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Corporación Financiera de Inversiones acquires ProCredit unit in Nicaragua

Corporación Financiera de Inversiones SA acquired Nicaragua's Banco ProCredit SA, according to an Aug. 4 report in El Nuevo Diario. A price was not named by the publication.

The firm reportedly said it would boost credit lending and offer new products and services with the acquisition.

Corporación Financiera de Inversiones is owned by the Pellas family which has significant holdings in the financial sector in Nicaragua, according to the publication.

The bank "will remain committed to providing the best service to the needs of its existing customers, expanding its business model to offer new products and services by implementing innovative technologies in its operations," a statement reportedly added.

The bank's holding company, the Germany-based ProCredit Holding AG & Co. KGaA, had reportedly been looking for buyers for some months.