Panama: Banvivienda with New Owner

It has been announced that Global Bank Corporation will sign an agreement to acquire 99.97% of the shares of Banco Panameño de la Vivienda, for an estimated price of $245 million.

Wednesday, September 26, 2018

With the acquisition of Banvivienda, Global Bank will incorporate more than 39 thousand customers, 11 branches, which will be added to the 165,000 customers and 35 branches that the bank currently has.

A statement issued by both banks, explains that " ...While Banvivienda will provide a loan portfolio of $1.38 billion (with emphasis on medium-market commercial loans, agricultural and residential mortgages) and deposits of $1.268 billion as of June 30, 2018, which will allow Global Bank to strengthen its position in the market, consolidating itself as the second private bank of Panamanian capital in the market in terms of assets, loans and deposits, with a market share of 8.5%, 9.7% and 6.7%, respectively ... ".

In relation to the banking merger, the CEO of Global Bank, Jorge Vallarino Strunz, told that "' ... this transaction creates a unique opportunity to strengthen our banking operations in Panama, increasing our market share, service network, and customer base."

The article reports that "...The transaction is subject to approval by the SBP and the Superintendency of the Securities Market of Panama, and is expected to be completed by the end of this year." 

Do you need information about the financial sector?

Request more information:

this site is protected by reCAPTCHA and Google's privacy policy and terms of service.
Need assistance? Contact us
(506) 4001-6423

More on this topic

Panama: $225 Million in Bank Consolidation

May 2019

The shareholders of Grupo Centenario de Inversiones, the parent company of Banco de Panamá, authorized the merger with Banco Aliado, S.A. for an amount of $225 million.

The signing of the agreement is scheduled for May 31, 2019 and the operation is expected to be completed in September, as banks must receive the corresponding regulatory authorizations.

Scotiabank Acquires Dominican Bank

March 2019

The Canadian bank announced that it completed the purchase of 97.44% of the shares of Banco Dominicano del Progreso.

From the Scotiabank Dominican Republic statement:

TORONTO AND SANTO DOMINGO, March 1, 2019. Scotiabank reported today that it has successfully completed the acquisition of 97.44% of shares belonging to Banco Dominicano del Progreso (BDP), following regulatory approval on December 28, 2018 by the Superintendence of Banks and the Central Bank of the Dominican Republic.

Scotiabank Sells Its Operation in El Salvador

February 2019

Imperia Intercontinental Inc., the main shareholder of Banco Cuscatlán, reached an agreement to purchase the banking and insurance operations of the entity of Canadian origin.

The sale of Scotiabank's operations in El Salvador is subject to authorization by the Superintendence of Competition and the Superintendence of the Financial System.

Pension Administrator Bought for $27 million

September 2014

Global Bank Corporation has announced the acquisition in Panama of 100% of the equity interest of the Pension Fund Administrator Progreso.

From a statement from the Superintendent of the Panama Stock Exchange (SMV):

Global Bank Corporation - Signs promise of sale of shares contract with Banco Panameño de la Vivienda, S.A. ("Banvivienda").