History
In 1990 the National Assembly passed legislation permitting private banks to resume operations. In 1991 a legislation allowed the establishment of the first private banks in the country, however only large industries and agribusiness producers of non-traditional crops for export qualified for credit thus leaving small business owners and producers of consumption crops with no access to loans or banking services. In 1992 the largest stateowned commercial bank was the National Development Bank (Banco Nacional de Desarrollo - BND), originally established by Chase National Bank. Other state-owned commercial banks were the Bank of America (Banco de América - Bamer) and the Nicaraguan Bank of Industry and Commerce (Banco Nicaragüense de Industria y Comercio - Banic). The People's Bank (Banco Popular) specialized in business loans, and the Real Estate Bank (Banco Inmobilario - Bin) provided loans for housing. Three foreign banks continued operations: Bank of America, Citibank, and Lloyds Bank.
Read more about this topic: Banking In Nicaragua
Famous quotes containing the word history:
“The true theater of history is therefore the temperate zone.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“English history is all about men liking their fathers, and American history is all about men hating their fathers and trying to burn down everything they ever did.”
—Malcolm Bradbury (b. 1932)
“The history of American politics is littered with bodies of people who took so pure a position that they had no clout at all.”
—Ben C. Bradlee (b. 1921)