Inversiones Financieras Grupo Azul (IFGA, the group that owns Banco Azul de El Salvador, Seguros Azul and Seguros Azul Vida) has obtained permits from regulators and supervisors to purchase shares in Banco G&T Continental El Salvador SA, the Salvadorian branch of Financial Group G&T Continental of Guatemalan origin.
In July 2021, the IFGA and Grupo Financiero G&T Continental El Salvador handed over the documents required by the Competition Supervisory Authority (SC) and the Financial System Supervisory Authority (SSF), on November 12, the SC granted permission to request economic concentration and on November 26, The IFGA Social Security Fund has agreed to purchase Banco G&T Continental El Salvador shares and authorized the start of Banco Azul’s merger with Banco G&T Continental El Salvador.
“We are certainly very pleased and grateful for the professionalism and agility of both the regulatory and supervisory bodies. We are a responsible financial group, and its vision has always been to be a part of the progress of individuals and businesses, making it clear that the priority will continue to maintain and earn the trust of all our shareholders, customers and collaborators . Salvadorians”, stated Carlos Enrique Araujo, President of the Federation.
These licenses obtained allow the Salvadoran group IFGA to begin the process of merging between both banks; However, until the day this happens, each financial institution will continue to operate independently.
When this merger is complete, Banco Azul will absorb the operations of G&T Continental El Salvador, a subsidiary of Grupo Financiero; The group will consist of a combined bank, two insurance companies and a brokerage house, operating under the brands that make up Grupo Azul.
Banco Azul started operations in 2015 and has a stock of $85 million.
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