In order for the acquisition to materialize, authorizations from El Salvador's regulatory bodies, Superintendencia del Sistema Financiero (SSF) and Superintendencia de Competencia (SC), are required, a process that will take several months of joint work.

Both Financial Groups have outlined a work schedule for the coming months to obtain the respective authorizations from the regulators. In the meantime, each financial institution will continue to operate independently as they have been doing to date, so that the clients of both groups will continue to receive the usual quality service.

When this operation is authorized and finalized, Banco Azul will absorb the operations of Banco G&T Continental El Salvador S.A.; and thus the Conglomerado de Inversiones Financieras Grupo Azul (IFGA) will be formed by a merged Bank, two Insurance Companies and a Brokerage House, operating under the brands that make up Grupo Azul, offering salvadorans a wider range of financial instruments to manage their investments.

"About 6 months ago we held conversations to analyze the possibility of acquiring the salvadoran subsidiary of Grupo G&T Continental. From the Conglomerado Inversiones Financieras Grupo Azul we visualized the opportunity for growth that was attached to our business vision to 2025 and that is how we decided to venture into this process to provide sustainable growth to our institutions and their shareholders, employees and customers”, said Carlos Enrique Araujo Eserski, president of Inversiones Financieras Grupo Azul.

Additionally, Grupo Azul is developing a long-term alliance with Grupo Financiero G&T Continental, which will allow both institutions to offer their clients products and services that support the operation of their companies both in El Salvador and Guatemala.

"Focusing on Guatemala is one more step in this 2019/2024 business strategy and opens the space for us to better deepen our relationship with our current and future clients, as well as focus on creating development opportunities for guatemalans. As Grupo G&T Continental, we also aim at the development of the region, and therefore we are confident that when this transaction is completed, we will have a solid and prestigious salvadoran group that will diversify its portfolio of financial products and services with the warmth that characterizes them, to continue providing customers in El Salvador the quality they deserve", said Enrique Rodriguez Mahr, general manager of Grupo Financiero G&T Continental.

These Financial Groups have outlined a work schedule for the coming months to obtain the respective authorizations from the regulators. In the meantime, each financial institution will continue to operate independently as they have been doing to date, so that the clients of both groups will continue to receive the usual quality service.

Both Inversiones Financieras Grupo Azul and Grupo Financiero G&T Continental reiterated their commitment to maintain transparent and timely communication throughout the process with their stakeholders, especially with their collaborators and clients, who are essential to the institutions represented in the agreement.