Multibank Panama Changes Ownership

After Grupo Aval S.A. of Colombia signed an agreement to acquire Multibank Financial Group of Panama, the transaction process is expected to be completed in the second quarter of 2020.

Friday, November 1, 2019

For Grupo Aval de Colombia S.A., owner of BAC Credomátic, this transaction represents an important step in the development of its regionalization strategy, since up to June 2019 Multibank Financial Group (MFG), holding company of Multibank Panama, had assets of approximately $5 billion and a book equity of $560 million, the Colombian group informed on October 31st.

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In the last twelve months ended June 2019, MFG's net income was approximately $60 million. The transaction will add more than 100,000 new customers, the statement explains.

Luis Carlos Sarmiento Gutiérrez, President and CEO of Grupo Aval, said that "... this attractive transaction is complementary to the lines of business in which the Group already participates in Panama. In addition, with the consolidation of this agreement, Aval will strengthen its leadership position in Central America and will become the second largest player in Panama by asset size."

Sarmiento added that "... Panama is the country best rated by international agencies, which is why, within our strategy was the purpose of expanding our operation in that market."

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BAC Panama and Multibank to Compete Separately

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Although Grupo Aval S.A. de Colombia owns both financial entities, the conglomerate has decided that the two banks will compete separately in the Panamanian market.

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Banco de Bogotá Interested in BAC-Credomatic

June 2010

The Colombian Bank has made an offer to purchase 100% of BAC-Credomatic’s shares.

The value of the offer was kept private, but it was known that it expires on the afternoon of June 10.

“After being authorized by the board of ‘Banco de Bogotá’, its president instructed one of its subsidiaries to make an offer for 100% of the shares of BAC-Credomatic Central America”, said a source from the Colombian Financial Superintendence to