HSBC El Salvador
Financial institution HSBC El Salvador operates in the banking sector. Its services and products include saving and current accounts, fixed-term deposits, commercial and consumer loans, mortgages, debit and credit cards, e-banking, financial assessment, cash management and factoring, among others. HSBC El Salvador is part of the HSBC Holdings.
Banco HSBC Salvadoreño, S.A., was established in 1885 and is currently the third largest bank in the country. It has some 65 branches, 1,800 employees and $1.5 billion in assets.
In 1891, the bank, merged with the branch there of London Bank of Central America under the name Banco Salvadoreño (Bancosal). The bank came to an agreement with Banco Internacional de El Salvador, which had a 25-year monopoly on note issuance, so that it too could issue notes. The government of El Salvador nationalized the bank in 1980 as part of a blanket nationalization of financial institutions, but privatized the bank in 1993.
In November 2006, HSBC acquired Grupo Banistmo (Banistmo), a Panamanian banking group that owned Panama's leading bank, Primer Banco del Istmo, and 106 other branches in Costa Rica, Honduras, Colombia and Nicaragua, as well as 56.2% of the holding company that owned Bancosal. The next year, HSBC extended two tender offers to acquire the remaining shares in the bank. The bank changed its name to Banco HSBC Salvadoreño and then to HSBC El Salvador.See more