Panama: $225 Million in Bank Consolidation

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.

Friday, May 31, 2019

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.

You may be interested in "Banking Transactions: More Controls in Panama reviews that "...  With this acquisition, Banco Aliado will become a bank with around $4 billion in assets. The bank had assets of $2,728 million in June 2018, at which time it reported a loan portfolio of $1,868 million, with a 4.5% increase over the previous year."

The article adds that "... Banco Panamá had assets of $1.239 billion in June 2018, when its fiscal period ended, 9.6% more than the previous year. Its loan portfolio reached $840 million and net income, $14.2 million in the year. Banco Aliado and Banco Panamá take over from Global Bank and Banvivienda, which led a similar transaction in the market last year."

Regarding the behavior of bank credit in the country, at the end of 2018 it was reported that the credit portfolio of the banks of the national system totaled $54.626 million, 5% more than at the end of 2017, and the increase was mainly explained by mortgage and personal loans.

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Multibank Panama Changes Ownership

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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.

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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At the end of 2018, credit granted to the business sector in Guatemala registered a 7% increase over December of the previous year.

Figures from the Superintendence of Banks specify that up to December 2018 the credit portfolio reached $23.064 million and investment in securities $11.324 million, which compared to 2017 is equivalent to 6.8% and 11.3% increases, respectively.

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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.

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.

Panama: Credit to Private Sector Up 8.7%

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Domestic credit to the private sector amounted to $36 thousand 861 million, an increase of 8.7% compared to the previous year.

According to figures from the Superintendency of Banks of Panama, liquid assets of the institutions increased by 14.4% and the loan portfolio by 4.8%.

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