Monday 21 June 2021

Proposed Is A Merger of The Banco de Costa Rica With the Banco Nacional

After everything that has happened at the Bank of Costa Rica in recent months, a presidential candidate proposes it be merged with the Banco Nacional, leaving the country with only one State bank

Costa Rica is down to two State banks, that is if you don’t count the Banco Popular, which is, well, I don’t think anyone really knows what it is.

If a proposal put forth to merge the Banco de Costa Rica (BCR) with the Banco Nacional (BNCR), it would create a State superbank.

Now, after everything that has happened at the Bank of Costa Rica (BCR) in recent months, its link to the #Cementazo corruption scandal of high loans that it seems it will not be able to recover, Presidential Candidate for the Movimiento Libertario (ML),  Otto Guevara, has reiterated his proposal to merge the BCR with the Banco Nacional de Costa Rica (BNCR), that has so far been scandal free.

- Advertisement -

If the merger would take place, it would reduce the options Costa Ricans have in terms of public banking.

“I’ve always been my theory that the State should have a single bank and that it be to support new small businesses and not big businessmen who require larger loans…we can leave them to private banks,” said Guevara.

This process would be done by converting the BCR into a public limited company, which would then be valued through an appraisal that will be in charge of the Banco Central de Costa Rica (BCCR) – Central Bank of Costa Rica – which would then take the process forward in transferring 100% of the shares of the BCR to the BNCR.

The proposal would also limit the BN to loans of not more than US$1 million dollars, among other regulations, includes the BNCR assuming all rights, assets, and liabilities of the BCR, that would govern the operation of the one super bank.

- Advertisement -

The proposal also ensures that BCR employees who want to continue with the BNCR keep their jobs and their rights, etc.

At the moment, the project is in its infancy and before it can begin its long journey in the Legislative process, politicians have to test the water if the proposal is even feasible.

Banks in Costa Rica are divided into two categories: National (or State) and private banks. The differences are very important. National banks have some degree of security since deposits are insured.


Sources: Prensa Libre; El Financiero

- Advertisement -

We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Companies covered up defective asphalt

QCOSTARICA - The judicial file of the Cochinilla Case, on alleged...

Since 2018 MECO has received contracts from the State for more than ¢139 billion

QCOSTARICA - Almost ¢140 billion colones (US$227 million dollars) is the...


Tourism sector depends on political will for recovery

QCOSTARICA - The future of tourism operators in Costa Rica depends on the political will to approve a package of bills that favors the...

College of Physicians negotiates donation of a million and a half vaccines against covid-19

QCOSTARICA - This week there could be very good news for the country in the fight against the coronavirus pandemic if the College of...

Today’s Vehicle Restriction June 18: 9 & 0 CANNOT circulate

Today, Friday, June 18, vehicles with plates ending 9 & 0 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

Today’s Vehicle Restriction June 14: 1 & 2 CANNOT circulate

Today, Monday, June 14, vehicles with plates ending 1 & 2 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

Today’s Vehicle Restriction June 15: 3 & 4 CANNOT circulate

Today, Tuesday, June 15, vehicles with plates ending 3 & 4 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

Cynthia Ann Telles named new U.S. Ambassador to Costa Rica

QCOSTARICA - Today, U.S. President Joe Biden announced his nomination of Dr. Cynthia Ann Telles as United States ambassador to Costa Rica. According to the...

Construction companies that paid alleged bribes would be disqualified for ten years

QCOSTARICA - If it is proven in a final judgment that they did pay bribes to Conavi officials, several companies could be disqualified from...

Bribed with cars, sexual favors and money in exchange for road works contracts

QCOSTARICA - The OIJ uncovered a big pothole on Monday when it was announced that public officials had allied with construction companies that, apparently,...

Diseases, weather and low prices hit the orange sector in Costa Rica

HQ - The appearance of pests and diseases, in particular the 'dragón amarillo' (yellow dragon), the impact of the weather and a sharp drop...


Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.