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Global Bank buys up Banvivienda in Panama for 245 million dollars

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Global Bank buys up Banvivienda for 245 million dollars in Panama

Mon, 09/24/2018 - 20:08

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The bank Global Bank announced  that it bought up for $ 245 million 99.97 percent of the Banvivienda entity, and that this transaction will allow it to consolidate itself as the second largest private bank of Panamanian capital in the country.

The transaction, which is still subject to approval by Panamanian regulatory bodies and is expected to be effective by the end of the year, implies that "Banvivienda shareholders will continue in the banking business with 5% of the share capital of GBGroup (controlling company of Global Bank)," the bank said in a statement.

The agreement will allow Global Bank to incorporate more than 39,000 customers and 11 branches, which will be added to the more than 165,000 customers and 35 branches that the bank currently has, which began operations in 1994, the statement said.

Banvivienda, founded in 1981, will also provide a loan portfolio of 1,380 million dollars and deposits of 1,268 million dollars as of June 30, 2018, "which will allow Global Bank to strengthen its position in the market, consolidating itself as the second bank with Panamanian capital," it added.

"This transaction creates a unique opportunity to strengthen our banking operations in Panama, increasing our market share, service network and customer base," Global Bank CEO Jorge Vallarino said in the same statement.

"We are pleased to have finalized this transaction with Global Bank, which allows Banvivienda shareholders to take advantage of the opportunities presented by the new consolidation trends in the financial markets," said Banvivienda president Fernando Lewis. 

The banking center of Panama, an important financial center in the region, has almost a hundred national and foreign institutions and represents about 10 percent of the country's gross domestic product (GDP).

 

https://www.panamatoday.com/economy/global-bank-buys-banvivienda-245-million-dollars-panama-7936

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Panama: Banvivienda with New Owner

It has been announced that Global Bank Corporation will sign an agreement to acquire 99.97% of the shares of Banco Panameño de la Vivienda, for an estimated price of $245 million.

Wednesday, September 26, 2018

With the acquisition of Banvivienda, Global Bank will incorporate more than 39 thousand customers, 11 branches, which will be added to the 165,000 customers and 35 branches that the bank currently has.

A statement issued by both banks, explains that " ...While Banvivienda will provide a loan portfolio of $1.38 billion (with emphasis on medium-market commercial loans, agricultural and residential mortgages) and deposits of $1.268 billion as of June 30, 2018, which will allow Global Bank to strengthen its position in the market, consolidating itself as the second private bank of Panamanian capital in the market in terms of assets, loans and deposits, with a market share of 8.5%, 9.7% and 6.7%, respectively ... ".

In relation to the banking merger, the CEO of Global Bank, Jorge Vallarino Strunz, told Elcapitalfinanciero.com that "' ... this transaction creates a unique opportunity to strengthen our banking operations in Panama, increasing our market share, service network, and customer base."

The article reports that "...The transaction is subject to approval by the SBP and the Superintendency of the Securities Market of Panama, and is expected to be completed by the end of this year."

 

https://www.centralamericadata.com/en/article/main/Panama_Banvivienda_Changes_Hands

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Bank expansion deal formalized

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Global Bank reported on Monday, December 10  today that it has formalized the $245 million acquisition of 99.97 percent of the Banvivienda entity, which will allow it to consolidate as one of the main banks of private capital of Panama.

“With the approval of this agreement by the regulators, we validated the announcement made in mid-September, reaffirming our vision of promoting the country’s economic development and implementing strategies that allow the growth of the local financial market,” said bank president explained. Jorge Vallarino.

The merger of both entities,  he added the manager, “will allow greater customer acquisition, offer a better service, create new opportunities for growth and development for employees of both banks.”

With the transaction, Global Bank incorporates more than $1,8 billion in assets, more than 39,000 clients and a network of 11 branches that will add to the 6,500 billion in assets, more than 165,000 clients and 35 branches with which the bank now has, which began operations in 1994, according to the statement.

“Banvivienda will become a wholly-owned subsidiary of Global Bank.” Banvivienda’s clients, until further notice, will continue to be banked in the Banvivienda network, which includes its online banking platform, 11 branches and 23 ATMs throughout the country.

The banking center of Panama has almost a hundred national and foreign institutions and represents about 10 percent of the country’s gross domestic product (GDP).

 

https://www.newsroompanama.com/business/bank-takeover-formalized

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