The Purchase of Banistmo Bank in Panama has been Finalized by the BSC Financial Group
The entity reported that Banistmo’s more than 600,000 customers will be able to continue operating normally, without changes to their products, contracts or current agreements.
In one of the high-impact financial moves in Panama this year, Inversiones Cuscatlán Centroamérica, soon to be Grupo Financiero BSC, announced that it completed the acquisition of Banistmo after receiving the necessary regulatory approvals, the organization reported on Tuesday, June 30. Banistmo will continue operating under its current name and will maintain its teams, products, services, and customer service channels, the group stated. The bank’s more than 600,000 customers will be able to continue their usual transactions without needing to complete any additional procedures, as existing contracts and agreements remain unchanged.
Banistmo in Panama is currently owned by Inversiones Cuscatlán Centroamérica S.A. They acquired 100% of the bank from the Colombian financial conglomerate Grupo Cibest (the holding company of Bancolombia) in a deal valued at approximately $1.4 billion. The new parent company, Inversiones Cuscatlán Centroamérica, is an established regional financial group. They operate several other major regional banking and insurance entities, including Banco Cuscatlán and Banco La Hipotecaria. The acquisition is intended to combine Banistmo’s strong position as one of Panama’s largest banks with Cuscatlán’s extensive Central American banking footprint.
