Costa Rica: Following OECD recommendation, foreign banks get green light

On Tuesday, July 30, Bill 21,192 will be voted on, which will allow foreign banks to open branches that operate in Costa Rica, modifying the National Banking System law of Costa Rica in order to allow foreign banks a greater presence and strength in the country.

Allowing foreign banks to carry out banking activities through branches, without a national address, would help increase competition in the financial sector, allowing for the development of more products and services to the benefit of consumers.

“This Project was also part of the suggestions made by the OECD in our induction process and it is generating more competition and better conditions for consumers of financial services …” said Erick Rodriguez, independent deputy of the Costa Rican congress.
Full Content: CR Hoy

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