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Multibank Panama sold to BAC parent company

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Multibank  Panama  sold to  BAC parent company.

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Posted 31/10/2019

Grupo Aval, the owner in Panama of BAC, has reached an agreement to acquire  Multibank Financial Group , the holding company of Multibank Panama.

Grupo Aval said that the transaction, which will be carried out through its subsidiary Banco de Bogotá, represents an important step in its regionalization strategy.

"Panama is the country in Central America with the highest credit rating by international agencies," said Grupo Aval CEO Luis Carlos Sarmiento Gutiérrez

At the end of June, Multibank Financial Group assets amounted to $5, billion. In the year ended June, the benefit of the Multibank Financial Group was $60 million. With the transaction, the Colombian group will add around 100,000 new clients in Panama

The operation, which must still be approved by the regulatory authorities, could be closed in the second quarter of 2020. 

 

https://www.newsroompanama.com/business/multibank-panama-sold-to-bac-parent-company

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Multibank Panama Changes Ownership

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.

Friday, November 1, 2019

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.

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In the last twelve months ended June 2019, MFG's net income was approximately $60 million. The transaction will add more than 100,000 new customers, the statement explains.

Luis Carlos Sarmiento Gutiérrez, President and CEO of Grupo Aval, said that "... this attractive transaction is complementary to the lines of business in which the Group already participates in Panama. In addition, with the consolidation of this agreement, Aval will strengthen its leadership position in Central America and will become the second largest player in Panama by asset size."

Sarmiento added that "... Panama is the country best rated by international agencies, which is why, within our strategy was the purpose of expanding our operation in that market."

 

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

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