HSBC completes takeover of Banistmo in Panama
HSBC Bank Panama has presented to regulatory authorities a solicitude for completion of a merger with Panama's Primer Banco del Istmo (Banismo).
Monday, July 28, 2008
HSBC began negotiations for a takeover of Banistmo in July 2006.
The process of consolidating banking services in Central America is linked to the entrance of international banks into the region and the potential for attracting new customers to use banking services.
Citibank Honduras, which belongs to the American Citigroup, started to operate today and is the result of the merger of two other banking institutions with Central American capital.
The assets of Central America's banks are growing by more than US$9 billion a year and the presence of foreign capital is growing in the sector.
The absorption process of Banistmo by HSBC will be completed in thirty days, begun in November 2006 with the payment of $1.77 billion for the entire stock package
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