Panama's Banco General receives US$160 million syndicated loan
Panama City's leading bank, Banco General, received a US$160 million syndicated loan coordinated by Unicredit and BNP Paribas.
Tuesday, June 3, 2008
The bank said that the loan – which is divided into two tranches, one of two years, the other of three – will broaden and diversity its sources of financing. The interest rates were not revealed.
In 2008, Panama's largest private bank recorded an increase of 58.9% in its net income.
Profits for the third quarter summed $50.3 million, 17.4% more than the same period of 2008.
The first branch will be officially opened on May 21, and it expects to open 10 to 15 more branches over the next five years.
'Banco General Costa Rica', 100% subsidiary of Panamanian Banco General S.A., inaugurated a new branch in the country.
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