PANAMA CITY, March 18, 2026 (PBI) – BAC International Bank has finalized the acquisition of a majority stake in Multi Financial Group (MFG), the sole owner of Multibank and its subsidiaries. The closing of the transaction establishes BAC as the controlling shareholder of the Panamanian lender, marking a significant step in the consolidation of the regional financial sector.

The acquisition sets the stage for a formal merger between BAC Panamá and Multibank, a process that remains subject to final authorization from the Superintendency of Banks of Panama (SBP).

Leadership and Operational Transition

Following the transfer of shares, the BAC Board of Directors ratified Ramón Chiari Brin as the Executive President of the future combined entity. Chiari Brin, a veteran with 36 years of experience in the Panamanian banking system, will lead the integration process once regulatory hurdles are cleared.

Until the SBP grants merger approval, both BAC Panamá and Multibank will continue to operate as independent institutions. The banks confirmed that all products, services, and digital channels remain fully functional, and customers are not required to take any immediate action regarding their funds or accounts.

“With the completion of this operation, we are taking a firm step toward putting BAC’s regional reach, financial strength, and digital capabilities at the disposal of Panamanians,” said Rodolfo Tabash Espinach, Chairman of the Board of BAC International Bank.

Pro Forma Financial Strength

The acquisition combines two significant balance sheets within the Panama International Banking Center (CBI). According to audited financial results for the 2025 period, the scale of the two institutions is as follows:

Strategic Regional Consolidation

The move reinforces BAC’s leadership in Central America, creating a more robust platform for digital innovation and commercial lending. Analysts view the acquisition as part of a broader trend of regional “Multilatino” banks scaling up to achieve greater operational efficiencies and to compete with global players.

“Our goal is to be the primary bank for our clients, providing them with solutions, service, and value in a single place,” added Chiari Brin.

BAC has committed to a transparent integration process, promising gradual communication with stakeholders as regulatory milestones are achieved. The bank’s leadership emphasized that the merger will prioritize service continuity while leveraging BAC’s recognized standards in digital banking.