Bancolombia to Open Panama Branch

The Colombian banking group is planning to open a local banking unit in Panama in order to benefit from the country's economic growth.

Friday, August 6, 2010

Bancolombia's CFO told the Wall Street Journal that it hopes to satisfy the growing demand for credit to finance Panama's infrastructure projects.

An article on emii.com comments that, "the new Panamanian branch will finance local individuals and companies in the country. Presently, the Colombian bank is operating an offshore bank in Panama, which offers services for foreigners".

Bancolombia is also present in El Salvador, where it acquired a local bank for $0.9 billion three years ago.

More on this topic

More Swiss Banks in Panama

July 2013

Swiss bankers have detected interesting sectors in the country to whom they can provide services and financing.

"Proof of this is that it is not only the banks USB, BSI and Merrill Lynch whose representative offices form part of the International Banking Center (CBI), but also at least another three new ones will soon implement projects in Panama," reported Capital.com.pa.

Bancolombia Purchases HSBC Panama

February 2013

HSBC Latin America Holdings Limited, a wholly owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell HSBC Bank (Panama) SA to Bancolombia SA for a total consideration of US$2.1bn in cash.

HSBC Latin America Holdings (UK) Limited, a wholly owned subsidiary of HSBC Holdings plc (“HSBC”), has entered into an agreement to sell HSBC Bank (Panama) SA to Bancolombia SA (“Bancolombia”) for a total consideration of US$2.1bn in cash, based upon estimated net asset value at completion of US$700m. The transaction is subject to regulatory approvals and other conditions and is expected to complete by the third quarter of 2013.

Bancolombia Buys 40% of a Guatemalan bank

December 2012

Grupo Bancolombia has agreed to acquire 40% of the ordinary shares of Grupo Financiero Agromercantil, with the possibility of acquiring a controlling interest in the medium term.

A statement of Grupo Bancolombia reads:

Grupo Bancolombia acquires 40% of Grupo Financiero Agromercantil of Guatemala – BAM - and strengthens its presence in Central America.

Allbank Corp Opens in Panama

November 2012

The Venezuelan Grupo Financiero B.O.D. has officially opened its Allbank offices in Panama City, where it started operations on 23 July.

Capital.com reports that "The general license bank has been operating in Panama for three months from the Tower of the Americas, and provides all services, and has a team made up of 31 employees.

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