RSS   Newsletter   Contact   Advertise with us

Bancolombia buys HSBC's Panama operations for $2,1 billion

Staff writer ▼ | February 19, 2013
Bancolombia signed the agreement to acquire HSBC Bank Panama for $2,1 billion. The transaction is expected to be closed during the third quarter of this year.
Bancolombia
BancolombiaBancolombia signed the agreement to acquire HSBC Bank Panama for $2,1 billion. The transaction is expected to be closed during the third quarter of this year.


Bancolombia will assume all of the financial operation in Panama, including Financomer SA, HSBC Seguros Panama SA Panama SA and HSBC Securities.

Carlos Raul Yepes"The American financial sector has evolved significantly in recent years, particularly in Panama and we see that it is possible to continue to participate and contribute from our business model and our knowledge of the market," said Carlos Raul Yepes, president of Bancolombia. The internationalization strategy of Bancolombia started in 1973 with the international banking license in Panama. The bank also has operations in other countries in the region as El Salvador, Puerto Rico, Cayman, Peru, Guatemala and Miami.

Bancolombia has been preparing for some time for a transaction of this nature and wil pay in cash.


 

MORE INSIDE POST