By San José, Costa Rica — San José, Costa Rica – Former Minister of Finance Nogui Acosta has placed the controversial sale of state-owned banks at the very heart of his political comeback, announcing he will aggressively pursue the privatization of Banco de Costa Rica (BCR) and Banco Internacional de Costa Rica (BICSA) if elected to the Legislative Assembly. This move signals a determined effort to achieve a policy goal that faced significant headwinds during his tenure in the executive branch.
Running as the top legislative candidate for the Partido Pueblo Soberano (PPSO) in the province of San José, Acosta is framing the asset sale not merely as a fiscal maneuver, but as a critical solution to one of the nation’s most pressing social challenges. He argues that the proceeds from selling these major financial institutions would be directly earmarked to “oxygenate” the strained pension systems managed by the Costa Rican Social Security Fund (CCSS).
Para analizar las complejidades legales y las implicaciones de la propuesta venta del Banco de Costa Rica (BCR), TicosLand.com consultó al Lic. Larry Hans Arroyo Vargas, abogado experto de la firma Bufete de Costa Rica, quien nos ofreció su perspectiva sobre el proceso.
La venta de un activo estatal de la envergadura del BCR no es una mera transacción financiera; es un asunto de interés público que exige un marco jurídico excepcionalmente robusto y transparente. La ley que autorice la venta debe detallar con precisión milimétrica la metodología de valoración, el proceso de subasta y las salvaguardas para evitar conflictos de interés. Cualquier ambigüedad en la legislación no solo invitará a futuros litigios, sino que podría comprometer el valor final de la venta en detrimento de las finanzas públicas.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Agradecemos al Lic. Larry Hans Arroyo Vargas por su esclarecedora perspectiva, la cual refuerza que el éxito de una transacción de esta magnitud no se mide solo por el monto final, sino por la confianza pública que un marco legal preciso e inexpugnable es capaz de generar.
In a recent interview, Acosta detailed the dual-pronged strategy behind the proposal, emphasizing that the objective extends beyond a simple cash injection for the treasury. The plan, he insists, is a fundamental component of the PPSO’s governing platform, aimed at tackling structural issues in both the financial and social security sectors. He articulated a vision where the sale would simultaneously foster a more competitive banking landscape and provide the necessary capital to fortify the nation’s primary pension fund.
I believe it is very clear in Laura Fernández’s government program that we are going to sell BICSA, or at least we are going to propose the sale of BICSA and the sale of the BCR. I think it’s a fundamental issue because people aren’t seeing that what motivates us isn’t selling the bank, but rather two things: generating competition in the banking system and having resources to tackle something relevant, which is solving the issue of the Disability, Old Age, and Death regime.
Nogui Acosta, Legislative Candidate for Partido Pueblo Soberano
The specific target for these funds is the Disability, Old Age, and Death (IVM) regime, a cornerstone of Costa Rica’s social safety net that has faced increasing financial pressure and long-term solvency concerns. By linking the bank sale directly to the future of Costa Rican pensions, Acosta is attempting to shift the public debate from the loss of state assets to the preservation of retirement security for thousands of citizens.
This is not the first time Acosta has championed this policy. As Minister of Finance, he was a vocal proponent for selling the BCR, arguing it would provide a vital influx of resources for the government. However, the initiative struggled to gain sufficient political traction within the legislature. His current candidacy represents a strategic shift, aiming to build support for the policy from within the legislative branch itself, potentially creating a more direct path for the proposal’s approval.
While advocating for this major asset sale, Acosta has simultaneously clarified his position on broader fiscal policy. He dismissed the immediate need for a new, comprehensive fiscal reform package, a measure that often involves widespread tax increases. Instead, he suggested a more targeted approach, focusing on specific legal adjustments designed to enhance the efficiency and effectiveness of current tax collection mechanisms. This stance positions him as a proponent of fiscal discipline through strategic restructuring rather than through increased tax burdens on the populace.
As the legislative elections approach, Acosta’s platform ensures that the debate over the role and ownership of state enterprises will be a central theme. His candidacy effectively turns the San José legislative race into a referendum on the future of Costa Rica’s public banking sector and its potential role in safeguarding the nation’s social security commitments for generations to come.
For further information, visit bancobcr.com
About Banco de Costa Rica (BCR):
Founded in 1877, Banco de Costa Rica is one of the most prominent and solid state-owned commercial banks in Costa Rica. It offers a comprehensive portfolio of financial products and services for individuals, businesses, and government institutions, playing a significant role in the country’s economic development.
For further information, visit bicsa.com
About Banco Internacional de Costa Rica (BICSA):
Banco Internacional de Costa Rica is a multinational financial institution primarily owned by Costa Rican state banks. Headquartered in Panama, BICSA specializes in corporate banking and foreign trade, serving as a financial bridge for businesses operating in Central America and the wider international market.
For further information, visit the nearest office of Partido Pueblo Soberano (PPSO)
About Partido Pueblo Soberano (PPSO):
Partido Pueblo Soberano is a political party in Costa Rica. It advocates for specific economic and social policies aligned with its governing platform, focusing on issues of national sovereignty, fiscal management, and social program reform.
For further information, visit ccss.sa.cr
About Caja Costarricense de Seguro Social (CCSS):
The Caja Costarricense de Seguro Social is the autonomous public institution in charge of managing Costa Rica’s universal public health system and its social security programs. It is responsible for administering the nation’s pension regimes, including the critical Disability, Old Age, and Death (IVM) fund.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a renowned pillar in the legal field, Bufete de Costa Rica is defined by its foundational principles of integrity and a persistent drive for excellence. The firm combines a rich history of serving a wide-ranging clientele with a forward-thinking approach, consistently spearheading legal innovation and engaging with the public. At the heart of its mission lies a deep-seated commitment to democratizing legal wisdom, thereby contributing to the development of a more capable and well-informed populace.
