Thanks to The Economic Council, the Agricultural Credit Bank of Cartago (Bancrédito) signed an agreement with Banco Nacional, the country’s largest bank by assets, to deduct the flow of commissions to be received as a result of the collection of country exit taxes.
Said agreement will allow this financial entity to generate additional income this month and thus avoid another “irregularity” label by the General Superintendence of Financial Entities (SUGEF).
According to Casa Presidencial, the amount and conditions of the agreement will be announced after signing the agreement in the coming days.
With this agreement and some short-term measures, the institution will continue its normal operations and begin preparations to implement a new medium and long term strategy that will strengthen its financial position.
It is in the interest of the Government to stabilize the institution’s financial situation and mitigate vulnerabilities. Several options have been analyzed to ease a transition to a banking model that best fits the conditions of Bancrédito in the near future,”
said Vice President and Finance Minister, Helio Fallas.
A working group, made up of representatives of the Presidential Economic Council and the Central Bank of Costa Rica, has been meeting with the directors of Bancrédito and its management with the purpose of analyzing and proposing a series of short, medium and long term strategy, aimed at improving the efficiency and profitability of Bancrédito.
As a result of these meetings, a work route was defined and submitted to SUGEF for approval.
The future work plan includes the conversion of fixed assets into liquid assets, an increase in income, as well as the optimization of operating and administrative expenses.