Banistmo is Being Sold 100% by Grupo Cibest to Inversiones Cuscatlán
Grupo Cibest agrees to sell 100% of Banistmo to Inversiones Cuscatlán. The transaction includes all of the bank’s subsidiaries in Panama and is subject to the corresponding regulatory approvals. While the process is underway, Banistmo will continue operating normally, ensuring customer service and job security for its employees.
Grupo Cibest, parent company of Bancolombia in Colombia, reached an agreement to sell 100% of the shares of Banistmo, a locally licensed bank in Panama, to Inversiones Cuscatlán Centroamérica, in a transaction that marks a strategic shift in its regional presence and the beginning of a new stage for one of the country’s most important financial institutions. The transaction, officially announced by the financial group, includes all of Banistmo’s subsidiaries, including Leasing Banistmo and Banistmo Investment Corporation, and is subject to approval by Panamanian regulatory authorities . While the process is being completed, Grupo Cibest will continue operating the bank and ensuring the continuity of services, as well as stability for clients and employees.
The decision is part of a portfolio optimization and value creation strategy, through which Grupo Cibest seeks to concentrate its capabilities in businesses where it has differential advantages, while strengthening its regional offering of financial services for Latin America and Latin Americans. From the buyer’s perspective, Inversiones Cuscatlán aims to strengthen its presence in Panama by incorporating Banistmo into its network of financial institutions in Central America. The group has experience in transformation and growth processes in the region, with operations in banking, mortgages, and insurance in countries such as El Salvador, Honduras, Guatemala, Panama, and Colombia. “We are convinced that this operation will bring clear advantages for clients.
Cuscatlán’s experience and regional knowledge will allow us to combine capabilities and generate value ,” stated Juan Carlos Mora, CEO of Grupo Cibest, emphasizing that the group’s presence in Panama will be maintained through Bancolombia Panamá, as an offshore bank, and Cibest Capital. For his part, Federico Nasser Facussé, president of Inversiones Cuscatlán Centroamérica, assured that the group has a long-term vision in the financial sector and reaffirmed its commitment to strengthening Banistmo as a key institution for Panamanian economic development. The operation also includes a transition process designed to protect employees, who will become part of Inversiones Cuscatlán, as well as to ensure the continuity of the supply of financial products and services. Banistmo has been part of Grupo Cibest’s portfolio since 2013, when the then-Bancolombia acquired HSBC’s operations in Panama for US$2.1 billion. With this sale, the bank begins a new phase under a regionally focused management, while Grupo Cibest continues to redefine its international strategy.
