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.
In Guatemala, the business group of South American origin acquired 40% of the shares still owned by BAM Financial Corporation, and consolidated 100% of the assets of the Agromercantil Holding Group.
Directors of Bancolombia reported that the company will begin the process of authorizations to regulatory bodies and that in the coming days will provide details on the price of shares, according to the contractual rules between the parties who closed the negotiation.
In Guatemala, Banco de Inversión S.A. acquired 60% of the asset portfolio of Financiera de Occidente S.A., which was suspended in December 2019.
On December 13, 2019, the Monetary Board reported that because management practices were detected that put its solvency and soundness at risk, it decided to suspend the operations of Financiera Occidente S.A., an entity that at that time represented 0.35% of the total assets of the local banking system.
The Superintendence of Competition authorized the merger request submitted in 2019 by the conglomerates Inversiones Financieras Imperia Cuscatlán and The Bank of Nova Scotia.
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 Superintendence of Competition notified Imperia Intercontinental Inc., the main shareholder of Banco Cuscatlán, that the request to purchase the banking and insurance operations of the Canadian entity was accepted.
Perinversiones S.A. de C.V. completed the purchase of the majority stake in Banco Azteca El Salvador.
At the end of last month, the Superintendency of Competition of El Salvador informed that the application presented by those involved for the purchase of 100% of the capital stock of Banco Azteca by the company Perinversiones and nine natural persons had been admitted, authorizing this economic concentration on Wednesday, May 22, 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.
In El Salvador, the Superintendence of Competition "authorized the request for economic concentration between Banco Azteca, S.A., Institución de Banca Múltiple, and Perinversiones S.A. de C.V."
The Salvadoran Superintendence of Competition admitted the request presented by those involved for the purchase of 100% of the capital stock of Banco Azteca by the company Perinversiones and nine natural persons, authorizing this economic concentration on Wednesday, May 22, 2019, informed the Salvadoran regulator.
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.
The Legislative Assembly has approved the absorption of Bancredito by Banco de Costa Rica, which must take on both the entity's assets and its obligations.
After determining that Banco Crédito Agrícola de Cartago (Bancrédito) was not financially viable, last March the National Council of Supervision of the Financial System (Conassif) recommended the absorption of the financial institution, a process that was completed yesterday when the Assembly voted in favor of the suggestion.
An announcement has been made that the ProCredit bank is in negotiations with the Banco Rural de Guatemala, while Aval, Promérica Group and the Banco Popular de España are fighting for Citi Group.
Banco ProCredit is currently negotiating with Banco Rural de Guatemala, while Citi Group expects to release information in the coming weeks regarding who will keep its assets in Nicaragua.
The Honduran group Ficohsa has completed negotiations to buy shares in Citibank and Cititarjetas in Honduras.
With these two purchases Ficohsa group becomes the country's largest bank and consolidates itself in the area of personal and consumer banking, leaving the business of corporate and investment banking to Citi.
According to an article in Laprensa.hn: "During the period of regulatory approval, the operations of the two banks will continue to operate independently and in the same way that they have been doing. Ficohsa Bank reported that once the agreement is approved by regulators, and the transaction completed, customers of the acquired entities will not lose any of the points, miles or awards they have acquired. "
The Nicaraguan financial group has received approval to acquire a 55% stake in Produbanco in Ecuador.
The Superintendency of Control of Market Power in Ecuador gave its endorsement to Promerica Group, founded with Nicaraguan capital, to acquire a 55% stake of Produbanco, an entity from the South American nation.
"After the operation, Promerica Group will have $9.5 billion in total assets, since its current assets total $6.21 billion."
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.