Banco Agromercantil de Guatemala, S.A. (BAM)
Banco Agromercantil de Guatemala, S.A., arises from the merger of two banking entities of solid prestige and long tradition, such as Banco Agrícola Mercantil and Banco del Agro. Its origins date back to June 30, 1926, when the Central Bank of Guatemala was created, which absorbed the functions of the Regulatory Fund, an entity responsible for ensuring the international stability of the currency, capitalized with contributions from the Government but with a majority of Private initiative
The first solemn session of the new institution is held on July 5, 1926, chaired by Mr. Carlos O. Zachrisson, in the presence of the directors Mr. José Aycinena, Mr. Juan Irigoyen, Mr. Arturo Castillo, Mr. Ernesto Herrera, Mr. Antonio Peyré, Mr. Carlos Quezada, Mr. Carlos Salazar and Mr. Federico Rubio; Cashier Mr. Luis Velásquez and Accountant Mr. Salvador Montenegro Wolters.
On September 15, 1926 at three o'clock in the afternoon, the first working session of the Board of Directors takes place and begins its operations with the public. And as the Central Bank, the issuance of the new and current monetary unit of Guatemala, "El Quetzal" began. From 1926 to 1945 the bank was in charge of the regulation of the official monetary issuance and because it was the financial agent of the state, it was also in charge, among other cases of historical relevance, the cancellation of the so-called "English Debt".See more