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$225 Million in Bank Consolidation

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Panama: $225 Million in Bank Consolidation

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.

Friday, May 31, 2019

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.

You may be interested in "Banking Transactions: More Controls in Panama

Prensa.com reviews that "...  With this acquisition, Banco Aliado will become a bank with around $4 billion in assets. The bank had assets of $2,728 million in June 2018, at which time it reported a loan portfolio of $1,868 million, with a 4.5% increase over the previous year."

The article adds that "... Banco Panamá had assets of $1.239 billion in June 2018, when its fiscal period ended, 9.6% more than the previous year. Its loan portfolio reached $840 million and net income, $14.2 million in the year. Banco Aliado and Banco Panamá take over from Global Bank and Banvivienda, which led a similar transaction in the market last year."

Regarding the behavior of bank credit in the country, at the end of 2018 it was reported that the credit portfolio of the banks of the national system totaled $54.626 million, 5% more than at the end of 2017, and the increase was mainly explained by mortgage and personal loans.



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