Sura Paid $96 million for Seguros Banistmo

Colombia's Grupo Sura has concluded the purchase of 100% of Seguros Banistmo and has started procedures in Panama to merge both companies.

Monday, September 7, 2015

From a statement issued by Grupo Sura:

In compliance with the duties of disclosure of relevant information, Grupo de Inversiones Suramericana SA informs that today its subsidiary Suramericana SA has completed the acquisition of 100% of the shares of Seguros Banistmo, SA, an insurance company organized and existing under the laws of the Republic of Panama, which belonged to Banistmo SA, a subsidiary of Bancolombia SA

After signing the sale contract, it was reported last February, that the transaction had been approved by the Superintendent of Insurance and Reinsurance of Panama and not objected to by the Authority for Consumer Protection and Defense of Competition of Panama ( ACODECO). The value of the transaction was USD 96.4 million, 1.38 times the equity of Seguros Banistmo SA as of August 2015.



More on this topic

Grupo Sura Buys Panamanian Insurer

February 2015

The Colombian company signed an agreement to acquire the shares of Insurance Banistmo, whose participation in the Panamanian market is 8%.

From a statement issued by Grupo Sura:

Suramericana SA, a subsidiary of SURA Group which specializes in the industry for insurance, health and occupational hazards, signed a contract for the acquisition of Insurance Banistmo, which, once the relevant authorizations have been obtained, will allow the Company to consolidate its presence in the Central American market, adding this operation to Seguros SURA Panama.

Bancolombia Purchases HSBC Panama

February 2013

HSBC Latin America Holdings Limited, a wholly owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell HSBC Bank (Panama) SA to Bancolombia SA for a total consideration of US$2.1bn in cash.

HSBC Latin America Holdings (UK) Limited, a wholly owned subsidiary of HSBC Holdings plc (“HSBC”), has entered into an agreement to sell HSBC Bank (Panama) SA to Bancolombia SA (“Bancolombia”) for a total consideration of US$2.1bn in cash, based upon estimated net asset value at completion of US$700m. The transaction is subject to regulatory approvals and other conditions and is expected to complete by the third quarter of 2013.

Bancolombia Buys 40% of a Guatemalan bank

December 2012

Grupo Bancolombia has agreed to acquire 40% of the ordinary shares of Grupo Financiero Agromercantil, with the possibility of acquiring a controlling interest in the medium term.

A statement of Grupo Bancolombia reads:

Grupo Bancolombia acquires 40% of Grupo Financiero Agromercantil of Guatemala – BAM - and strengthens its presence in Central America.

"Seguros Suramericana" Presented in Panama

August 2009

"Interoceánica de Seguros", an insurance company, launched a new corporate identity, and is now called "Seguros Suramericana".

"Interoceánica de Seguros" has been a property of Colombian group "Grupo de Inversiones Suramericana" for the past 11 years.

"The insurer's strengths in Panama are the vehicle and life insurance markets, with a 11.9% and 6.9% share respectively", said Salvador Morales Baca, general manager of Seguros Suramericana in Panama.

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