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  1. Fusiones y Traspasos
  2. Fusiones y Traspasos

Fusiones y Traspasos

Mergers, Acquisitions, Transfers of Shares, Transfers of Operations

From the juridical point of view, a merger is the legal union of two or more corporations such that these become one single legal entity comprising all of the equity of the former bodies.

From the financial standpoint, the merger has, in practice, become an operation that can be carried out through:

Absorption (merger by absorption), in which a corporation absorbs or incorporates the equity, the personnel and the full rights and duties of the absorbed corporation(s).

The classic modality is still “Merger by Creation”, in which merging corporations dissolve and merge all their equity in a new company, which succeeds them in rights and duties. In this type of merger, the companies (2, 3 or more) disappear as they agree to create the new corporation.

The merger processes seek to improve the efficiency and competitiveness of Banks through economies of scale to strengthen their position inside and outside the Panama Financial Center.

Mergers and Acquisitions 2023
Transfers

1. Resolution SBP-2023-00873 of January 27, 2023: the transfer of 20% of the issued and outstanding shares of Pacific Bank, S.A., owned by the companies Pascal Universal Inc. and New Sea Development Services, Inc., in favor of the company Atlántida Overseas Investments, S.A. was authorized, whereas Atlántida Overseas Investments, S.A. becomes the owner of 100% of the bank's shares.


Mergers

No mergers have been authorized to date.
Mergers and Acquisitions 2022
Transfers

1) Resolution SBP-0048-2022 of June 17, 2022: BAC INTERNATIONAL BANK, INC. was granted no objection to carry out the corporate reorganization process within the group through the transfer of 99.9997% of the shares of CREDOMATIC GUATEMALA, S.A., 99.9958% of the shares of NEGOCIOS Y TRANSACCIONES INSTITUCIONALES, S.A., and 100% of the shares of BAC BANK, INC., all owned by CORPORACIÓN LATINOAMERICANA DE FINANZAS, S.A., in favor of BAC INTERNATIONAL BANK, INC.

2) Resolution SBP-2022-05999 of October 31, 2022: authorized the transfer of 100% of the issued and outstanding shares of CAPITAL BANK, INC. and subsidiaries to MERCANTIL CAPITAL, S.A., which entails a change of control of CAPITAL BANK, INC. and subsidiaries, in accordance with the terms and conditions established in the proposed transaction.

3) Resolution SBP-2022-06217 of November 9, 2022: authorized the transfer of 80% of the issued and outstanding shares of PACIFIC BANK, S.A. held by PASCAL UNIVERSAL INC., NEW SEA DEVELOPMENT SERVICES, INC. and ABAKO, LP, in favor of ATLÁNTIDA OVERSEAS INVESTMENTS, S.A., in accordance with the terms and conditions set forth in the proposed transaction.


Mergers

1) Resolution SBP-2022-04364 of August 17, 2022: authorized the merger by absorption between MULTIBANK, INC., and ORBIS REAL ESTATE, INC., resulting in MULTIBANK, INC. as the surviving company.

2) Resolution SBP-2022-07121 of December 23, 2022: authorized the merger by absorption between BANCO GENERAL S.A. and FINANZAS GENERALES, S.A., resulting in BANCO GENERAL S.A. as the surviving company.
Mergers and Acquisitions 2021
Transfersa

1) Resolution SBP-0048-2022 of June 17, 2022: BAC INTERNATIONAL BANK, INC. was granted no objection to carry out the corporate reorganization process within the group through the transfer of 99.9997% of the shares of CREDOMATIC GUATEMALA, S.A., 99.9958% of the shares of NEGOCIOS Y TRANSACCIONES INSTITUCIONALES, S.A., and 100% of the shares of BAC BANK, INC., all owned by CORPORACIÓN LATINOAMERICANA DE FINANZAS, S.A., in favor of BAC INTERNATIONAL BANK, INC.

2) Resolution SBP-2022-05999 of October 31, 2022: authorized the transfer of 100% of the issued and outstanding shares of CAPITAL BANK, INC. and subsidiaries to MERCANTIL CAPITAL, S.A., which entails a change of control of CAPITAL BANK, INC. and subsidiaries, in accordance with the terms and conditions established in the proposed transaction.

3) Resolution SBP-2022-06217 of November 9, 2022: authorized the transfer of 80% of the issued and outstanding shares of PACIFIC BANK, S.A. held by PASCAL UNIVERSAL INC., NEW SEA DEVELOPMENT SERVICES, INC. and ABAKO, LP, in favor of ATLÁNTIDA OVERSEAS INVESTMENTS, S.A., in accordance with the terms and conditions set forth in the proposed transaction.


Mergers

1) Resolution SBP-2022-04364 of August 17, 2022: authorized the merger by absorption between MULTIBANK, INC., and ORBIS REAL ESTATE, INC., resulting in MULTIBANK, INC. as the surviving company.

2) Resolution SBP-2022-07121 of December 23, 2022: authorized the merger by absorption between BANCO GENERAL S.A. and FINANZAS GENERALES, S.A., resulting in BANCO GENERAL S.A. as the surviving company.
Mergers and Acquisitions 2020
Transfers

1) Resolution SBP-0009-2020 of January 16, 2020: The transfer of 50.01% of the shares of GILEX HOLDING S.A.R.L. to GRUPO FINANCIERO GNB S.A. (PANAMA) was authorized, in accordance with the phases outlined in the Banking Group's corporate reorganization process.

2) Resolution SBP-0017-2020 of January 28, 2020: A no-objection was granted to the transfer of 100% of the shares of MERCANTIL BANK (SCHWEIZ) A.G. to MERCANTIL HOLDING FINANCIERO INTERNACIONAL, S.A., in accordance with the phases outlined in the Banking Group's corporate reorganization process.

3) Resolution SBP-0053-2020 of March 24, 2020: The transfer of up to 100% of the issued and outstanding shares of MULTI FINANCIAL GROUP, Inc., to LEASING BOGOTÁ S.A. PANAMÁ, was authorized, resulting in a change of control of Multibank, Inc. and its subsidiaries, in accordance with the terms and conditions established in the proposed transaction.

4) Resolution SBP-0087-2020 of July 27, 2020: The transfer of 40% of the shares of GRUPO AGROMERCANTIL HOLDING S.A., owned by BAM FINANCIAL CORPORATION, to BANCOLOMBIA (PANAMÁ), S.A. was authorized. Consequently, BANCOLOMBIA (PANAMÁ), S.A. would become the owner of 100% of the issued and outstanding shares of GRUPO AGROMERCANTIL HOLDING S.A., in accordance with the terms established in the proposed transaction.

5) Resolution SBP-0106-2020 of September 10, 2020: The transfer of 47.27% of the issued and outstanding shares of BANISI HOLDING, S.A. was authorized, which entails the transfer by PIETRO OVERSEAS, S.A. of 41.59% of the issued and outstanding shares it holds in BANISI HOLDING, S.A., directly, and 51% of the issued and outstanding shares of BANDERILLA CAPITAL GROUP, S.A., representing 5.68% of the shares of BANISI HOLDING, S.A., indirectly, to BANISI INTERNATIONAL FOUNDATION.

6) Resolution SBP-0132-2020 of October 21, 2020: It was resolved to authorize MMG CAPITAL HOLDINGS, INC. to repurchase, for valuable consideration, all of the issued and outstanding shares (16%) of Eduardo Morgan González's equity stake in MMG CAPITAL HOLDINGS, INC. and 1% of Mario De Diego Gambotti's equity stake in MMG CAPITAL HOLDINGS, INC., and to authorize the acquisition of MMG CAPITAL HOLDINGS INC. shares in favor of Diana Gabriela Morgan Boyd (9%); Hugo Pierre Rodríguez Michot (4%); and Jorge Raúl Vallarino Ferrer (4%).

7) Resolution SBP-0154-2020 of December 2, 2020: authorized the merger by absorption of MULTIBANK INC., MULTIBANK FACTORING, INC., MULTILEASING FINANCIERO, S.A., and GRAN FINANCIERA, S.A., of which MULTIBANK INC. will be the surviving entity, in accordance with the terms and conditions established in the proposed transaction.

8) Resolution SBP-0158-2020 of December 7, 2020: authorized the merger by absorption between BAC INTERNATIONAL BANK, INC. and CREDOMATIC INTERNATIONAL CORPORATION, of which BAC INTERNATIONAL BANK, INC. will be the surviving entity.

9) Resolution SBP-0164-2020 of December 22, 2020, granted a no-objection to the transfer of 99.9% of the shares of BANESCO BANCO MÚLTIPLE, S.A. owned by BANESCO (PANAMÁ), S.A. to BANESCO HOLDING FINANCIERO, S.L.


Mergers

1) Resolution SBP-0028-2020 of February 4, 2020: authorized the merger by absorption of BANCO ALIADO, S.A., ALLIED PACIFIC INC., and BANCO PANAMÁ, S.A., of which BANCO ALIADO, S.A. will be the surviving banking entity, in accordance with the terms and conditions contemplated in the proposed transaction.

2) Resolution SBP-0094-2020 of August 12, 2020: The merger by absorption between BAC INTERNATIONAL BANK, INC., and RUDAS HILL FINANCIAL, INC. was authorized, resulting in BAC INTERNATIONAL BANK, INC. as the surviving entity.

3) By Resolution SBP-0154-2020 of December 2, 2020, the merger by absorption of MULTIBANK INC., MULTIBANK FACTORING, INC., MULTILEASING FINANCIERO, S.A., and GRAN FINANCIERA, S.A. was authorized, resulting in MULTIBANK INC. as the surviving entity, in accordance with the terms and conditions set forth in the proposed transaction.

4) Resolution SBP-0158-2020 of December 7, 2020, authorized the Merger by Absorption between BAC INTERNATIONAL BANK, INC. and CREDOMATIC INTERNATIONAL CORPORATION, from which BAC INTERNATIONAL BANK, INC. will result as the surviving company.

Mergers and Acquisitions 2019
Transfers

1) Resolution SBP-0124-2019 of July 15, 2019, granted a no-objection to the transfer of 100% of the shares of ALVINA CORPORATION, indirect owner of Mercantil Banco, S.A., to the shareholders of Mercantil Servicios Financieros, C.A. (VENEZUELA), which represents a corporate reorganization.


Mergers

1) Resolution SBP-007-2019 of May 14, 2019, authorized the merger by absorption of the banking entities Global Bank Corporation, Banco Panameño de la Vivienda, S.A., and GB AV INC., of which Global Bank Corporation will be the surviving company, in accordance with the terms and conditions contemplated in the proposed transaction.

2) Resolution SBP-0144-2019 of August 19, 2019, authorized the merger by absorption of the companies ALLIED PACIFIC INC. and GRUPO CENTENARIO DE INVERSIONES, S.A., of which ALLIED PACIFIC INC. will be the surviving company, in accordance with the terms and conditions contemplated in the proposed transaction.

3) Resolution SBP-0147-2019 of August 21, 2019, authorized the Merger by Absorption between GTC BANK INC. and BANCO G&T CONTINENTAL (PANAMÁ), S.A., where GTC BANK INC., as the surviving company, will absorb BANCO G&T CONTINENTAL (PANAMÁ), S.A.

Mergers and Acquisitions 2018
Transfers

1) Resolution SBP-0152-2018 of October 26, 2018, granted a no-objection to the transfer of 100% of the shares of GRUPO FINANCIERO GNB S.A. (PANAMÁ) to GILEX HOLDING S.A.R.L.

2) Resolution SBP-0155-2018 of October 31, 2018, authorized the transfer of 100% of the issued and outstanding shares of BANCO DEL PACÍFICO (PANAMÁ), S.A., held by BANCO DEL PACÍFICO, S.A., to PACIFIC BLUE OCEAN HOLDING INC., in accordance with the terms and conditions set forth in the proposed transaction.

3) Resolution SBP-0162-2018 of November 23, 2018, authorized the transfer of 99.9720% of the issued and outstanding shares of BANCO PANAMEÑO DE LA VIVIENDA, S.A. and subsidiaries, owned by GRUPO MUNDIAL TENEDORA, S.A., to GB AV INC., in accordance with the terms and conditions established in the proposed transaction.


Mergers

1) Resolution SBP-0010-2018 of February 1, 2018, authorized the Merger by Absorption between MMG BANK CORPORATION and UNIVERSAL LEASING INC., resulting in MMG BANK CORPORATION as the surviving company.

2) Resolution SBP-0045-2018 of April 19, 2018, authorized the merger by absorption abroad between BANCO PROMERICA GUATEMALA, SOCIEDAD ANÓNIMA and BANCO PROMERICA, SOCIEDAD ANÓNIMA, resulting in the latter being the surviving company.

3) Resolution SBP-0074-2018 of June 1, 2018, authorized the merger by absorption between BCT BANK INTERNATIONAL, S.A. and BALBOA BANK & TRUST, CORP., resulting in BCT BANK INTERNATIONAL, S.A. being the surviving company.

4) Resolution SBP-0120-2018 of September 17, 2018, authorized the merger by absorption between GLOBAL BANK CORPORATION and INMOBILIARIA ARGA, S.A. GLOBAL BANK CORPORATION will emerge as the surviving company.

5) Resolution SBP-0173-2018 of December 3, 2018, authorized the Merger by Absorption between ATLANTIC SECURITY BANK and CORREVAL PANAMÁ, S.A. in accordance with the terms and conditions of the proposed transaction, from which ATLANTIC SECURITY BANK will emerge as the surviving company.

Mergers and Acquisitions 2017
Transfers

1. Resolution SBP-0184-2017 of October 6, 2017 authorized the transfer to CORPORACIÓN BCT, S.A. of 100% of the shares of BALBOA BANK & TRUST, CORP., and its subsidiaries, in accordance with the terms and conditions established in the proposed transaction. This transfer results in a change of direct control of BALBOA BANK & TRUST, CORP., and indirect control of its subsidiaries.

2. Resolution SBP-0235-2017 of December 14, 2017, authorized the acquisition of 50% of the shares of MMG CAPITAL HOLDINGS, INC., owner of 100% of the shares of MMG BANK CORPORATION, in accordance with the terms established in the proposed transaction.


Mergers

1. Resolution SBP-0148-2017 of August 9, 2017, authorized the merger by absorption between CANAL BANK S.A. and REFORESTADORA UNIVERSAL DE CHIRIQUÍ SOCIEDAD ANÓNIMA, resulting in CANAL BANK S.A. as the surviving company.

2. Resolution SBP-0243-2017 of December 29, 2017, authorized the merger by absorption between BAC INTERNATIONAL BANK, INC. and BAC LEASING, INC., resulting in BAC INTERNATIONAL BANK, INC. as the surviving company.

3. Resolution SBP-0244-2017 of December 29, 2017, authorized the merger by absorption between BAC INTERNATIONAL BANK, INC. and CREDOMATIC DE PANAMÁ, S.A., resulting in BAC INTERNATIONAL BANK, INC. as the surviving company.

Mergers and Acquisitions 2016
Transfers

1. Resolution SBP-0030-2016 of January 25, 2016, authorized the transfer to CANAL BANK S.A. of 70% of the issued and outstanding shares of BANCO UNIVERSAL, S.A. and subsidiaries, in accordance with the terms established in the proposed transaction, resulting in a change of direct control of BANCO UNIVERSAL, S.A. and subsidiaries.

2. Resolution SBP-0115-2016 of July 1, 2016, authorized PROMERICA FINANCIAL CORPORATION to acquire 100% of the issued and outstanding shares of BANCO CITIBANK DE GUATEMALA, S.A., CITITARJETAS DE GUATEMALA LIMITADA, and CITIBROKER AGENTE DE SEGUROS INDEPENDIENTE, S.A. and GRUPO INMOBILIARIO CÉNTRICA, S.A., pursuant to the terms established in the proposed transaction.

3. Resolution SBP-0165-2016 of August 26, 2016: The transfer of all the shares of BSI HOLDING A.G., representing 100% of the shares of BSI, S.A., was authorized, pursuant to the terms established in the proposed transaction, in favor of EFG INTERNATIONAL A.G., resulting in a change of indirect control of BSI (Panama), S.A. and BSI BANK (PANAMA), S.A.

Mergers

1. Resolution SBP-0166-2016 of August 31, 2016, authorized the Merger by Absorption in which CANAL BANK S.A., as the surviving company, absorbed BANCO UNIVERSAL, S.A. and the following subsidiaries: (i) Inmuebles Universales, S.A., (ii) Reforestadora Universal de Chiriquí, S.A., (iii) Factoring Universal, S.A., (iv) Arrendadora Universal, S.A., and (v) Banco Universal Trust Corporation (Montserrat).

Mergers and Acquisitions 2015
Transfers

1) Resolution SBP-0064-2015 of April 9, 2015, authorized the indirect acquisition of 100% of the issued and outstanding shares of Banco de Soluciones Bansol de Costa Rica, in favor of Banco Prival, S.A., which will be carried out through Grupo Prival Costa Rica, S.A.

2) Resolution SBP-0065-2015 of April 13, 2015, authorized the transfer of 51% of the shares of Banco Pichincha Panamá, S.A., held by Diners Club Perú S.A., to BPP Holding S.A.C., in accordance with the terms established in the proposed transaction.

3) Resolution SBP-0067-2015 of April 16, 2015, authorized the transfer of all the shares of ParticipatieMaatschappijGraafschapHolland N.V., which represent 100% of the shares of BSI, S.A., in accordance with the terms established in the proposed transaction, in favor of Banco BTG Pactual S.A., resulting in the indirect change of control of BSI (Panama), S.A. and BSI Bank (Panama), S.A.

4) Resolution SBP-0075-2015 of May 5, 2015, authorized the transfer of shares within the same Economic Group of MultiFinacialGroup, Inc., the 100% holding company of Multibank Inc., through the assignment of all the shares of Alpamico, Inc., to the Matinion Foundation.

5) Resolution SBP-0086-2015 of May 28, 2015, authorized the acquisition of 100% of the issued and outstanding shares of BANCO Citibank de Nicaragua, S.A. and Cititarjetas de Nicaragua, S.A. in favor of Grupo Financiero Ficohsa, S.A.

6) Resolution SBP-0087-2015 of May 27, 2015, authorized the transfer of shares within the same Economic Group of GRUPO FINANCIERO FICOHSA, S.A., through the transfer of all the shares held by CORPORACIÓN DEL PACÍFICO, S.A. DE C.V. (CORPASA) in GRUPO FINANCIERO FICOHSA, S.A., to PACIFIC CORPORATION.

7) Resolution SBP-0164-2015 of October 28, 2015, authorized the transfer of 48.98% of the shares of BANCO PICHINCHA PANAMÁ, S.A., owned by BANCO PICHINCHA C.A., to BPP HOLDING S.A.C., thereby becoming the holder of 99.98% of the Bank's shares.

8) Resolution SBP-0180-2015 of November 25, 2015, authorized the transfer of 20% of the shares of GRUPO AGROMERCANTIL HOLDING S.A., owned by BAM FINANCIAL CORPORATION, to BANCOLOMBIA (PANAMÁ), S.A., whereby BANCOLOMBIA (PANAMÁ), S.A. would become the owner of 60% of the issued and outstanding shares of GRUPO AGROMERCANTIL HOLDING S.A., which would entail a change in direct control of GRUPO AGROMERCANTIL HOLDING S.A., in accordance with the terms established in the proposed transaction.

9) Resolution SBP-0186-2015 of December 9, 2015, authorized CITIBANK OVERSEAS INVESTMENT CORPORATION to transfer 100% of the issued and outstanding shares of BANCO CITIBANK (PANAMÁ), S.A. and its subsidiary, pursuant to the terms established in the proposed transaction, to SCOTIABANK CARIBBEAN HOLDINGS LTD., resulting in a change of direct control of BANCO CITIBANK (PANAMÁ), S.A. and its subsidiary;


Mergers

1) Resolution SBP-0094-2015 of June 9, 2015, authorized the Merger by Absorption between ST. GEORGES BANK & COMPANY, INC. and PRODUBANK (PANAMÁ), S.A., resulting in ST. GEORGES BANK & COMPANY, INC. as the surviving company.

2) Resolution SBP-0111-2015 of June 26, 2015, recognizes the effects of the merger by absorption carried out abroad between BANCO ETCHEVERRÍA, S.A. and NCG BANCO, S.A., through which NCG BANCO, S.A. absorbed BANCO ETCHEVERRÍA, S.A.

3) Resolution SBP-0127-2015 of August 4, 2015, Merger by Absorption between BSI BANK (PANAMÁ), S.A. and BSI INVESTMENT ADVISORS (PANAMÁ), INC., resulting in BSI BANK (PANAMÁ), S.A. as the surviving company.

4) Resolution SBP-0136-2015 of October 1, 2015, recognizes the effects of the overseas merger between KOREA EXCHANGE BANK and HANA BANK CO., LTD.

Mergers and Acquisitions 2014

Transfers

  1. S.B.P. Resolution No. 0041 of April 14, 2014, authorized the transfer of 100% of the shares of BANISI, S.A., owned by BANCO DE GUAYAQUIL, S.A., to BANISI HOLDING S.A., in accordance with the terms established in the proposed transaction.
  2. S.B.P. Resolution No. 0060-2014 of May 20, 2014, authorized the transfer of 55% of the shares of BANCO DE LA PRODUCCION, S.A., which, in turn, owns 100% of the shares of PRODUBANK (PANAMÁ), S.A., to PROMERICA FINANCIAL CORPORATION, in accordance with the terms established in the proposed transaction.

Mergers

  1. S.B.P. Resolution No. 0078-2014 of June 18, 2014, resolved: (i) To recognize the effects, as applicable, of the merger by absorption carried out abroad between MERRILL LYNCH BANK (SUISSE), S.A. and BANK JULIUS BAER & CO. LTD., through which BANK JULIUS BAER & CO. LTD. absorbed MERRILL LYNCH BANK (SUISSE), S.A.; (ii) To authorize the change of corporate name in the Public Registry of Panama of MERRILL LYNCH BANK (SUISSE), S.A., to BANK JULIUS BAER & CO. LTD., which will retain the Representation License authorized by S.B.P. Resolution No. 114-2006 of November 9, 2006.
  2. S.B.P. Resolution No. 0158-2014 of December 3, 2014, authorized the merger by absorption agreement between BAC INTERNATIONAL BANK, INC. and BANCO BAC DE PANAMÁ, S.A., leaving BAC INTERNATIONAL BANK, INC. as the surviving company.
  3. S.B.P. Resolution No. 0168-213 of December 23, 2014, recognizing the effects, as applicable, of the merger abroad of CORPBANCA and BANCO ITAÚ CHILE, resulting in the indirect change of control of HELM BANK (PANAMÁ) S.A. in the Republic of Panama.
Mergers and Acquisitions 2013
  1. S.B.P. Resolution No. 0004-2013 of January 14, 2013. Authorizing the sale of all shares of ROMANA CORPORATION C.V., representing 37.5% of the shares of INTERNATIONAL UNION BANK, S.A., in favor of Mr. Carlos Henrique Mendoza Valladares, Mr. Nicolás Andrés Vera Santander, Mr. Gustavo Nuñez, and Mr. Luis Guillermo Degwitz Brillembourg.
  2. S.B.P. Resolution No. 0015-2013 of February 6, 2013. Authorizing the transfer of all the shares of INVERSIONES TIMÓN, S.A.S., INVERSIONES CARRÓN S.A.S., COMERCIAL CAMACHO GÓMEZ S.A.S., and KRESGE STOCK HOLDING COMPANY INC., representing 100% of the shares of HELM BANK, S.A., in accordance with the terms established in the proposed transaction, in favor of BANCO CORPBANCA COLOMBIA, S.A., resulting in the indirect transfer of ownership of the shares of HELM BANK (PANAMÁ), S.A.
  3. SBP Resolution No. 0016-2013 of February 7, 2013. Authorizing the transfer, within the same Economic Group, by LA HIPOTECARIA (HOLDING), INC. (BVI), 99.98% of the shares of LA HIPOTECARIA S.A. de C.V. (EL SALVADOR) in favor of BANCO LA HIPOTECARIA, S.A.
  4. SBP Resolution No. 0033-2013 of March 14, 2013. Recognizes the transfer of 51% of the shares of BANCO PICHINCHA PANAMÁ, S.A., in accordance with the terms established in the transaction signed between BANCO PICHINCHA C.A. (ECUADOR) and DINERS CLUB PERÚ S.A.
  5. SBP Resolution No. 0037-2013 of March 18, 2013. Recognizes the effects, as applicable, of the transfer of shares of MERRILL LYNCH BANK (SUISSE), S.A. in favor of JULIUS BAER GROUP LTD., ZURICH, which results in a change of control of the Representative Office of MERRILL LYNCH BANK (SUISSE), S.A., in the Republic of Panama.
Mergers and Acquisitions 2012
  1. Resolution SBP-FID-0016-2012 of December 21, 2012.
    Authorizing the transfer of all the shares of its current holding company, ALEMÁN, CORDERO, GALINDO & LEE CORPORATE HOLDINGS INC., to APEX INTERNATIONAL (CYPRUS) LIMITED.
  2. Resolution SBP No. 0154-2012 of December 6, 2012.
    Authorizing the merger by absorption between BALBOA BANK & TRUST, CORP. and BANCO TRASATLÁNTICO, S.A., resulting in BALBOA BANK & TRUST, CORP. as the surviving company.
  3. Resolution SBP No. 0153-2012 of December 4, 2012. Authorizing the transfer of all the shares of its current holding company, BANESCO, S.A. and MIURA INVESTMENTS, N.V., in favor of SOCIÉTÉ FINANCIÈRE DES ANTILLES N.V.
  4. Resolution SBP No. 0133-2012 of October 19, 2012. Authorizing the transfer of 100% of the shares of BANCO TRASATLÁNTICO, S.A., in accordance with the terms established in the proposed transaction, in favor of STRATEGIC INVESTORS GROUP INC., the holding company of 100% of the shares of BALBOA BANK & TRUST, CORP.
  5. Resolution SBP No. 93-2012 of August 6, 2012. Authorizing the Merger by Absorption between BANCO UNIVERSAL, S.A. and INMOBILIARIA UNIVERSAL 50, S.A., resulting in BANCO UNIVERSAL, S.A. as the surviving company.
  6. Resolution SBP No. 0061-2012 of June 1, 2012. Authorizing the sale of the shares of the subsidiaries Grupo del Istmo (Costa Rica) S.A., Inversiones Financieras HSBC Sociedad Anónima, Banco HSBC Honduras, S.A., and Seguros HSBC Honduras, Sociedad Anónima, all owned by HSBC Bank (Panama), to Banco Davivienda, S.A., in accordance with the provisions of the Share Purchase Agreement signed by the parties.
  7. Resolution SBP No. 001-2012 of January 12, 2012. Authorizing the transfer of 51% of the shares of BANCO COLPATRIA MULTIBANCA COLPATRIA, S.A., in accordance with the terms established in the proposed transaction, to THE BANK OF NOVA SCOTIA.
Mergers and Acquisitions 2011
  1. Resolution SBP 0163-2011 dated 14 December 2011.
    To authorize BANCO TRASATLÁNTICO, S.A., to execute the sale and purchase agreement between BANCO TRASATLÁNTICO, S.A. and VLADIMIR ANTONOV, for the bank to acquire all 14,000 shares of the bank owned by VLADIMIR ANTONOV and as counter-payment Mr. Antonov will receive the position BANCO TRASATLÁNTICO, S.A. has in MULTIASSETS, S.A. valued at 13 million three hundred sixty-one thousand, five hundred twenty-nine US dollars and forty cents (US$13,361,529.40) as of November 8, 2011.
  2. Resolution SBP 15-2011 dated 21 February 2011.
    To recognize the effects, as appropriate, of the merger by integration overseas between CAJA DE AHORROS DE GALICIA (CAIXA GALICIA) and CAIXA DE AFORROS DE VIGO, OURENSE Y PONTEVEDRA (CAIXANOVA).
  3. Resolution SBP 13-2011 dated 31 January 2011.
    To authorize the merger by absorption between BANCO CITIBANK (PANAMÁ), S.A. and ADMINISTRADORA ANCÓN, S.A., FACTORING CUSCATLÁN, S.A., LEASING CUSCATLÁN.
Mergers and Acquisitions 2010
  1. Resolution SBP 270-2010 dated 24 November 2010.
    To authorize the merger by absorption between UNI BANK & TRUST, INC. and UNI B & T DE PANAMÁ, S.A. from which UNI BANK & TRUST, INC. will be the surviving company.
  2. Resolution SBP 258-2010 dated 28 October 2010.
    To authorize ROMANA CORPORATION C.V. to sell thirty-seven point five percent (37.5%) of the shares it owns in INTERNATIONAL UNION BANK, INC. to LUIS GUILLERMO DEGWITZ BRILLEMBOURG and to thirty-seven point five percent (37.5%) to JOSÉ TOMÁS DUARTE BECERRA.
  3. Resolution SBP 250-2010 dated 20 October 2010.
    To authorize the transfer of 100% of the shares of BAC INTERNATIONAL BANK INC., to LEASING BOGOTÁ S.A. PANAMÁ pursuant to the terms established in the proposed transaction.
  4. Resolution SBP 247-2010 dated 15 October 2010.
    To authorize MULTIBANK, INC. to acquire 30% of the shares of its affiliate company MACROFINANCIERA, S.A. COMPAÑÍA DE FINANCIAMIENTO, resulting MULTIBANK, INC. being the sole shareholder of the company.
  5. Resolution SBP 028-2010 dated 2 February 2010.
    To authorize STRATEGIC INVESTORS GROUP, INC. to acquire 100% of the shares of STANFORD BANK (PANAMÁ), S.A. – under Reorganization -, currently controlled by STANFORD INTERNATIONAL HOLDINGS (PANAMÁ), S.A.
Mergers and Acquisitions 2009
  1. Resolution SBP 54-2009 dated 16 February 2009.
    To grant an extensionuntil June 30, 2009 for HSBC BANK (PANAMÁ), S.A. and PRIMER BANCO DEL ISTMO, S.A. to complete all of the legally-required acts for the execution of their merger.
  2. Resolution SBP 53-2009 dated 12 February 2009.
    To authorize METROBANK, S.A. to assume all assets and liabilities of FINANCIERA RAPID CASH, S.A., CORPORACIÓN UNIVERSAL DE CRÉDITO, S.A. and FIRST UNION CORPORATION, by means of the Merger by Absorption Agreement dated 25 November 2009.
Mergers and Acquisitions 2008
  1. By means of Resolution S.B.P. 019-2008 dated 18 January 2008, GTC BANK INC. and BANEX INTERNATIONAL BANK CORP., were authorized to execute a merger by absorption whereby GTC BANK INC. would be the surviving company
  2. By means of Resolution S.B.P. 031-2008 dated 29 January 2008, GLOBAL BANK CORPORATION, INC., LEESPORT FINANCE, INC., DRAMEN INTERNATIONAL, INC., DONTOBAY HOLDING, INC., and DRABOX INTERNATIONAL, S.A., were authorized to execute a merger by absorption, whereby GLOBAL BANK CORPORATION, INC. would be the surviving company.
  3. By means of Resolution S.B.P. 035-2008 dated 31 January 2008, BANCO GENERAL, S.A. was authorized to assume all assets, property, rights, privileges, powers and franchises, and the liabilities and obligations of INVERSIONES FAR WEST, S.A. by means of a Merger Agreement dated December 17, 2007 under which INVERSIONES FAR WEST, S.A. will cease to exist.
  4. By means of Resolution S.B.P. 067-2008 dated 3 March 2008, BANCO UNO, S.A. and BANCO CUSCATLÁN DE PANAMÁ, S.A. were granted an extension until June 4, 2008 to formalize and file their Merger Agreement in the Public Registry.
  5. By means of Resolution S.B.P. 079-2008 dated 19 March 2008, BANCO AGRÍCOLA (PANAMÁ), S.A. was authorized to transfer certain assets and liabilities to BANCOLOMBIA (PANAMÁ), S.A. in order to apply for the voluntary liquidation of BANCO AGRÍCOLA (PANAMÁ), S.A. once the transfer is concluded.
  6. By means of Resolution S.B.P. 093-2008 dated 31 March 2008, GRUPO CUSCATLÁN PANAMÁ, S.A. was authorized to transfer all issued and outstanding shares of BANCO CUSCATLÁN DE PANAMÁ, S.A. that it holds to CITIBANK OVERSEAS INVESTMENT CORPORATION.
  7. By means of Resolution S.B.P. 244-2008 dated 26 September 2008, the Superintendency resolved to leave without effect the Resolution S.B.P. 180-2007 dated 16 November 2007, whereby HSBC ASIA PACIFIC HOLDINGS (UK) LIMITED had been authorized to acquire not less than 51.01% of the issued and outstanding capital stock that LSF KEB HOLDINGS SCA held in KOREA EXCHANGE BANK LTD.
  8. By means of Resolution S.B.P. 140-2008 dated 29 May 2008, BANCO UNO, S.A. and BANCO CUSCATLÁN DE PANAMÁ, S.A. were granted an extension until September 4, 2008 to formalize and file their Absorption Agreement in the Public Registry. Also, in this Resolution they were granted an extension until December 6, 2008 to complete all legal, administrative and operational acts required to execute the Merger by Absorption under which BANCO CUSCATLÁN DE PANAMÁ, S.A. would be the surviving company.
  9. By means of Resolution S.B.P. 210-2008 dated 29 August 2008, BANCO UNO, S.A. and BANCO CUSCATLÁN DE PANAMÁ, S.A. were granted an extension until December 4, 2008 to formalize and file their Absorption Agreement in the Public Registry.
  10. By means of Resolution S.B.P. 166-2008 dated 30 June 2008, BANCO PANAMÁ, S.A. and SERVICIOS CENTENARIOS DE PANAMÁ, S.A. were authorized to merge by means of a Merger Agreement dated May 23, 2008, under which BANCO PANAMÁ, S.A. would be the surviving company.
  11. By means of Resolution S.B.P. 199-2008 dated 13 August 2008, HSBC BANK (PANAMÁ), S.A. and PRIMER BANCO DEL ISTMO, S.A. were authorized to merger by means of a Merger Agreement under which the former would absorb the latter. By means of Resolution S.B.P. 278-2008 dated 28 October 2008, the Superintendency granted an extension until February 28, 2009 to PRIMER BANCO DEL ISTMO, S.A. and HSBC BANK (PANAMÁ), S.A. to complete all legal, administrative and operational acts to formalize the merger as well as to formalize and file the Merger Agreement in the Public Registry.
Mergers and Acquisitions 2007
  1. By means of Resolution S.B.P. 011-2007 dated 15 February 2007, CITIBANK OVERSEAS INVESTMENT CORPORATION was authorized to acquire all issued and outstanding shares of GRUPO FINANCIERO UNO, S.A. and BANCO UNO, S.A.
  2. By means of Resolution S.B.P. 012-2007 dated 15 January 2007, BANCO PANAMEÑO DE LA VIVIENDA, S.A. was authorized to acquire fifty-one percent (51%) of the issued and outstanding shares of GIROS & FINANZAS COMPAÑÍA DE FINANCIAMIENTO COMERCIAL, S.A.
  3. By means of Resolution S.B.P. 026-2007 dated 19 March 2007, BANCO GENERAL, S.A. was authorized to transfer all of its issued and outstanding shares to BG HOLDINGS, INC.
  4. By means of Resolution S.B.P. 031-2007 dated 23 March 2007, HSBC BANK (PANAMÁ), S.A. and GRUPO BANISTMO, S.A. were authorized to execute a Merger by absorption, resulting in HSBC BANK (PANAMÁ), S.A. being the surviving company.
  5. By means of Resolution S.B.P. 033-2007 dated 27 March 2007, BANCOLOMBIA (PANAMÁ), S.A. was authorized to acquire up to 100% of the common and outstanding shares of BANAGRÍCOLA, S.A.
  6. By means of Resolution S.B.P. 037-2007 dated 11 April 2007, BANCO DAVIVIENDA, S.A. was authorized to acquire up to 99% of the issued and outstanding shares of GRANBANCO, S.A.
  7. By means of Resolution S.B.P. 042-2007 dated 23 April 2007, CITIBANK INVESTMENT CORPORATION was authorized to acquire all issued and outstanding shares of GRUPO CUSCATLÁN PANAMÁ, S.A.
  8. By means of Resolution S.B.P. 055-2007 dated 8 May 2007, CREDOMATIC INTERNATIONAL CORPORATION was authorized to acquire 99.90838% of the capital stock of BANCO MERCANTIL, S.A. (BAMER), and 99.99% of the capital stock of CASA DE VALORES MERCANTIL, S.A. (MERVALORES), which are members of GRUPO FINANCIERO BAMER.
  9. By means of Resolution S.B.P. 062-2007 dated 21 May 2007, ST. GEORGES BANK & COMPANY, INC. was authorized to absorb by means of an Absorption Merger Agreement, all property, assets, obligations, and liabilities, regardless of type, nature or description, whether existent or contingent, as well as all paid-in capital, reserves, retained revenue and any other holdings of PROMERICA, S.A., which will be dissolved.
  10. By means of Resolution S.B.P. 074-2007 dated 31 May 2007, MULTI CREDIT BANK, INC. was authorized to acquire up to 70% of the issued and outstanding shares of MACROFINANCIERA, S.A. COMPAÑÍA DE FINANCIAMIENTO COMERCIAL.
  11. By means of Resolution S.B.P. 077-2007 dated 5 June 2007, BANCO CONTINENTAL DE PANAMÁ, S.A. was authorized to assume by means of a Merger Agreement dated April 27, 2007, all assets, property, rights, privileges, powers, franchises, liabilities and obligations of BANCO ALEMÁN PLATINA, S.A., CARCLE, S.A., DOTHAN FINANCE, INC. and TRI-MOON INVESTMENTS, INC., all four of which will be dissolved as legal entities.
  12. By means of Resolution S.B.P. 080-2007 dated 12 June 2007, GE EMERALD INC. was authorized to acquire up to 100% of the issued and outstanding shares of BANCO COLPATRIA-RED MULTIBANCA COLPATRIA, S.A.
  13. By means of Resolution S.B.P. 088-2007 dated 15 June 2007, BANCOLOMBIA (PANAMÁ), S.A. was authorized to acquire up to 100% of the issued and outstanding shares of BIENES Y SERVICIOS, S.A.
  14. By means of Resolution S.B.P. 089-2007 dated 15 June 2007, CORPORACIÓN TENEDORA BAC SAN JOSÉ SOCIEDAD ANÓNIMA was authorized to acquire 100% of the issued and outstanding shares of CORPORACIÓN FINANCIERA MIRAVALLES, SOCIEDAD ANÓNIMA and RECAUDADORA COSTA RICA, S.A. (RECSA).
  15. By means of Resolution S.B.P. 102-2007 dated 13 July 2007, BANCOLOMBIA (PANAMÁ), S.A. was authorized to assume by means of a Merger Agreement all assets, property, rights, privileges, powers, franchises, liabilities and obligations of SULEASING INTERNACIONAL, S.A., which will be dissolved.
  16. By means of Resolution S.B.P. 114-2007 dated 8 August 2007, a merger by absorption was of CORPORACIÓN FINANCIERA MIRAVALLES, S.A., RECAUDADORA COSTA RICA, S.A (RECSA) and BANCO BAC SAN JOSÉ, S.A., was authorized, with the latter remaining as the surviving company.
  17. By means of Resolution S.B.P. 128-2007 dated 5 September 2007, a merger by absorption of BANCO GENERAL, S.A. and BANCO CONTINENTAL DE PANAMÁ, S.A. was authorized, under which the former will remain as the surviving company.
  18. By means of Resolution S.B.P. 141-2007 dated 18 September 2007, a merger by absorption of BANCO DAVIVIENDA, S.A. and GRANBANCO, S.A., was authorized, under which the former remains as the surviving company.
  19. By means of Resolution S.B.P. 144-2007 dated 21 September 2007, INTERIM INVESTMENT, INC. was authorized to acquire 25.92% of the capital stock of BANCO DE FINANZAS (INTERNACIONAL), S.A.
  20. By means of Resolution S.B.P. 145-2007 dated 24 September 2007, (i) CORPORACIÓN G&T CONTINENTAL, S.A. was authorized to acquire 99.9447% of the paid-in capital shares of BANCO DE EXPORTACIÓN, S.A. and (ii) the merger by absorption of BANCO DE EXPORTACIÓN, S.A. and BANCO G&T CONTINENTAL, S.A., whereby the latter remains as the surviving company, was authorized.
  21. By means of Resolution S.B.P. 151-2007 dated 28 September 2007, VLADIMIR ANTONOV was authorized to acquire no less than 70% of the issued and outstanding shares of BANCO TRASATLÁNTICO, S.A. currently under the control of Pupkin International, Inc.
  22. By means of Resolution S.B.P. 175-2007 dated 13 November 2007, BANCO DE CRÉDITO HELM FINANCIAL SERVICES (PANAMÁ), S.A. was authorized to acquire 5.9999% of the issued and outstanding shares of LEASING DE CRÉDITO, S.A.
  23. By means of Resolution S.B.P. 180-2007 dated 16 November 2007, HSBC ASIA PACIFIC HOLDINGS (UK) LIMITED was authorized to acquire at least 51.02% of the issued and outstanding capital stock that LFS KEB HOLDINGS SCA has in KOREA EXCHANGE BANK, LTD.
  24. By means of Resolution S.B.P. 191-2007 dated 4 December 2007, the merger by absorption agreement between BANCO UNO, S.A. and BANCO CUSCATLÁN DE PANAMÁ, S.A., whereby the latter will remain as the surviving company, was authorized.
  25. By means of Resolution S.B.P. 219-2007 dated 28 December 2007, the transfer of all currently issued and outstanding common shares of MULTI CREDIT BANK, INC. to MULTI FINANCIAL GROUP, INC., was authorized.
  26. By means of Resolution S.B.P. 220-2007 dated 28 December 2007, the merger by absorption between BANCO DE AMÉRICA CENTRAL HONDURAS, S.A. and BANCO MERCANTIL, S.A., whereby the latter will remain as the surviving company, was authorized.
Mergers and Acquisitions 2005
  1. To authorize BANKBOSTON, N.A. to cede and transfer certain assets related to the banking business of BANKBOSTON, N.A. to BANCO GENERAL, S.A., and at the same time, for BANCO GENERAL, S.A. to assume certain liabilities of BANKBOSTON, N.A. related to the banking business. To authorize BANCO GENERAL, S.A. to acquire part of BOSTON OVERSEAS FINANCIAL CORPORATION, and all of the issued and outstanding capital shares of BOSTON INVESTMENTS SECURITIES INC. Resolution S.B. 09-2005 dated 21 January 2005. Official Gazette No. 25,230 dated 1 February 2005.
  2. To authorize BANCO CONTINENTAL DE PANAMÁ, S.A. to Merge by Absorption under a “Merger Agreement”, pursuant to which BANCO CONTINENTAL DE PANAMÁ, S.A. will absorb NAKA INVESTMENT CORPORATION, assuming all of its assets, liabilities and equity. Resolution S.B. 17-2005 dated 28 February 2005. Official Gazette No. 25,253 dated 9 March 2005.
  3. To authorize the Merger Agreement between CREDICORP BANK, S.A., CREDICORP FINANCIAL, INC. and FINANCIERA LA SUERTE, S.A., by virtue of which the latter two are merged into CREDICORP BANK, S.A., which will be the single surviving corporation. Resolution S.B. 061-2005 dated 23 June 2005. Official Gazette No. 25,341 dated 13 July 2005.
  4. To authorize the transfer of the assets, liabilities and investments of BANCO DE PICHINCHA LIMITED – NASSAU, subsidiary of BANCO DEL PICHINCHA C.A., to BANCO DEL PICHINCHA LIMITED PANAMÁ, S.A., which belongs to the same Economic Group, according to the Plan submitted to this Superintendency of Banks. Resolution S.B. 067-2005 dated 18 July 2005. Official Gazette No. 25,358 dated 05 August 2005.
  5. To authorize the merger by absorption of BANCO ATLÁNTICO (PANAMA), S.A., ATLÁNTICO LEASING, S.A. and ATLÁNTICO SERVICIOS, S.A., with BANCO ATLÁNTICO (PANAMA), S.A. remaining as the surviving corporation from this merger by absorption. Resolution S.B. 075-2005 dated 18 July 2005. Official Gazette No. 25,365 dated 18 August 2005.
  6. To authorize BAC CREDOMATIC HOLDING CO. LTD. and VINTAGE PROPERTIES LIMITED to sell up to 49.99% of their shares to GE CONSUMER FINANCE CENTRAL HOLDINGS CORP. (GECF), which will represent 49.99% of the corporate capital of a corporation to be established in BVI under the name BAC CREDOMATIC GECF INC. Resolution S.B. 076-2005 dated 18 July 2005. Official Gazette No. 25,358 dated 05 August 2005.
  7. To authorize the Merger Agreement between BANCO INTERNACIONAL DE COSTA RICA, S.A. and BICSA CORPORACIÓN FINANCIERA, S.A., by virtue of which both corporations will be merged into a single surviving corporation, BANCO INTERNACIONAL DE COSTA RICA, S.A. Resolution S.B. 079-2005 dated 16 August 2005. Official Gazette No. 25,372 dated 26 August 2005.
  8. To authorize BANCO UNO, S.A. (Panamá) to acquire 1,453,418 shares, which represent 90.27% of the issued and outstanding shares of BANCO UNO, SOCIEDAD ANÓNIMA, and 1,363,600 shares, which represent 90.9% of the issued and outstanding shares of AVAL-CARD, SOCIEDAD ANÓNIMA, both Nicaraguan corporations. Resolution S.B. 81-2005 dated 26 August 2005. Official Gazette No. 25,385 dated 14 September 2005.
  9. To authorize the merger by absorption between BANCO GENERAL, S.A. and GENERAL INVESTMENT SECURITIES, INC., where BANCO GENERAL, S.A. will be the absorbing company and GENERAL INVESTMENT SECURITIES, INC. will be the absorbed corporation. Resolution S.B. 89-2005 dated 15 September 2005. Official Gazette No. 25,392 dated 23 September 2005.
  10. To authorize the merger by absorption of GRUPO MUNDIAL INVERSIONISTA, S.A. and GRUPO MUNDIAL TENEDORA, S.A., the latter remaining as the surviving corporation of this merger by absorption and therefore, holder of all issued and outstanding shares of BANCO PANAMEÑO DE LA VIVIENDA, S.A. Resolution S.B. 101-2005 dated 28 October 2005. Official Gazette No. 25,435 dated 30 November 2005.
  11. To authorize GNB SUDAMERIS BANK, S.A. to acquire up to 50% of the issued and outstanding shares of STARMITES CORPORATION, N.V., which owns 100% of the issued and outstanding shares of GILEX HOLDING, B.V., which owns 94.7287% of the issued and outstanding shares of the financial entity denominated BANCO GNB SUDAMERIS, S.A. Resolution S.B. 107-2005 dated 22 November 2005. Official Gazette No. 25,441 dated 9 December 2005.
  12. To authorize BANCO PANAMEÑO DE LA VIVIENDA, S.A. to acquire 51% of the issued and outstanding shares of GRUPO COLFINANZAS, S.A., which owns 100% of the issued and outstanding shares of COLFINANZAS, S.A. Resolution S.B. 110-2005 dated 24 November 2005. Official Gazette No. 25,450 dated 22 December 2005.
  13. To authorize the transfer of one thousand one hundred sixteen (1116) shares of BANCO INTERNACIONAL DE COSTA RICA, S.A., owned by BANCO NACIONAL DE COSTA RICA, to BANCO DE COSTA RICA, the latter being the owner of fifty-one percent (51%) of the three thousand six hundred (3600) issued and outstanding shares of BANCO INTERNACIONAL DE COSTA RICA, S.A. Resolution S.B. 119-2005 dated 20 December 2005. Official Gazette No. 25,471 dated 25 January 2006
  14. To authorize GTC BANK, INC. to acquire 199,960 shares of FINANCIERA G&T CONTINENTAL, S.A. Resolution S.B. 121-2005 dated 23 December 2005. Official Gazette No. 25,471 dated 25 January 2006.
Mergers and Acquisitions 2004
  1. To authorize the transfer of 100% of the issued and outstanding shares of Wall Street Securities Group, S.A. with voting rights, to Banco Continental de Panamá, S.A. Resolution S.B. 112-2004 dated 2 March 2004.
  2. To authorize Stanford Bank Holdings Limited to transfer all issued and outstanding shares of Stanford International Bank (Panamá), S.A., to Stanford International Holdings (Panamá), S.A. Resolution S.B. 113-2004 dated 9 March 2004.
  3. To authorize the merger abroad of FleetBoston Financial Corporation and Bank of America Corporation. Resolution S.B. 118-2004 dated 15 March 2004.
  4. To authorize Banco Aliado, S.A., Inmuebles y Proyectos, S.A. and Promotora M.T.I., S.A. to merge under a “Merger by Absorption Agreement”, whereby Banco Aliado, S.A. assumes all assets, liabilities and equity of Inmuebles y Proyectos, S.A. and Promotora M.T.I., S.A. with Banco Aliado, S.A. being the surviving company. Resolution S.B. 132-2004 dated 26 April 2004.
  5. To authorize the merger of Banco Panamericano, S.A., Ancon Holding Panama, S.A. and Banco Cuscatlán de Panamá, S.A., from which Banco Cuscatlán de Panamá, S.A. will survive. Resolution S.B. No. 143-2004 of 29 April 2004.
  6. To authorize Banque Sudameris, S.A. to cede and transfer certain assets related to the private banking business to GNB Bank (Panamá), S.A. and, at the same time, for GNB Bank (Panama) S.A. to assume certain liabilities of Banque Sudameris, S.A., also related to the private banking business, pursuant to the Agreement submitted to the Superintendency of Banks. Resolution S.B. 146-2004 dated 10 May 2004.
  7. To authorize Banco Continental de Panamá, S.A., Wall Street Securities Group, S.A. and Wall Street Bank, S.A., to Merge by Absorption under a “Merger Agreement” whereby the former will absorb the remaining corporations, assuming all of their assets, liabilities and equity. Resolution S.B. 190-2004 dated 19 July 2004.
  8. To authorize the transfer of the stocks in International Union Bank, S.A. held by Inverunión, S.A., Casa de Bolsa; C.A., Arrendadora Unión; and Inversiones Whizard Uno, C.A. to Romana Corporation, C.V. Resolution S.B. 196-2004 dated 22 July 2004.
  9. By means of Resolution S.B. 207-2004 dated 20 August 2004, the Superintendent of Banks noted without objections and ordered the corresponding registration in the Superintendency of Banks of the merger by absorption abroad of Unibanca, Banco Universal, C.A.; Banco Hipotecario Unido, C.A.; Banco de Inversión Unión, C.A.; C.A. Arrendadora Unión; Sociedad de Arrendamiento Financiero, and Fondo Unión, C.A. with Banesco, Banco Universal, S.A.
  10. By means of Resolution S.B. 212 dated 13 September 2004, the Superintendent of Banks authorized Primer Banco del Istmo, S.A. to acquire the issued and outstanding shares of Lloyds TSB Bank, S.A. and of Lloyds Trust, S.A., financial entities existing and organized according to Colombian law.
  11. By means of Resolution S.B. 219 dated 19 October 2004, the Superintendent of Banks authorized Primer Banco del Istmo, S.A. to acquire up to thirty-five percent (35%) of all issued and outstanding shares of Banco de Comercio de El Salvador, a financial entity organized according to the laws of El Salvador.
  12. By means of Resolution S.B. 220 dated 20 October 2004, the Superintendent of Banks authorized HSBC Bank (Panama) S.A., Panama Realty Investment, S.A. and Overseas Realty Corporation of Panama, to merge under a “Merger Agreement” whereby the former will absorb the remaining corporations.
  13. By means of Resolution S.B. 217 dated 21 October 2004, the Superintendent of Banks authorized the merger by absorption abroad of Banco Sabadell, S.A. (absorbing corporation) and Banco Atlántico, S.A. (absorbed corporation).
  14. By means of Resolution S.B. 221 dated 21 October 2004, the Superintendent authorized Banco de Finanzas (International), S.A. to transfer six hundred thirty thousand shares (630,000), which equals twenty-one percent (21%) of its capital stock, to GRUPO ASSA, S.A., both corporations existing and organized according to Panamanian law.
Mergers and Acquisitions 2003
    1. To authorize Primer Banco del Istmo, S.A., Bienes Raíces Portobello, S.A., Inmobiliaria de América Latina, S.A., and Bienes y Valores Monterrey, S.A. to merge under a “Merger by Absorption Agreement” whereby the surviving entity will be Primer Banco del Istmo, S.A., absorbing Bienes Raíces Portobello, S.A., Inmobiliaria de América Latina, S.A. and Bienes y Valores Monterrey, S.A., and assuming all of their assets, liabilities and equity. Resolution S.B. 142-2003 dated 23 September 2003.
    2. To authorize the merger by absorption of Primer Banco del Istmo, S.A. and Banco Mercantil del Istmo, S.A. under a “Merger Agreement” that has been submitted whereby the former will absorb the latter. Resolution S.B. 152-2003 dated 30 October 2003.
    3. To authorize the transfer of all shares, liabilities and equity of the subsidiaries of Banco Internacional de Costa Rica, LTD. to Bicsa Corporación Financiera, S.A., including all shares of Banco Internacional de Costa Rica, S.A. Resolution 07-2003 dated 30 January 2003.
    4. To authorize the transfer of all issued and outstanding shares of Banco Agrícola (Panama), S.A. to Banagricola, S.A. Resolution S.B. 35-2003 dated 16 April 2003.
    5. To authorize Global Bank Corporation to acquire all issued and outstanding shares of Bancolat Overseas Limited, bank organized under the laws of Monserrat, British West Indies and owned by Primer Banco del Istmo. Resolution 65-2003 dated 9 June 2003.
    6. To authorize Banco Atlántico (Panamá) S.A. to purchase 51% of the shares that Atlántico Holdings Financial, Ltd. maintains in Banco Atlántico (Bahamas) Bank & Trust Ltd. S.B. Resolution 107-2003 dated 1 September 2003.
    7. To authorize the exchange of issued and outstanding shares of CTB Financial Holding Company and The International Commercial Bank of China. Resolution S.B. 109-2003 dated 11 September 2003.
    8. To authorize LSF-KEB Holdings, SCA to acquire 51% of Korea Exchange Bank’s shares. Resolution S.B. 150-2003 dated 17 October 2003.
    9. To authorize Banco Uno, S.A. to acquire 100% of the shares of Uno GFU Financial Group S.A., which owns 99.99% of the shares of Banco Uno, S.A. (Costa Rica). Resolution S.B. 241-2003 dated 4 December 2003.
    10. To authorize Bac International Bank, Inc. to acquire 95% of the shares Bac International Bank (Grand Cayman) holds in Credomatic International Corporation. Resolution S.B. 332-2003 dated 17 December 2003.
Mergers and Acquisitions 2002
  1. To authorize Grupo Continental, S.A. and Bipan Holding Corp. to merge under a “Merger Agreement” whereby the former entity will absorb the latter. Resolution 9-2002 dated 18 February 2002.
  2. To authorize Primer Banco del Istmo, S.A. and Inversiones Latinoamericanas, S.A. to merge under a “Merger Agreement” whereby the former will absorb the latter, assuming all of its assets, liabilities and equity. Resolution 30-2002 dated 17 May 2002.
  3. To authorize Banco Internacional de Costa Rica, S.A. to transfer 25% of its shares, currently owned by Grupo Financiero Bicsa, S.A. to Banco Internacional de Costa Rica, Ltd. Resolution 36-2002 dated 10 June 2002.
  4. To authorize the merger by absorption abroad of FIRST UNION NATIONAL BANK with WACHOVIA BANK, NATIONAL ASSOCIATION, whereby the former will absorb the latter, assuming all its assets and liabilities. Resolution S.B. 39-2002 dated 25 June 2002.
  5. To authorize Banco Continental de Panamá, S.A. and Banco Internacional de Panamá, S.A. to merge under a “Merger Agreement” whereby the former will absorb the latter, assuming all of its assets, liabilities and equity. Resolution 42-2002 dated 8 July 2002.
  6. To authorize Grupo Financiero Continental, S.A. to acquire all shares of Banco Alemán Platina, S.A., held by Platina Finanz Ag. Resolution 45-2002 dated 22 July 2002.
  7. To authorize Primer Banco del Istmo, S.A. and Banco de Latinoamérica, S.A., to merge under a “Merger Agreement” whereby the former will absorb the latter, assuming all of its assets, liabilities and equity. Resolution 59-2002 dated 9 September 2002.
  8. To authorize Banco Continental, S.A. to acquire all shares of Banco Alemán Platina, S.A. held by Grupo Financiero Continental, S.A. Resolution 62-2002 dated 2 September 2002.
  9. To authorize Banco de Préstamos (Panamá), S.A. to transfer its assets, liabilities, contingency funds, equity accounts, and memorandum and income accounts to Banco de Préstamos, S.A. (Ecuador). Resolution 88-2002 dated 8 November 2002.
  10. To authorize AUSTROBANK OVERSEAS (PANAMÁ), S.A. to transfer 100% of its shares, currently owned by FINANCIERA UNION DEL SUR, S.A. to SOLANO HOLDINGS, INC. Resolution S.B. 96-2002 dated 20 November 2002.
  11. To authorize BCT BANK INTERNATIONAL, S.A. and BANCO BCT (PANAMÁ), S.A. to merge under a “Merger Agreement” whereby the former will absorb the latter, assuming all of its assets, liabilities and equity. Resolution 103-02 dated 13 December 2002.
  12. To authorize CORPORACIÓN BANEX, S.A. to acquire all shares of GRUPO BANCRECEN, S.A.’s subsidiaries, to wit: BANCO BANCRECEN, S.A., BANCRECEN VALORES, S.A. and BANCRECEN SEGUROS, S.A. Resolution S.B. 104-2002 dated 16 December 2002.
  13. To authorize Discount Bank and Union Bancaire Privee to merge under a “Merger Agreement”. Resolution 106-2002 dated 18 December 2002.
  14. To authorize BANCO DE AMÉRICA CENTRAL, S.A., a wholly-owned subsidiary of BAC INTERNATIONAL BANK, INC. to acquire 100% of the shares of FINANCIERA DELTA, S.A. in Nicaragua. Resolution S.B. 107-2002 dated 20 December 2002.
Mergers and Acquisitions 2001
  1. To authorize Banco Continental de Panamá, S.A. to acquire all shares of Norfolk and Hampton Bank. Resolution 30-2001 dated 16 July 2001.
  2. To authorize the transfer of Dresdner Bank AG’s shares to Allianz BankBeteilung GmbH, such that Allianz AG will acquire control of Dresdner Bank AG. Resolution 32-2001 dated 28 June 2001.
  3. To authorize the transfer of the assets and liabilities of ABN AMRO Bank, N.V. (Panamá) to Banco Mercantil del Istmo, S.A. Resolution 38-2001.
  4. To authorize the merger by absorption of Primer Banco del Istmo, S.A. and Primer Banco de Ahorros, S.A., under a “Merger Agreement” whereby the former will absorb the latter, assuming all of its assets, liabilities and equity. Resolution 58-2001 dated 19 September 2001.
  5. To authorize Popular Bank & Trust, LTD. to acquire all of the shares of Popular Bank Cayman Limited. Resolution 72-2001 dated 9 November 2001.
  6. To authorize Banco Continental de Panamá, S.A. and Financial Holding Company, S.A., to merge under a “Merger Agreement” whereby the former will absorb the latter, assuming all of its assets, liabilities and equity. Resolution 79-2001 dated 7 December 2001.
  7. To authorize Grupo Financiero Continental, S.A. and Empresas Financieras Continental, S.A. to merge under a “Merger Agreement” whereby the former will absorb the latter, assuming all of its assets, liabilities and equity. Resolution 80-2001 dated 7 December 2001.
  8. To authorize Bancrédito (Panamá), S.A. to acquire all shares of Bancredit Cayman Limited, currently a wholly-owned subsidiary of GFN International Investment, Corp. Resolution 81-2001 dated 12 December 2001.
Mergers and Acquisitions 2000
  1. Block transfer or universal transfer of assets, liabilities and operations of BANCO CENTRAL HISPANOAMERICANO S.A. to the Panama branch of BANCO SANTANDER CENTRAL HISPANO S.A. Resolution S.B. 11-2000 dated 11 February 2000.
  2. Merger abroad of BANKBOSTON, N.A. and FLEET NATIONAL BANK. Resolution S.B. 14-2000 dated 23 February 2000.
  3. Merger by absorption of BANCO BILBAO VIZCAYA (PANAMÁ), S.A. and BANCO EXTERIOR, S.A. Resolution S.B. 20-2000 dated 24 March 2000.
  4. Merger by absorption of BANCO COMERCIAL DE PANAMÁ by BANCO GENERAL, S.A. Resolution 27-2000 dated 26 May 2000.
  5. Merger abroad of BANCA INTESA SPA with BANCA COMERCIALE ITALIANA SPA, main shareholder of BANQUE SUDAMERIS, S.A. – Resolution S.B. 36-2000 of July 2000.
  6. Merger abroad of BANQUE NATIONALE DE PARIS and PARIBAS. Resolution S.B. 41-2000 dated 4 July 2000.
  7. Acquisition of the stock of PRIMER GRUPO NACIONAL, S.A., owner of the stock in PRIMER BANCO DE AHORROS, S.A., by BANCO DEL ISTMO, S.A. Resolution 44-2000 dated 10 July 2000.
  8. Transfer of all assets, liabilities and equity of the branches in Panama of THE CHASE MANHATTAN BANK to the HSBC BANK USA branch in Panama. – Resolution S.B. 47-2000 dated 18 July 2000.
  9. Merger of BANCO DEL ISTMO, S.A. and PRIMER GRUPO NACIONAL, S.A. Resolution 52-2000 dated 8 August 2000.
  10. Merger by absorption abroad of FILABANCO, S.A., shareholder and Parent Bank of FILABANCO TRUST & BANKING, CORP. with BANCO LA PREVISORA, S.A. – Resolution S.B. 55-2000 dated 17 August 2000.
  11. Merger of BANCO GENERAL, S.A. with NATIONAL BALTIC INVESTMENT, S.A., INVERSIONES YODALIS, S.A., INVERSIONES AÑO DOS MIL, S.A. and INVERSIONES ENSUEÑO. Resolution S.B. 56-2000 dated 17 August 2000.
  12. To authorize BANCO INTERNACIONAL DE COSTA RICA, S.A. to transfer 25% of its stocks in BANCO INTERNACIONAL DE COSTA RICA, LTD., to GRUPO FINANCIERO BICSA, S.A. Resolution S.B. 64-2000 dated 15 December 2000
  13. To authorize BANCO INTERNACIONAL DE PANAMÁ, S.A. and 7TH OCEAN MARVEL, INC. to merge under a “Merger Agreement” whereby the former absorbs the latter, assuming all of its assets, liabilities and equity. Resolution S.B. 66-2000 dated 6 December 2000.
  14. To authorize COMMERCE OVERSEAS BANK, S.A. to transfer all of its shares in CORPORACIÓN BANCOMER to CORPORACIÓN BCT, S.A. Resolution S.B. 60-2000 dated 26 October 2000
Mergers and Acquisitions 1999
  1. Transfer of the stock of BANCO EXTERIOR S.A. owned by BANCO EXTERIOR DE ESPAÑA S.A. to ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECARIO S.A. Resolution S.B. 3-99 dated 3 February 1999.
  2. Transfer of all shares of the foreign banks TOWER CORPORATION LTD. and TOWERBANK (BAHAMAS) LIMITED to TOWERBANK INTERNATIONAL INC. Resolution S.B. 4-99 dated 8 February 1999.
  3. Transfer of 51% of the shares of BANCO ALEMÁN PLATINA, S.A., belonging to PLATINA FINANZ AG, to M.M. WARBURG & CO., through SOCIEDAD DE ADMINISTRACIÓN FINANCIERA Y FIDUCIARIA MANDATROPA S.A. Resolution S.B. 13-99 dated 30 March 1999.
  4. Transfer of 100% of the shares of BANCO GANADERO, S.A. - Panamá, owned by BANCO GANADERO, S.A. - Colombia to BANCO BILBAO VIZCAYA (PANAMÁ), S.A. Resolution S.B. 20-99 dated 12 May 1999.
  5. Merger abroad of the Banking Economic Group BANKBOSTON, N.A. (BANKBOSTON CORPORATION) with the Banking Economic Group FLEET FINANCIAL GROUP INC. Resolution S.B. 25-99 dated 10 June 1999.
  6. Transfer of 99.15% of the shares of BANCO CONFEDERADO DE AMERICA LATINA, S.A. (COLABANCO) owned by CONFEDERACIÓN LATINOAMERICANA DE COOPERATIVAS DE AHORRO Y CRÉDITO R.L (COLAC) to G.B. GROUP CORPORATION. Resolution S.B. 35-99 dated 24 June 1999.
  7. Acquisition abroad by ABN AMRO, S.A. and/or other corporations linked to the ABN AMRO group, of up to 100% of BANCO REAL, S.A.’s shares. Resolution S.B. 40-99 dated 16 July 1999.
  8. Merger abroad with and towards CITI MERGER SUB INC., now called CITICORP, subsidiary of TRAVELERS GROUP, INC., now called CITIGROUP. Resolution S.B. 45-99 dated 9 August 1999.
  9. Transfer of 99.15% of the shares of BANCO CONFEDERADO DE AMÉRICA LATINA, S.A. (COLABANCO), owned by GB CORPORATION to GLOBAL BANK CORPORATION. Resolution S.B. 50-99 dated 23 August 1999.
  10. Merger by absorption of INMOBILIARIA ISTMEÑA S.A. by BANCO GENERAL S.A. Resolution S.B. 57-99 dated 10 September 1999.
  11. Merger of BANCO BILBAO VIZCAYA (PANAMÁ) S.A. with BANCO GANADERO S.A. Resolution S.B. 58-99 dated 10 September 1999.
  12. Transfer of all assets, liabilities and operations of BANCO REAL, S.A. to the ABN AMRO BANK N.V. branch in Panama. Resolution S.B. 60-99 dated 29 September 1999.
  13. Transfer to BANK OF AMERICA N.A., San Antonio Texas, United States, of the assets, liabilities and operations in Panama of BANK OF AMERICA. Resolution S.B. 62-99 dated 14 October 1999.
  14. Transfer of all shares of BANCO COMERCIAL DE PANAMÁ, S.A. owned by MULTIEMPRESAS COMERCIALES S.A. to EMPRESA GENERAL DE INVERSIONES, S.A. and from the latter to BANCO GENERAL S.A. Resolution S.B. 63-99 dated 15 October 1999.
  15. Transfer of all shares of COMMERCIAL BANK (GRAND CAYMAN) LTD. from MULTIHOLDING CORPORATION to MULTIEMPRESAS COMERCIALES S.A. Resolution S.B. 64-99 dated 30 October 1999.
  16. Transfer of all shares of BANCO INTERNACIONAL DE PANAMÁ S.A. to BIPAN HOLDING CORP. Resolution S.B. 66-99 dated 17 October 1999.
  17. Transfer of all shares of COMMERCIAL BANK (GRAND CAYMAN) LTD owned by MULTIEMPRESAS COMERCIALES, S.A. to EMPRESA GENERAL DE INVERSIONES, S.A. and from the latter to BANCO GENERAL S.A. Resolution S.B. 69-99 dated 30 October 1999.
  18. Transfer of the assets, liabilities and operations of BANCO CONFEDERADO DE AMÉRICA LATINA to GLOBAL BANK CORPORATION. Resolution S.B. 71-99 dated 30 November 1999.
Mergers and Acquisitions 1998
  1. Transfer of the shares of BANCO SANTANDER (PANAMÁ), S.A. owned by BANCO SANTANDER (COLOMBIA), S.A. to HOLBAH MERCHANT COMPANY LIMITED, indirectly owned by BANCO SANTANDER, S.A. of Spain. Resolution S.B. 1-98 dated 25 June 1998.
  2. Merger by absorption of FINCOMER ANCHOR, S.A. by COMMERCE OVERSEAS BANK, S.A. Resolution S.B. 16-98 dated 3 September 1998.
  3. Transfer of the assets, liabilities and operations of NATIONSBANK of TEXAS to NATIONSBANK. Resolution S.B. 18-98 dated 3 September 1998.
  4. To authorize the merger by absorption of the assets of INVERSIONES KATZEN, S.A. by BANCO BILBAO VIZCAYA (PANAMÁ), S.A. Resolution S.B. 47-98 dated 15 December 1998.
  5. Indirect stock transfer abroad from BANCO REAL, S.A. to ABN AMRO BANK N.V. group. Resolution S.B. 54-98 dated 30 December 1998.
Fusiones y Traspasos 2006
  1. To authorize BNP PARIBAS, PANAMA BRANCH to transfer certain assets and liabilities to BNP PARIBAS PRIVATE BANK, PANAMA BRANCH, pursuant to the details submitted to the Superintendency of Banks. Resolution S.B.P. 004-2006 dated 18 January 2006. Official Gazette No. 25,490 dated 21 February 2006.
  2. To authorize the transfer of all shares of HSBC BANK (PANAMA), S.A. owned by GRUPO FINANCIERO HSBC S.A. DE C.V. to HSBC ASIA HOLDINGS B.V. Resolution S.B.P 080-2006 dated 14 August 2006.
  3. To authorize the merger by absorption abroad between THE INTERNATIONAL COMMERCIAL BANK OF CHINA (absorbing corporation) and CHIAO TUNG BANK (absorbed corporation). Resolution S.B.P 087-2006 dated 23 August 2006.
  4. To authorize the acquisition and transfer of all issued and outstanding shares of ATLÁNTICO HOLDINGS FINANCIAL LIMITED, holder of all issued and outstanding shares of BANCO ATLÁNTICO (PANAMA), S.A. to BANCO CONTINENTAL DE PANAMA, S.A. Resolution S.B.P 093-2006 dated 11 September 2006.
  5. To authorize the acquisition and transfer of control of the shares of GRUPO BANISTMO, S.A., holder of the majority of the issued and outstanding shares of PRIMER BANCO DEL ISTMO, S.A. to HSBC ASIA HOLDINGS B.V. Resolution S.B.P. 094-2006 dated 11 September 2006.
  6. To authorize the merger by absorption of BANCO ATLÁNTICO (PANAMÁ), S.A. and BANCO CONTINENTAL DE PANAMÁ, S.A., BANCO CONTINENTAL DE PANAMÁ, S.A. becoming the surviving corporation of this merger by absorption. Resolution S.B.P. 117-2006 dated 13 November 2006.