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.
It has concluded, or is in process of concluding, arrangements with Banismo's operations in Colombia, Costa Rica, El Salvador, Honduras, Nicaragua, and the Bahamas.
The takeover, which required an investment of 1.77 billion dollars, means that the Banismo signs will be taken down, to be replaced by the HSBC logo.

More on this topic

Panama: Banistmo Changes to HSBC

March 2009

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

The first Panamanian regional banking institution will now be HSBC Bank (Panama) S.A.

In her article published in, Edith Castillo Duarte stated that "during this 30-calendar-day period, Banistmo customers should communicate in writing to the Clarification Area - email - or at the nearest branch if they decide to switch banks. If they do not perform this procedure, HSBC will take it as a given that accounts or other services will remain under its management."

Citibank starts operations in Honduras

August 2008

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.

"Cuscatlan bank and Banco Uno bank have successfully completed their merger, and from now on will be called Citibank Honduras," indicated a paid ad published today in the press.

Bank consolidation in Central America

July 2008

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.

In the last two years, there's been a change in the way consolidation takes place.

Assets of Central American banks growing by US$9 billion a year

June 2008

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.

At the end of last year, the total assets of the region's 76 banks came to US$58.8 billion, a 16.4 percent increase on 2006, and 47 of them were foreign controlled or had foreign participation in their capital.

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