After Integrating Multibank BAC Consolidates its Position as the Second Largest Bank in Panama

BAC Panama today completed its operational merger with Multibank, marking the beginning of a new era for its customers, employees, and the country. Following authorization from the Superintendency of Banks of Panama, BAC and Multibank now operate as a single entity, having completed the integration process.  With combined assets exceeding US$45 billion and a loan portfolio exceeding US$32 billion, BAC Panama is positioned as the second largest bank in the market in terms of asset size and portfolio. 

As a result of the merger, Panama expands its presence within the BAC Group’s regional network, now representing approximately 31% of the group’s loan portfolio and deposits, compared to 21% and 23%, respectively, before the acquisition, reinforcing its strategic importance within the organization. The entity is part of a regional investment-grade financial platform, backed by a solid track record and rigorous management and corporate governance standards. 

“Today we begin a new chapter with responsibility and enthusiasm. We appreciate the trust of our clients, the support of the regulator, and the extraordinary commitment of the BAC and Multibank teams that made this merger possible,” said Ramón Chiari Brin, CEO of BAC Panama.

The integration has been made possible thanks to the professionalism, technical capacity and commitment of the teams from both organizations, who worked in a coordinated manner during the last few months on the operational, technological, commercial and cultural preparation of the process.  From today, customers who were part of Multibank become BAC customers, progressively gaining access to an expanded value proposition that combines the experience, local knowledge and strength of both institutions. 

This integration translates into concrete benefits: a broader branch network, with a presence in nine of the country’s ten provinces; greater availability of ATMs, including cardless withdrawals and full-service ATMs for cash deposits; a robust and constantly evolving mobile banking platform that facilitates the management of products and services in an agile and secure manner; and a comprehensive offering of sustainable financial solutions with a focus on economic, social, and environmental value, reinforcing its commitment to supporting its clients at every stage, providing greater proximity, innovation, sustainability, and opportunities.

“Panama is a strategic market for BAC and for Central America. From here, we continue to strengthen a solid, innovative, and customer-focused platform. Our payment methods throughout the region handle approximately 55% of Central America’s GDP, and specifically in Panama, the equivalent of 44% of the local GDP. This entails the enormous responsibility of providing excellent service and supporting thousands of businesses that generate employment, investment, and development,” stated Rodolfo Tabash, President and CEO of BAC.

As a leader in payment methods, BAC will continue to support small, medium and large businesses with customized solutions and long-term strategic relationships.  For its more than 70,000 shareholders, this integration represents a long-term vote of confidence in Panama, in the talent of its people, and in its capacity to attract investment, drive innovation, and generate sustainable growth.

This is the second strategic acquisition that BAC and its shareholders have completed in Panama, after BBVA, reflecting a sustained, long-term commitment to the country’s development.  The entity reiterates that it will continue to operate under high standards of corporate governance, compliance, risk management and cybersecurity, aligned with its purpose of generating prosperity in the communities it serves.  With this integration, BAC begins a new stage in Panama, strengthening its scale, its value proposition and its commitment to the development of the country.

Grupo BAC Represents Approximately 31% of the Portfolio and Deposits