The sale in El Salvador is in addition to the divestment recently carried out by Suramericana in Argentina. With this move, the company completes a capital reallocation process that allows it to concentrate its operations and reconfigure its footprint in Latin America.

With the resources obtained from these transactions, the company will strengthen its development in the countries where it continues to have a presence, investing in the transformation of its digital models and in the promotion of diversification projects.

For Grupo Financiero Ficohsa, this is an important step in its regional expansion plan, with which it will expand its offer to more countries in Central America, in order to continue to be a benchmark in the financial industry. Ficohsa has a history of almost 30 years and a team of 6,000 employees operating in Honduras, Nicaragua, Guatemala and Panama, in addition to its offices in the United States.

In the photo from left to right: Javier Atala - Executive President Banco Ficohsa Camilo Atala - Executive President Grupo Financiero Ficohsa Juana Francisca Llano - President of Suramericana Luis Atala - Executive Vice President Grupo Financiero Ficohsa Enzo Bizzarro - Executive President of Asesuisa.

The group is comprised of leading companies in banking, insurance and pensions. ASESUISA has 53 years of experience in which it has contributed to the growth of the salvadoran insurance market.

During its 10 years as a Sura brand, the company has established itself as a benchmark in the country, with an efficient advisory channel model, a massive and inclusive marketing strategy with broad coverage, a portfolio of comprehensive products and services, and an innovative digital platform, which made it the first insurance company to adopt the e-commerce model in El Salvador.

This work allows it to insure today more than 770 thousand salvadorans, thanks to the joint work of collaborators, advisors and allies. It has also stood out as one of the most attractive companies to work for and has demonstrated its commitment to generate a positive impact on society and the planet, through an environmental management plan that contributes to the Sustainable Development Goals, with a focus on education, art, culture and the environment.

The subsidiary currently has a solid market share of 16.05% and stands out as the undisputed leader in the auto insurance segment, according to data from the Superintendencia del Sistema Financiero de El Salvador (SSF) as of june 2023. "ASESUISA is moving forward with determination towards a promising future with Ficohsa.

We are confident that in this new phase, the company will continue to grow together with its valuable team of collaborators, advisors and allies, always focused on offering a comprehensive portfolio and exceptional service to clients", said Enzo Bizzarro, ASESUISA's executive president. The transaction is subject to regulatory approvals. During this stage, ASESUISA will continue to be managed by Suramericana.

Once these approvals are granted, Grupo Financiero Ficohsa will assume the responsibility of guaranteeing the usual services and business, with the confidence that the operating synergy and experience acquired in other countries will continue to provide value to employees, their families and clients.

Luis Atala, Corporate Vice President of Grupo Financiero Ficohsa, said that: "The commitment to promote Central America is the driving force that moves us as an organization and this acquisition brings us closer to that goal, consolidating us as one of the regional leaders in the field of insurance. We are committed to the social and sustainable development of El Salvador, through innovation and a customer-focused culture, elements that characterize us".

He also said that, in order to provide continuity and maintain the company's fundamental bases in El Salvador, they will keep the name ASESUISA, as well as its leadership structure. Suramericana will continue to operate in Mexico, the Dominican Republic, Panama, Colombia, Chile, Brazil and Uruguay, markets in which it will strengthen the development of its business strategy to deliver well-being and competitiveness to people and companies.

During the process, Suramericana received financial advice from the international investment bank Lazard and the boutique Alteon Partners SA, while Grupo Financiero Ficohsa was advised by Morgan Stanley & Co.LLC. The legal advisors involved in the transaction were Arias in El Salvador, on behalf of Suramericana, and Posse Herrera Ruiz in Colombia and Consortium Legal in El Salvador, on behalf of Grupo Financiero Ficohsa.

Translated by: A.M