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19 May 2006
The General Law on Banks, Non-banking Financial Institutions and Financial Groups regulates the establishment of branches of foreign banks, which are also governed by Nicaraguan laws and regulations. The application for the establishment of a branch must be filed before the Superintendency of Banks, which must approve or deny it within 120 days. The following documents must be provided with the application:
Once the branch has been authorized to open, the articles of incorporation and bylaws of the foreign bank are registered, together with the certification of the superintendency. All documents issued abroad shall be duly authenticated and translated if necessary.
Foreign banks may also have representation offices in the country for credits and investments. The opening of these offices also requires the authorization of the superintendency. These offices may not raise money from the public.
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Olga Maria Barreto