not usually attract the attentions of a country’s president. But when Banco Ficohsa, one of the top banks in Honduras, opened a representative office in the US last month, the president of the country, Manuel Zelaya, along with the central bank governor and the president of the national congress, were all present.
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It was quite a party for the new office in Coral Gables, Florida, a wealthy and genteel town of 43,000 where the median home sells for $710,000 and the average household income is above $50,000.

Contrast this with Honduras, one of the poorest countries in the western hemisphere, with a per-capita income of $2900 – and a capital, Tegucigalpa, where environmentalists and town planners have yet to make much of a mark since Hurricane Mitch struck in 1998 – and the surreal aspect of Ficohsa’s overseas venture becomes apparent.

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