The bank’s strategy has been orientated to diversify and expand its operations, grow its customer base and branch network, and product innovation. Last year, it grew its asset base by 51%, expanded its branch network with 15 new offices and attracted more than 78,000 new customers.
In September 2005, Banco Industrial became the first Guatemalan bank to gain access to the international capital markets through a diversified payment rights future flow securitisation of $200m. The issue was well received by the markets: it was four times over-subscribed and attracted triple-A ratings from the three top agencies. The issue was to support the bank’s growth and access a long-term financing at a competitive cost.
“The past few months have been very significant for Banco Industrial, not only because of its strong financial performance, but because of two events that strengthened its leadership in the Guatemalan financial market: its incursion into the international capital markets and the acquisition of Banco de Occidente, the sixth largest bank in Guatemala, consolidating Banco Industrial as the premier financial institution in the country with a 25% market share,” says CEO Diego Pulido Aragon. “Banco Industrial’s future strategic outlook is focused on establishing an international presence, with specific interest in developing an operation in the US, to serve Guatemalans living there, southern Mexico and Central America.”
