Pellas are back in the Banking Business
- 23 March 2018
Published by Conexión Florida
Since Grupo Pellas purchased Banco ProCredit Nicaragua SA in August 2017, many people in the industry have been waiting for the announcement which came this week. Grupo Pellas is back in the banking business in Nicaragua with “Avanz”, their new brand.
The Pellas Group said they see a huge potential in Nicaragua with the changes over the last few years in (banking) technology. Adolfo McGregor, the president of the new Avanz bank said “the acquisition of ProCredit in August 2017 was an excellent opportunity for the Pellas Group to purchase a solid, well-established bank with national and international prestige”.
Avanz will continue the work of ProCredit in supporting SME’s (Small and Medium Enterprises) which they see as the main source of employment and economic performance in Nicaragua. They also plan to expand their personal banking as well as business banking to other sectors.
Although at the current time, San Juan del Sur only has an Avanz ATM location, there is a branch in Rivas, one of 26 across the country and a head office in Managua.