Banco de América Central

Banco de América Central
Private
Industry
Founded Managua, Nicaragua (1952 (1952))
Headquarters San José, Costa Rica
Products
Parent Grupo Aval
Website https://www.baccredomatic.com/

Banco de América Central, BAC is a bank in Central America, with operations in Guatemala, El Salvador, Honduras, Nicaragua (where it was founded and former headquarters in the city of Managua), Costa Rica (current headquarters), Panama and Mexico .

History

Main BAC building in Managua, 2007

Founded in 1952 in Managua, BAC was the forerunner of what is now known as the BAC Credomatic Group (Spanish: Grupo BAC Credomatic). By the seventies, the bank ventured into the business of credit cards using the Credomatic brand.

In the mid eighties, the Group decided to enter other markets in the region, starting in Costa Rica with the acquisition of what is now known as Banco BAC San José. BAC Credomatic has presence all over Central America, as well as in Cayman Islands and The Bahamas, and credit card business in Mexico.

In 2004 The Group started its credit card operations in Mexico.

In 2005, A strategic alliance with GE Consumer Finance let it to Acquire 49.99% Interest in BAC International Bank Inc.[1]

In December 2010, Grupo Aval completed the purchase of the BAC Credomatic banking group.[2][3]

In 2016, Credomatic de México S.A. de C.V., a subsidiary of BAC International Inc., signed a contract to transfer to Banco Invex S.A. its Mexican credit cards business[4]

See also

Grupo Aval Acciones y Valores

References

  1. ↑ "GE Consumer Finance to Acquire 49.99 Percent Interest in BAC International Bank Inc.; BAC is a Leading Credit Card Issuer in Central America". www.businesswire.com. May 12, 2005.
  2. ↑ Acerca del BAC Archived July 24, 2008, at the Wayback Machine.
  3. ↑ Analysts weigh Banco de Bogota financing options to acquire BAC
  4. ↑ "Banco de Bogota" (PDF). www.bancodebogota.com/. Retrieved 26 January 2018.
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