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.
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.
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.
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.
Seguros Assa has sold the remaining 21% of shares held by the Profuturo Fund the largest banking institution in Panama.
Banco General "... announced that it has acquired 630 shares belonging to the Seguros ASSA Insurance Company in the pension and severance fund Profuturo ..." reported Anpanama.com.
With this move the bank will be the owner of 100% of the company Profuturo.
The $490 million transaction will be closed after being approved by the respective authorities, with a probable distribution of extraordinary dividends of $140 million.
Grupo Aval Acciones y Valores S.A., through its subsidiary Banco de Bogotá, has agreed to acquire 100% of Banco Bilbao Vizcaya Argentaria de Panama.
"The deal, subject to regulatory approvals, will be closed for a price of $490 million net with a probable distribution of extraordinary dividends of $140 million," noted an article in Caracol.com.co.
The German group DEG has become a shareholder of Multibank investing $30 million, equivalent to a 7% stake in the company.
Prensa.com reports: "The German company will incorporate a representative to the board of Multi Financial Group (MLG, a holding company belonging to Multibank), which finds in this partner support for its expansion strategy."
"This is an entity which is very strong in corporate governance and highly regarded in environmental aspects" explained Robert Yau, executive vice president and chief financial officer at Multibank, adding that "the Panamanian bank, with $2.8 billion in assets and a presence in Colombia and Costa Rica, in the medium term intends to reach four or five countries. "
The bank, owned by Colombia's Grupo Aval has bought Grupo Financiero, which includes Banco Reformador in Guatemala and Transcom Bank Limited of Barbados.
The only thing now pending is approval of this transaction by the financial market's supervisory authorities in the country. According to the general manager of BAC San José in Costa Rica, Gerardo Corrales, the intention of this purchase is to strengthen corporate banking in the Guatemalan market..
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.
The agreement, subject to approval by the Superintendency of Banks in Panama, will allow Balboa Bank to buy a 100% stake in Banco Transatlántico.
Once approved by the regulator, the Panamanian group Balboa Bank & Trust 's assets will exceed $300 million.
Balboa Bank & Trust, began operating in May 2010 with the purchase of the Stanford Bank.
Prensa.com reports, "In 2011, in view of its performance in the industry it began expansion plans on its board of directors, branches and customers products".
The largest financial institution in Colombia is looking in Latin America for good opportunities to acquire assets.
Bancolombia started its regional expansion in 2007 by buying Banagrícola in El Salvador, for $900 million.
Although the president of Grupo Bancolombia, Carlos Raul Yepes, notes that "for now there aren't any businesses that are catching our eye," he did confirm that they are looking for businesses that are "good, nice and cheap."
The financial group Grupo Aval as part of its expansion plans in the region, has announced its intentions to acquire certain assets from HSBC.
Nacion.com reported statements by Luis Carlos Sarmiento, president of Grupo Aval, published in Portfolio,
"We are following everything closely. It seems that HSBC has organized a sale of its assets in some Central American countries, Peru, Uruguay, Paraguay, Chile and Colombia."
Grupo Aval completed the purchase of BAC-Credomatic completing the transaction for the purchase price of $ 1,920 million.
Luis Carlos Sarmiento Angulo, president of the board of Grupo Aval, which owns 75% of Banco de Bogota, told the press, "We hope to expand the product range and offer new services designed to meet Colombian customers established in Central America and Central American customers doing business in Colombia.”
Grupo Aval would finalize the purchase this year, once it has authorizations from regulatory agencies.
The announcement was made by the president of Banco de Bogota (part of Grupo Aval), Germain Salazar.
Larepublica.com.co reports, "in order to get the resources for this transaction, which will be of 1,900 million dollars, Banco de Bogota announced the issuance of 2.200 million pesos in bonds convertible into shares ($ 1,220 million Dollars)."
GE Capital Global Banking announced today that it has reached a definitive agreement to sell BAC Credomatic to Grupo Aval, Colombia’s largest banking holding group, for $1.9 billion.
The transaction is subject to certain regulatory approvals and other customary conditions, and the parties anticipate closing by the end of 2010.
“This is a good deal for GE, and furthers our objective of reducing the overall size of GE Capital,” said Dmitri Stockton, president and CEO of GE Capital Global Banking. “We have enjoyed working with BAC’s shareholders and their world-class management team to successfully grow the franchise over the previous five years. We believe this transaction will be positive for BAC, and will allow the Bank to focus solely on its excellent prospects for future growth.”
Juan Carlos Sansón, general manager of BAC-Credomatic, stated that GE’s sale of BAC-Credomatic shares is “nothing but a rumor”.
He told newspaper La Prensa that they don’t have any official information confirming that General Electric intends to sell Bac-Credomatic. He did acknowledge, however, that GE intends to reduce its participation in the financial market.