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FICOHSA QUARTERLY NEWSLETTER – SUMMER 2024

Welcome!

As we enjoy the summer, we are delighted to share the latest updates and achievements of Grupo Ficohsa. Our commitment to promoting sustainable development, ethical leadership, and social responsibility remains unwavering.  This summer, we have made significant strides, from participating in influential conferences to receiving prestigious awards.

In this edition, you will discover how we continue to champion ethical business practices, support local communities, and drive innovation through our various programs and initiatives. We are proud to highlight our efforts in fostering a culture of integrity, transparency, and collaboration, which are essential for the prosperity of Central America.

Thank you for your continued support and engagement with Grupo Ficohsa. Together, we can create a brighter, more sustainable future for all Central Americans.

Shaping a Sustainable Future: Grupo Ficohsa Leads at ESG-focused Investment Conference

Ficohsa was proud to participate in the conference on the Social and Environmental Impact of Private Investment in Central America’s Northern Triangle, held in Guatemala City.  This event gathered influential figures from government, the private sector, and civil society to discuss the transformative role of private investment in the region.  The conference was honored by the presence of Guatemala’s President, Dr. Bernardo Arévalo, who underscored the importance of collaboration between sectors to achieve sustainable solutions.

Ficohsa stood out by presenting its forward-thinking sustainability strategy.  Our VP of Sustainability, Karla Simón, said, “At Ficohsa, we are committed to a sustainability model grounded in ESG principles and resilience.  Working alongside our stakeholders, we are dedicated to generating economic, social, and environmental value.  We are convinced that the most effective path forward is one where we join forces for the collective well-being.”  Karla’s message underlined Ficohsa’s strategy to foster sustainable development and place education at the cornerstone of social change. 

Through initiatives like educational programs and supporting entrepreneurs, such as Ficohsa’s De Mi Tierra program which has already benefited over 100 communities, we are committed to being a catalyst for positive transformation throughout the countries we serve.

Ficohsa Hosts Table at WOLA’s 50th Anniversary Human Rights Awards and Gala

It was with great pleasure that Ficohsa participated in the Washington Office on Latin America (WOLA) 50th Anniversary Human Rights Awards Ceremony and Benefit Gala in Washington, DC.

Guests gathered to honor individuals and organizations that have demonstrated exceptional dedication to human rights in the Americas. The occasion also commemorated WOLA’s five decades of innovative advocacy for human rights and democracy across the region.

Ficohsa was delighted to host a table at the gala, which was not only a celebration but also a poignant reminder of the essential work WOLA continues to do in advocating for human rights and dignity.

Ficohsa is deeply honored to support WOLA and to have the opportunity to applaud the incredible efforts of individuals and organizations like Senator Patrick Leahy, PROVEA, and the Collectives of Family Members of the Disappeared in Guanajuato. Their courage and commitment to human rights serve as a beacon of hope and inspire us all. We look forward to continuing our relationship with WOLA and supporting its vital mission in the years to come.

Ficohsa Joins the Anti-Corruption Declaration Promoted by FUNDAHRSE      

Ficohsa Joins the Anti-Corruption Declaration Promoted

Ficohsa reaffirmed its commitment to ethics and transparency by signing the Anti-Corruption Declaration promoted by the Honduran Foundation for Corporate Social Responsibility (FUNDAHRSE).  This declaration highlights the dedication of FUNDAHRSE member companies, such as Ficohsa, to strengthen good corporate governance practices.

FUNDAHRSE’s Anti-Corruption Declaration is an initiative that promotes transparency, integrity, and legality in the business sector.  This action aligns with the fundamental principles of governance, which include accountability, participation, and responsiveness, key elements for the country’s sustainable development.

By adhering to this declaration, the Ficohsa undertakes to:

  • Work together to eliminate all forms of corruption.
  • Operate under a framework of legal compliance and applicable standards.
  • Conduct business activities in a fair, honest, and transparent manner.
  • Reject and not offer bribes, directly or indirectly, to obtain advantages in any area.
  • Not accept bribes, directly or indirectly, to grant commercial advantages.
  • Develop a program to implement and support these principles, identifying and mitigating corruption risks in its line of business.
  • Educate staff and those under its influence on anti-corruption issues.

By joining the FUNDAHRSE Anti-Corruption Declaration, Ficohsa reaffirms its firm commitment to ethics, transparency, and integrity in all its operations.  This commitment not only strengthens the trust of its clients and partners but also contributes to the sustainable development of Honduras, demonstrating its leadership in promoting a fair and corruption-free business environment.

FUNDAHRSE is a business initiative that represents companies, individuals, academic institutions, and associations.  The organization drives business sustainability and transformation through leadership and responsible business conduct.

Camilo Atala Recognized as One of the Most Ethical Business Leaders in Central America and the Caribbean; Banco Ficohsa Ranked #1 in Honduras                           

Camilo Atala Recognized as One of the Most Ethical Business Leaders in Central America

This award by Revista Summa is a testament to Mr. Atala’s integrity, visionary leadership, and commitment to the sustainable development of the region.

At Grupo Ficohsa, we are immensely proud of our President’s achievements and his relentless contribution to the social and economic growth of Central America.  Mr. Atala’s leadership has consistently driven the organization toward greater transparency, ethical business practices, and impactful community engagement.

This recognition by Revista Summa underscores the importance of ethical leadership in fostering a culture of trust and accountability within the business sector.  Grupo Ficohsa remains committed to upholding these values as we continue to contribute to the sustainable development and prosperity of the communities we serve.

Meanwhile, the National Banking and Insurance Commission (CNBS) published a report highlighting the strength and solidity of the Honduran financial system.  CNBS ranked Banco Ficohsa as the number one Honduran bank in total assets, reaffirming Banco Ficohsa’s leadership position and sending a positive signal of confidence and solidity to the market.

Ficohsa Featured in Forbes for its Significant Contributions to the Agricultural Sector

As part of its De Mi Tierra program, Ficohsa has financed more than 200 million lempiras (over US 8 million), providing subsidies to more than 1,000 producers.  USAID has now signed an agreement with the Agro-commercial Consortium of Honduras (Conagroh) to benefit thousands of small and medium-sized national producers through a project partially funded by Ficohsa. 

Launched by Ficohsa in 2008,  De Mi Tierra provides financing to the Rural Business Development Foundation for technical assistance, and the La Colonia Supermarket to ensure the purchase of farmers’ products.  This program has been instrumental in supporting rural development and ensuring the sustainability of local agriculture.

Through this program and other strategic partnerships, Ficohsa continues to demonstrate its commitment to the economic and social development of Honduras.  The feature in Forbes highlights the importance of these efforts and the positive impact they have on the communities we serve.

We want to hear from you…

alejandra.zelaya@ficohsa.com | www.ficohsa.com | Twitter @GrupoFicohsa

FICOHSA QUARTERLY NEWSLETTER – SPRING 2024

Ficohsa is at the forefront of promoting strong governance and ethical leadership throughout Central America.  In a region where corruption presents a barrier to progress, distorting markets and undermining trust, our commitment to combating these challenges is unwavering.

As a dedicated member of the Partnership for Central America, established by U.S. Vice President Kamala Harris, Ficohsa passionately supports the Central America Forward initiative that seeks to strengthen governance, combat corruption, and improve security.  Our significant investments in compliance systems and internal auditing, supported by a robust Anti-Corruption and Bribery Management System, ensure that our operations are transparent and our growth is conducted with integrity.  And we’re encouraging our clients to adopt the same rigorous policies and procedures.

In this edition, discover how Ficohsa champions ethical business practices—from hosting compliance forums to launching awards that foster innovation among young entrepreneurs and educational programs that empower future generations.  Our commitment to doing business the right way is evident in every action we take, helping to drive social and economic growth, increase foreign investment, and pave the way for a more stable, prosperous future.

Ficohsa’s Leadership in Promoting Compliance Culture     

Ficohsa played a pivotal role in the recent forum on “Compliance Culture as a Country Vision,” organized by the newly inaugurated Honduras Chapter of the World Compliance Association (WCA).  This event, held to promote business integrity, underscored Ficohsa’s commitment to high ethical standards and transparency, crucial for building a just and prosperous society.

The forum featured a panel discussion on “Realities and Challenges of Compliance in Honduras,” moderated by Rodolfo Dumas, Vice President of WCA Honduras, and attended by representatives from UNITEC and the Central American Bank for Economic Integration.  Panelists exchanged insights on regulatory issues, ethical conduct, and the significance of ongoing training in compliance.  The discussions highlighted how a robust compliance policy is not only a strategic asset for companies but also a key driver of investment and development.

Ficohsa’s comprehensive compliance programs go beyond legal mandates to include voluntary measures like our Anti-Corruption and Bribery Management System.  These initiatives are designed to prevent and detect irregular practices, thereby mitigating risks, fostering a culture of business integrity, and contributing significantly to the progress and well-being of society.

Celebrating Innovation: 7th Technological Innovation Award (PIT)

In partnership with the Central American Technological University (UNITEC), Ficohsa was excited to launch the 7th Technological Innovation Award (PIT).  This competition celebrates the creativity of young Central American tech entrepreneurs, aiming to drive societal transformation through technological development.

PIT recognizes and rewards projects that promise significant regional impact.  This year’s focus areas include Health, Logistics, Digital Transformation, Financial Technology, and Education.  The top projects will receive seed capital and UNITEC’s support to develop their business plans.

At the launch event, Angélica Ardila, Regional Vice President at Grupo Ficohsa, and Rosalpina Rodríguez, Rector of UNITEC, both emphasized the program’s role in fostering innovation and empowering young change-makers.  “We invite all young entrepreneurs to join this venture and help transform our society through technology,” Ficohsa’s Ardila told an excited audience.

Empowering the Next Generation: Ficohsa Foundation and UJCV Launch New Mentoring Program

The Ficohsa Foundation has teamed up with José Cecilio Del Valle University (UJCV) to launch a mentoring program aimed at enhancing financial literacy among children and young adults.  This initiative engages university students in creating educational materials for teachers and parents, significantly enhancing the financial literacy of young learners.

Juan Carlos Atala, President of the Ficohsa Foundation, highlighted the project’s potential: “This collaboration with UJCV embodies our commitment to the transformative power of financial education and aims to equip young minds for a prosperous future.”  Julio Raudales, Rector of UJCV, added, “Our joint effort is vital for embedding financial education into everyday life, empowering our students to support national educational initiatives.”

Ficohsa Ranked Among the 5 Most Reliable Brands in Honduras

Ficohsa has been recognized as one of the most trustworthy brands in Honduras, according to a recent study showcased by Estrategia y Negocios magazine in partnership with Datos Group and Pizzolante.  The research, which marks the magazine’s 25th anniversary, highlights the significance of business trust—crucial for consumer and investor confidence, and regulatory compliance.

Ficohsa has distinguished itself as a leader within the banking sector, earning the top spot as the most trustworthy financial group in the country.  This accolade underscores Ficohsa’s role as a pillar of reliability and trust, and showcases its significant contribution to the economic and social development of the region.

In addition, Camilo Atala, President of Grupo Ficohsa, has been recognized as one of the most ethical business leaders in Central America and the Caribbean by Revista Summa.  This award is a testament to Mr. Atala’s integrity, visionary leadership, and commitment to the sustainable development of the region.  At Grupo Ficohsa, we are immensely proud of our President’s achievements and his relentless contribution to the social and economic growth of Central America.

Driving Growth: Ficohsa’s Commitment to Women-Led SMEs and Financial Inclusion

Addressing the PCA bi-annual Call to Action with United States Vice President Harris, Luis Atala, Executive Vice President of Banco Ficohsa, reaffirmed Ficohsa’s commitment to significantly expand its SME loan portfolio to $910M within the next five years, with a focus on empowering women-led businesses through preferential loans, tailored insurance options, and comprehensive financial education.

Ficohsa has successfully increased its small and medium enterprise loan portfolio by $60M since joining the Partnership for Central America (PCA) in July 2023, supporting 8,500 new businesses.  The bank’s strategy includes investing $50 million in digital services to expand financial inclusion and ensure effective use of remittances in local economies.

Addressing the meeting, Luis Atala, emphasized the importance of these efforts, “Financial inclusion is critical for the long-term development of Central America, enabling entrepreneurs to start and expand businesses, creating jobs and driving development, particularly among women-owned SMEs.”

Mr. Atala further highlighted the bank’s aim to integrate 200,000 more people into the financial system over the next five years, while partnering with organizations like Glasswing International to provide essential banking services to underserved communities.

In 2023, Ficohsa helped launch the Anti-Corruption and Transparency Initiative for Central America Project (ACT Project), a joint initiative of the Partnership for Central America (PCA) and Transparency International (TI). The ACT Project encourages companies in El Salvador, Guatemala, and Honduras to use the OECD Due Diligence Guidance for Responsible Business Conduct as a reference framework to strengthen corporate integrity and investment conditions in the region.

Ficohsa is committed to the PCA Corporate Pledge on the Rule of Law to ensure its business operations in El Salvador, Guatemala, and Honduras do not adversely affect or violate the rights of stakeholders.  The ACT Project strives to support members’ compliance with this Rule of Law Pledge; encourage companies to adopt, implement, and monitor transparent and legal business practices; and foster a vibrant and expanding network of corporate integrity in the region.

Ficohsa Champions Women’s Empowerment in Central America with Groundbreaking Initiatives

To mark International Women’s Day, Ficohsa, the leading financial services group serving 2.5 million clients in Central America, has vowed to invest further in supporting women-owned businesses.

As the number one bank in Honduras, over 30% of Ficohsa’s clients are women.  Supporting nearly 25,000 SMEs, Ficohsa is committed to doubling its SME loan portfolio to US$910M within 5 years, prioritizing the growth of women-led businesses via preferential loans, insurance and financial education.

Mujeres Adelante: Paving the Way for Financial Inclusion and Entrepreneurship

Ficohsa’s flagship program, Mujeres Adelante, or “Women Forward,” is experiencing unprecedented growth in Honduras and is now expanding into Guatemala.  The program provides women-owned businesses with preferential loans, insurance, and savings accounts, along with financial training that over 700 female entrepreneurs took advantage of in 2022 alone.

“Mujeres Adelante is not just a program; it’s a movement to bolster the economic prowess of women across Central America,” said Telma Sevilla, Head of Ficohsa’s Mujeres Adelante program.  “By equipping women with financial tools and knowledge, we are enabling them to become the protagonists of their own success stories.  We recognize that empowering entrepreneurs and women entrepreneurs is key to economic growth and opportunity creation.”

Commitment to the Women’s Empowerment Principles

In 2023, Ficohsa reaffirmed its dedication to gender equality by committing to the United Nations Women’s Empowerment Principles, ensuring that the financial services group will create even more opportunities for female staff and clients.  Developed by the United Nations Global Compact and UN Women, the principles guide businesses on promoting gender equality and female empowerment in the workplace.

Luis Atala, Executive Vice President of the Ficohsa Group, remarked, “At Ficohsa, we understand that empowering women is not just a moral imperative but also an economic necessity.  Our commitment to the UN Women’s Empowerment Principles is a testament to our dedication to creating an inclusive and equitable corporate culture.”

Digital Women: Bridging the Gender Gap in Technology

The “Digital Woman” program, a collaborative effort with Junior Achievement and the Inter-American Development Bank, aims to empower 7,500 women in vulnerable situations by providing social-emotional training, labor skills, and technical certifications.  Ficohsa will provide three-month internships to support the development of practical skills and work experience for the participants.

“This program helps to address gender inequality in our region,” commented Mario Bustillo, Ficohsa’s Vice President of Corporate Relations. “By empowering women with digital skills, we are not only enhancing their employability but also fueling innovation and driving economic growth.”

Mr. Bustillo concluded, “Through initiatives like Mujeres Adelante, and by supporting the Women’s Empowerment Principles and the Digital Woman program, Ficohsa is not just investing in women’s futures; we are investing in the future of Central America.”

About Ficohsa

Ficohsa is steadfast in its commitment to fostering the growth of women-led businesses.  Ficohsa supports the goals of Central America Forward on strengthening governance, combating corruption, and improving security.  Ficohsa’s 2022 Sustainability Report outlines the bank’s progress in financial inclusion, ethical banking, and investments in environmental sustainability.

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