_-_copia.jpg?w=800&resize=800,500&ssl=1 "COFISA")
The financial entity La Compañía Financiera S.A. (COFISA), a prominent player in the nation’s financial sector, has officially sought approval from the National Banking and Insurance Commission (CNBS) to transition into a commercial bank. This initiative, initiated on June 20, 2024, is under review by the appropriate regulatory bodies and could represent a major shift in the financial scene of Honduras.
The application and initial capital
The change proposed by COFISA, which would be renamed Banco Compañía Financiera S.A. (Bancofisa), includes a request for initial share capital of 1 billion lempiras. The intention is to expand the range of financial services in the country, which would include operations such as receiving deposits, issuing bonds, granting loans, factoring, and trust management, as well as the purchase and sale of foreign currency.
En marzo de 2025, la entidad comunicó que poseía activos superiores a 5.398 millones de lempiras y logró ganancias netas de 70.6 millones de lempiras. Con una red de 21 sucursales y cinco ventanillas de servicio en diversas ciudades, COFISA se ha consolidado como un actor relevante dentro del sector financiero, contando con 237 empleados en todo el país. Esta incursión en el sector bancario evidencia su interés en diversificar los servicios disponibles y en satisfacer la creciente demanda de servicios financieros en un país cuyo sistema bancario está en expansión.
COFISA’s role in the business and political context
COFISA is distinguished not only by its financial presence, but also by the professional relationships of its owner, Roger D. Valladares, who is a notable individual in the educational and business domains in Honduras. Valladares is widely recognized as the founder and leader of the Technological University of Honduras (UTH), facilitating his establishment of a wide-ranging network of influence across diverse sectors, such as education and commerce.
One of the key relationships in COFISA’s business structure is with Jaime Redondo Licona, a figure who has played an important role in both the business and political spheres. This closeness has been a point of attention in various media outlets, given Redondo’s relevance in different areas. In addition, COFISA’s family relationship with the Redondos extends to Linda Margarita Redondo Marini, who was appointed ambassador of Honduras to Chile in 2022 by President Xiomara Castro. Redondo Marini has a distinguished academic and professional background, with experience in both the public and private sectors, which strengthens the ties between the company and the state.
These links between business and family have not escaped attention within political circles, with some experts indicating that they might sway views regarding COFISA’s shift to a commercial bank. The strong ties between business and political figures might be viewed as an element that can ease the transition, while also sparking discussions about the role private capital plays in shaping the nation’s economic strategies.
Growth and rivalry in the financial sector
The proposal to transform COFISA into Bancofisa holds significant consequences for the financial framework in Honduras. Upon approval, the institution would become the sixteenth commercial bank in the nation. Such an increase in commercial banks could enhance competition within the market, potentially benefiting consumers through a broader variety of financial offerings. Amid a backdrop of gradual yet persistent economic development, bolstering the banking industry might present a chance to enhance banking service accessibility in a region where studies indicate financial inclusion is still restricted.
The expansion of the banking system could also have an impact on economic development by facilitating access to credit and other financial products for a greater number of Hondurans, especially in regions outside the major urban centers. However, this process also poses challenges in terms of regulation and supervision by the CNBS, which will have to ensure that the entry of new players into the market does not affect the stability of the national financial system.
Institutional challenges and the future of the financial system
COFISA’s application to become a commercial bank in Honduras reflects the dynamics of the country’s expanding financial sector. While the change promises benefits in terms of competition and access to financial services, it also highlights the connections between business and political power in Honduras. In a country with a still-developing banking system and economic challenges, this process will be key to observing how relations between the private sector, the government, and citizens evolve in terms of governance and transparency. The CNBS’s assessment and the political and social reactions to this request will be decisive for the future of Bancofisa and, therefore, for the national economic outlook.
