New Bank in Bolivia

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La Paz, Feb 22 (Prensa Latina) Bolivian Financial System Supervision Authority (ASFI) gave green light to FIE S.A. Bank to start functioning on Monday as a financial institution in the country.

  The website eabolivia.com reported that the new entity is starting with $313.5 million lined up and assets equivalent to $37.6 million.

The ASFI authorized changing the Private Financial Fund for the Promotion of Economic Initiatives (FFP FIE S.A.) into the new FIE S.A. Bank, which now can carry out all operations that appear in the Law 1488 of Banks and Financial entities.

According to the regulating entity, the FIE fulfilled the requirements to turn from a financial fund into a bank entity, and clarified that the economic feasibility study shows the project’s viability.

The change is due to the economic and regulating situation in the country that has generated new opportunities to allow the entity to continue growing, according to the market’s behavior and development.

The new bank has 134 offices, distributed in the nine Bolivian departments, and its saving accounts and fix-term deposits amount to 378,744, according to figures that date from December 2009.

Source: Prensa Latina

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