American Expatriate Costa Rica

Government leaves BICSA’s future in the hands of BCR and BNCR

Although the Costa Rica government is the owner of all state banks, it will not interfere with negotiations to buy Banco Internacional de Costa Rica (BICSA).

The analysis of the operation will be carried out by those responsible and endorsed by the directive board of each bank entity,”

said Sergio Alfaro, Minister of the Presidency.

Banco de Costa Rica (BCR) currently owns 51% of BICSA’s shares. The remaining 49% is owned by Banco Nacional de Costa Rica (BNCR).

Leonardo Acuña, BCR’s vice manager, stated that government authorization to buy BICSA is not necessary.

Javier Casante, president of Superintendencia General de Entidades Financieras (SUGEF), explained that current laws prevent the private sector from buying BICSA’s shares.

nacion.com