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Merger of Banco Universal and Canal Bank

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Merger between Banco Universal and Canal Bank finished

Angel López Guía, Roberto González 15 sep 2016 - 13:27h

The Superintendency of Securities announced today that the merger between Banco Universal and Canal Bank has ended successfully and that the new entity will begin operations Monday.

The new entity, which will retain the name Canal Bank, will have 11 branches in the provinces of Panama, West Panama, Chiriquí, Herrera and Coclé.

In January, the Superintendency of Banks authorized the sale of 70 percent of the shares of Banco Universal to Canal Bank. The sale was prompted by the takeover of Bacno Universal due to several violations related to the investigation of Felipe "Pipo" Virzi, whose family owned the bank. Virzi was being investigated for alleged irregularities connected to the failed irrigation system in Tonosi, Los Santos.


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