Banco Azteca Purchase Completed

Perinversiones S.A. de C.V. completed the purchase of the majority stake in Banco Azteca El Salvador.

Wednesday, June 26, 2019

At the end of last month, the Superintendency of Competition of El Salvador informed that the application presented by those involved for the purchase of 100% of the capital stock of Banco Azteca by the company Perinversiones and nine natural persons had been admitted, authorizing this economic concentration on Wednesday, May 22, 2019.

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Perinversiones, the business group that acquired the majority of the shares, is of Salvadoran origin and belongs to the Salume conglomerate, which in the country has engaged in activities related to food, beverages, logistics, real estate, financial services, and more.

Adolfo Salume Artiñano, president of Perinversiones S.A. de C.V., told Laprensagrafica.com that "... With this new investment, the Salume group seeks to support the economic development of the Salvadoran population, creating financial opportunities within everyone's reach and allowing them to move forward."

In approving the sale of Banco Azteca, the Superintendence of Competition argued that the operation meets the requirements established by the Competition Law, in terms of economic thresholds, independence of ownership and management between related companies and that the purchase means a complete change of control of the property.

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The Salvadoran Superintendence of Competition admitted the request presented by those involved for the purchase of 100% of the capital stock of Banco Azteca by the company Perinversiones and nine natural persons, authorizing this economic concentration on Wednesday, May 22, 2019, informed the Salvadoran regulator.

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