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.
With steady growth and reaching up to $1 billion a year, this financing mechanism is controlled by 24 companies, mostly banks.
Every year, the activity records growth of between 10% and 20%. "Using a factoring contract, a trader or manufacturer can assign an invoice or other credit document to a factoring company in exchange for a full or partial financial advance" explains an article in Panamaamerica.com.pa.
The companies Consorcio Aliado and Progreso have been awarded the tender to manage for 5 years investments for the Capital Savings and Pensions of Public Employees (SIACAP in Spanish).
The contract was disputed with the consortium Multibank / Multisecurities and HSBC.
Panama ranks second in Latin America in number of bank branches and ATMs per 100,000 people with 90.28, surpassed only by Brazil with 99.37.
"Banking, or access to banking services, plays an important role in economic development of countries and in reducing poverty while promoting income distribution."
Panamanian banks were prudent and dodged the crisis successfully; they are now full of cash, and eager to lend money.
With close to $13 billion in liquid assets, banks in Panama are getting ready to finance the Government’s large infrastructure projects, which require $2.4 billion in 2010 and $3.2 billion in 2011.
Multibank has become the third bank to join the Panamanian Facilitation of Foreign Trade Financing Program (TFFP).
Through TFFP, the IDB offers guarantees to cover letters of credit, promissory notes, bid bonds, performance bonds, advance payment bonds and other instruments used in International Trade transactions.
The Banco Financiera Comercial Hondureña S.A. (Ficohsa) and Guatemala's Banco GT Continental, together with several local banks, including Atlántida, BAC-Bamer, GTC Bank, Banco Aliado and Tower Bank, have put together a syndicated loan of 77 million dollars for Corporación Dinant.
The funds will be used for investment in plant and agro-industry. Surplus funds will be used for publicity and marketing.
O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...
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