WHERE THE IDEA IS BORN

The idea of the constitution of a company that could grant SURETIES, SECURITIES, AND GUARANTEES, was born when a group of professionals wanted to undertake an international project that would reach small and medium-sized companies, self-employed, even individuals and that would serve as a platform to be able to expand its commercial activities without having to go through the multitude of requirements imposed by banks and insurance entities to obtain these guarantees. The study of each guarantee would be done personally, but always complying with the market solvency standards.

WHERE DOES IT START?

To do this, they choose a country in constant growth that was already an important financial center recognized worldwide, where more than 200 banks and a multitude of financial and insurance entities coexisted, in a population of 2,500,000 inhabitants. This country is Panama. Founding UNION CREDIT AND GUARANTEE S.A. dated April 23, 2003. The objective was to obtain administrative approval for the authorization of this type of activity in all its facets since the laws of Panama only allow a part of these services to be provided to insurance entities and another part to banks and finance companies. For this reason, UCG is constituted as an independent company obtaining the LICENSE “A” dated June 06, 2003, with the number 2003-3373, which was granted only to banks, finance companies, and insurance companies, being the only authorized independent private company in Panama administratively to grant all kinds of SURETIES, SECURITIES, AND GUARANTEES WORLDWIDE, among other authorizations

INTERNATIONAL EXPANSION

Immediately UNION CREDIT AND GUARANTEE S.A. begins its expansion towards Europe, opening branches mainly ITALY, SPAIN, ROMANIA, SWITZERLAND, GREECE. Later it is expanded to DUBAI, MEXICO, BOLIVIA, CHILE, BRAZIL, CANADA, etc. We are currently opening other business possibilities in other countries of North AFRICA and ASIA, where the possibilities of increasing our help to small and medium-sized companies are necessary.

FATF REGISTRATION

As soon as the company was established, it was in the spirit of the founders to demonstrate to public opinion and to the different international administrative institutions, the policy of clarity and honesty, apart from being consistent with the fact of working internationally. Through Public Deed No. 551 of January 20, 2004, at the Third Notary Public of the Circuit of Panama, with the unanimous agreement of the Board of Directors, the express submission of UNION CREDIT AND GUARANTEE, S.A. was authenticated. to all regulations, regulations, and recommendations of “GAFI, EL GRUPO DE ACCIÓN FINANCIERA” or in English language “FATF, FINANCIAL ACTION TASK FORCE”, regarding operations of a financial nature, regarding the prevention of money laundering and financing of the terrorism.

RATING pending.