The Superintendency of Banks of Panama has approved the acquisition of 99.972% of the shares of Banvivienda, after the announcement that Global Bank had signed a purchase agreement with Grupo Mundial Tenedora to acquire Banco Panameño de la Vivienda.
Image: Global Bank has completed acquisition of Banco Panameño de la Vivienda. Photo: courtesy of rawpixel / Unsplash.
Once this approval was received, on November 30, 2018, Global Bank formalized the purchase agreement signed on September 24, 2018 and acquired 99.972% of the shares of Banvivienda for a total consideration of $202.9m in cash and GB Group stock.
Through this acquisition, Global Bank will add over $1,800 million in assets, 39,000 customers, and a network of 11 branches to the $6,500 million in assets, over 165,000 customers and 35 branches already owned by the Bank. As a result, we will be able to offer new services and financial products, further solidifying Global Bank’s universal banking platform.
Global Bank CEO Jorge Vallarino Strunz said: “Today we begin a new stage in our growth strategy and reaffirm our commitment to Panama’s economic growth by implementing strategies that contribute to the development of local financial markets.
“ The merger of both entities will allow for greater customer acquisition, better customer experience, and will create new opportunities for growth and development for the staff of both banking entities. We would like to welcome employees, customers and suppliers of Banvivienda to the Global Bank family.
“We are very proud that they are part of our team. Together we will strengthen and continue to grow our organization”
Banvivenda will become a wholly-owned subsidiary of Global Bank. Until further notice, Banvivienda customers will continue to be banked exclusively through Banvivienda’s online banking platform, 11 branches and 23 ATMs throughout the country.
Source: Company Press Release