About bicsa bicsa maharashtra electricity e bill payment


From that moment on, a group of Costa Rican bankers started a difficult task, headed by the NATIONAL BANK which as a leading bank in 1973 presented a request for authorization to open a branch in Panama, before the Central Bank of Costa Rica. At the same time, representatives of other State Banks, also intervened with these becoming shareholders of BICSA.

In October of 1974, the Central Bank of Costa Rica issued the guidelines under which the Costa Rican state banks could open a bank in the Republic of Panama and on the 25 th of November of 1975, the General Comptroller of the Republic issued the related authorization.

From its founding on the 20 th of September of 1976, BICSA had the definite support of the State Banks, condition that up to today it still maintains, this being its principal strength and method of development in the important banking activity that it has developed in Costa Rica and abroad.

Different factors were considered in choosing Panama as the country in which to install the first office of BICSA, among which the favorable legislation of the country, the presence of a strong and active financial center and the opportunities offered by initiatives such as the Central American Common Market are outstanding.

From its beginning, the operation of BICSA in Panama was developed with strong professionalism in a very competitive market, which up to today is reflected in the outstanding position that it occupies among the Panamanian banks with foreign licenses. Panama also fulfills a role in the business of correspondent banks, concentrating itself in Brazil, Venezuela, Peru, Ecuador and Bolivia.

Due to growth and diversification of banking businesses in Costa Rica orientated towards foreign commerce, at the end of the seventies, it was necessary to create an office in Costa Rica. In this way, on the 20 th of September, 1978, an office of representation was opened in San Jose. In 1978, the efforts to convert the office of San Jose into a Costa Rican private bank which offered clients a series of services specific to corporative banks and complementary services for businesses abroad, were successful.

The economic situation which Costa Rica found itself at the beginning of the eighties showed the important role of BICSA within the Costa Rican economy, since in the crisis of the external debt and the financial stagnation of the country, BICSA was an outstanding protagonist.

During this period, it was very important for BICSA to be the only medium for the member banks and the Central Bank of Costa Rica to carry out business abroad, since, because of the world economic situation, the international financial community implemented a series of measures which affected its relation with the Costa Rican banks, in such a way, that this period had great significance for BICSA since it permitted it to explore the possibilities presented for development of foreign commerce.

For the above reasons and the experience acquired during this process, the idea of installing a banking agency in the United States arose, and after various studies determined the convenience of establishing such in the State of Florida, among other reasons, because of its proximity with the Caribbean and Central America, the importance at world level of the Port of Miami and the solid international commercial structure.

In September 1983, the office of BICSA in Miami was born, with a license of international banking agency granted by the banking authorities in Tallahassee. Its activities extended to operations of foreign commerce and trying to increase its relations with the private sector, with correspondent banks as well as developing personal and private banking.

The function of Operational Risk is to guarantee the adequate administration of this risk, to achieve its understanding, to identify the operative risks present in the activities of the organization, to reinforce controls, to reduce the number of incidents or events, and to minimize monetary losses. Methodology and Management Framework

The Corporate Risk Management has defined a methodology and an operational risk management framework that allows carrying out the identification, measurement, mitigation, monitoring, control and information of said risk in order to minimize the levels of losses due to this risk. All bank staff must apply this methodology and is responsible for the proper management of operational risks associated with their areas and activities.

The existence of an Operational Risk Administrator, in each of the bank’s work areas, who is responsible for recording the events and incidents that occur in the department. Additionally, this collaborator proactively identifies measures and monitors the risks exposure of the area.

Functional Managers and Process Owners are responsible for creating and promoting a culture of Operational Risk Management within their area of responsibility, perform operational risk self-assessments in their processes and when applicable, develop action plans to mitigate them and ensure that business strategies and objectives are met.

The strengthening of control processes and activities in the bank’s operations for the prevention of risks, prioritizing and classifying the defined processes, in order to apply a methodological approach according to the level of risk of each process based on the cost-benefit ratio of the time and resources involved in applying different methodologies in relation to the impact on the Bank.

The identification and monitoring of improvement opportunities, resulting from the various reviews and evaluations that are part of the Operational Risk Management, in conjunction with the Productivity Department and other areas through Quality Control Circles.