Banco Popular Covelo to Simplify Name

The Banco Popular Covelo will soon simplify its name, and plans to strengthen its focus on micro, small and medium enterprises [MSMEs].

Beginning in March of next year, the financial institution will be known as Banco Popular. The manager, Luis Fernando Gómez, reported that customers will soon be seeing a change to their logo that will highlight the name Banco Popular.

The principal directors of Banco Popular presented information on the financial recovery process, the strength of its foreign shareholders, and the ability to provide credit to MSMEs.

International shareholders of this bank are Action Investment, which owns 28.9% of the shares, the Central American Bank for Economic Integration, with 19.5%, the Belgian Investment Company for Developing Countries, at 17.5%, the Netherlands Development Finance Company, owns 17.2%, and 0.6% is owned by Banco Continental.

“We had monthly payments of 28 million lempiras for SMEs, but now we’re paid an average of 60 million a month,” said Mr.Gómez.

During the course of the year, the bank provided loans for about 520 million lempiras, and the projection is to close on the 31st of this month with 570 million in loans.

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