Banco Aliado acquires Banco Panama

Banco Aliado acquires Banco Panama and is strengthened within the strongest banks in the Panamanian banking sector.

Banco Aliado through its subsidiary Allied Pacific Inc. has signed a promise agreement for the acquisition of Grupo Centenario de Inversiones, SA., which owns 100% of the shares of Banco Panamá therefore under this agreement all Banco Panama shares will be added indirectly to Banco Aliado.

During the process, Banco Aliado received the financial advisory Lazard, while Banco Panama was advised by Citigroup Global Markets Inc.

Banco Panama has a good network of branches, a portfolio of private banking, loans, deposits, and assets, all of which are highly valued by Banco Aliado.

After the Transaction, Banco Aliado will become a bank with more than USD 4,000 million in assets, USD 400 million of net assets and a wide network of branches to serve more than 14,000 active clients.

All branches of both banks (Banco Aliado and Banco Panama) will continue their normal operations during the authorization period of this acquisition.

All customer should expect services to be performed independently and continuously, on a regular basis.

“We are pleased to announce this important agreement, with which we seek to promote the best benefits and opportunities for our customers, employees and the interests of our shareholders. Banco Aliado, with the support of a talented human team, will continue to drive the growth of the businesses of both entities combined and provide a high level of service to all its customers.” said the CEO of Banco Panama, Ramon Chiari, during the announcement.