It has been announced that Global Bank Corporation will sign an agreement to acquire 99.97% of the shares of Banco Panameño de la Vivienda, for an estimated price of $245 million.

With the acquisition of Banvivienda, Global Bank will incorporate more than 39 thousand customers, 11 branches, which will be added to the 165,000 customers and 35 branches that the bank currently has.

A statement issued by both banks, explains that “ …While Banvivienda will provide a loan portfolio of $1.38 billion (with emphasis on medium-market commercial loans, agricultural and residential mortgages) and deposits of $1.268 billion as of June 30, 2018, which will allow Global Bank to strengthen its position in the market, consolidating itself as the second private bank of Panamanian capital in the market in terms of assets, loans and deposits, with a market share of 8.5%, 9.7% and 6.7%, respectively … “.

In relation to the banking merger, the CEO of Global Bank, Jorge Vallarino Strunz, told Elcapitalfinanciero.com that “‘ … this transaction creates a unique opportunity to strengthen our banking operations in Panama, increasing our market share, service network, and customer base.“

The article reports that “…The transaction is subject to approval by the SBP and the Superintendency of the Securities Market of Panama, and is expected to be completed by the end of this year.”