Primer Banco del Istmo (Banistmo) has had outstanding growth in 2004, with exceptional increases in assets, Tier One capital and net profits. It has also been engaged in constant integration and consolidation of its participations in other banks. Its stake in Banco BGA rose to 91.5% of the bank’s common stock and its interest in the insurance subsidiary of El Ahorro Hondureno Compania de Seguro rose to 85%. It acquired a stake in Lloyds TSB, Colombia, by its London-based parent.
Banistmo believes that its increased diversification and market coverage has positioned it strategically to take advantage of Central America’s increasing economic and financial integration.
“The year 2004 was unprecedented for Banistmo: we consolidated BGA Bank in Honduras, acquired Lloyds TSB Bank in Colombia and began operations in Nicaragua,” says CEO Ing. Alberto Vallarino. “We also broke some records: our utilities were over $106m and our actives surpassed $6000m. Our leadership in the Central American region is now undisputed.
“To top it all, Moody’s elevated our long-term foreign currency grade and financial strength to Ba1 and D+, with a stable perspective. For the year 2005, Banistmo will keep on consolidating its operations and working towards its mission: to be the preferred financial institution in the markets we serve.”
