Panama: Sale of Multibank Authorized

The Superintendence of Banks authorized the transfer of up to 100% of the issued and outstanding shares of Multibank in favor of Leasing Bogotá S.A.

Friday, April 3, 2020

Resolution SBP-0053-2020 dated March 24, 2020, explains that "... Authorizes the transfer of up to 100% of the issued and outstanding shares of Multi Financial Group, INC. in favor of Leasing Bogotá, S.A. Panama, which produces as a consequence the change of control of Multibank Inc. and its subsidiaries, in accordance with the terms and conditions established in the proposed transaction."

You may be interested in "Covid-19: Forecasts for the financial sector"

Article 2 of the document states that "... The authorization granted by this means is without prejudice to compliance with the legal and regulatory standards in force established by the jurisdiction of the Republic of Colombia."

See full resolution (in Spanish).

According to an interactive report prepared by CentralAmericaData, it is expected that the impact of the crisis of the covid-19 on the financial sector in Central America will be felt mainly in services related to stock exchange intermediation and investment advice, where a fall is expected.

Covid19: How do the outlook for Panama's banking sector change?

We prepared for our clients the report "Information system: Covid-19 and Business Outlook" which helps companies to measure the impact that the crisis will have on their activity in the coming months.

Click here to request access to this report.



More on this topic

Panamanian Banks Give Extensions to Clients

March 2020

In response to the country's health crisis, 15 banks have granted a 90-day extension for their customers to make their personal credit card, home mortgage, vehicle and personal loans.

Until March 31st, the financial institutions that confirmed that had granted the extension to their clients are BAC Credomatic, Banco General, Banistmo, Banco Nacional, Global Bank, Multibank, St.

Central America: Negative Outlook for the Banking Sector

March 2020

Fitch Ratings agreed to change the perspective of the region's banks from stable to negative, arguing that the current health crisis will affect financial institutions in all countries.

Considering the measures that countries have adopted in the last 15 days in economic matters, following the spread of covid-19, Fitch expects that there will be a decrease in the issuance of loans.

Impact of the Crisis on the Banking Sector

March 2020

Increased demand for credit and more requests for loan restructuring is part of what the covid-19 crisis has brought to Guatemala's banking sector.

According to representatives of the Guatemalan Banking Association (ABG), the spread of covid-19 and the restrictive measures that have been decreed in the country are affecting the liquidity of companies, many of which have no income and must use credit to pay their bills.

BAC Panama and Multibank to Compete Separately

December 2019

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.

Early last month it was reported that Grupo Aval de Colombia S.A., owner of BAC Credomatic, signed an agreement to acquire Multibank Financial Group of Panama, and according to the business group, the transaction process is expected to be completed in the second quarter of 2020.

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