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Global Bank buys up Banvivienda for 245 million dollars in Panama

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  • Mon, 09/24/2018 - 20:08
Banvivienda
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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).

EFE

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