Both companies omitted the value of the transaction that took place last week. Furthermore, no definition has been given on the future of the employees of the division acquired by the bank, although it has made a commitment to keep the majority of workers.

Once the Superintendent of Financial Institutions (Sugef) has given its support the operation will be firm. "The new acquisition will allow BAC Credomatic to incorporate 60,000 new customers to its network of nearly 500 thousand users," reported Nacion.com.

The credit cards and personal loan portfolio acquired is made up of mostly Walmart customers.

Source: Nacion.com

More on this topic

BAC Panama and Multibank to Compete Separately

December 2019

Although Grupo Aval S.A. de Colombia owns both financial entities, the conglomerate has decided that the two banks will compete separately in the Panamanian market.

Early last month it was reported that Grupo Aval de Colombia S.A., owner of BAC Credomatic, signed an agreement to acquire Multibank Financial Group of Panama, and according to the business group, the transaction process is expected to be completed in the second quarter of 2020.

Multibank Panama Changes Ownership

November 2019

After Grupo Aval S.A. of Colombia signed an agreement to acquire Multibank Financial Group of Panama, the transaction process is expected to be completed in the second quarter of 2020.

For Grupo Aval de Colombia S.A., owner of BAC Credomátic, this transaction represents an important step in the development of its regionalization strategy, since up to June 2019 Multibank Financial Group (MFG), holding company of Multibank Panama, had assets of approximately $5 billion and a book equity of $560 million, the Colombian group informed on October 31st.

Panama Prepares for Migration to Smart Cards

May 2013

Panamanian banks are preparing for the migration from magnetic to chip cards in an effort to reduce fraud in the country.

Although the change from magnetic to chip cards (EMV) in Panama is being applied gradually, banks such as Bac Credomatic and Banco General are already applying the finishing touches to adopting this new technology.

Banco de Bogotá Interested in BAC-Credomatic

June 2010

The Colombian Bank has made an offer to purchase 100% of BAC-Credomatic’s shares.

The value of the offer was kept private, but it was known that it expires on the afternoon of June 10.

“After being authorized by the board of ‘Banco de Bogotá’, its president instructed one of its subsidiaries to make an offer for 100% of the shares of BAC-Credomatic Central America”, said a source from the Colombian Financial Superintendence to Terra.com.