{"id":6988,"date":"2013-02-20T16:38:27","date_gmt":"2013-02-20T21:38:27","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=6988"},"modified":"2013-02-20T16:38:27","modified_gmt":"2013-02-20T21:38:27","slug":"colombias-bancolombia-to-buy-hsbc-panama-for-2-1-billion","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/colombias-bancolombia-to-buy-hsbc-panama-for-2-1-billion\/","title":{"rendered":"Colombia&#8217;s Bancolombia to buy HSBC Panama for $2.1 billion"},"content":{"rendered":"<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/02\/banco_columbia_exterior-565x376.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6989\" title=\"banco_columbia_exterior-565x376\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/02\/banco_columbia_exterior-565x376.jpg\" alt=\"\" width=\"565\" height=\"376\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/02\/banco_columbia_exterior-565x376.jpg 565w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/02\/banco_columbia_exterior-565x376-300x199.jpg 300w\" sizes=\"auto, (max-width: 565px) 100vw, 565px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Wow, everyone was waiting for this to happen what with HSBC shutting down and selling off operations around Latin America.\u00a0 Maybe the $1.9 Billion fine for money laundering has them rethinking their exposure? Well, let&#8217;s hope that the deteriorating service they provided after taking over Bansitmo does not get worse under Banco Colombia.<\/p>\n<p style=\"text-align: justify;\">(Reuters) &#8211;  Bancolombia SA BIC.CN, Colombia&#8217;s largest lender by assets, agreed to  purchase HSBC Bank SA Panama for $2.1 billion, the most ever paid by a  local bank and the latest in an expansion wave by financial entities  into Latin America.<\/p>\n<p style=\"text-align: justify;\">The acquisition includes HSBC Panama&#8217;s brokerage, fiduciary services unit, banking business and its insurance company, Bancolombia said in a regulatory filing on Tuesday.<\/p>\n<p style=\"text-align: justify;\">Although Colombia&#8217;s economy is beginning to slow, the banking sector remains robust and has  expanded internationally in the last few years, demonstrating its  increased clout in the region after Colombia was awarded investment  grade in 2011.<\/p>\n<p style=\"text-align: justify;\">&#8220;The transaction is  aligned with Bancolombia&#8217;s strategy to expand its international  operations by investing in the growing, solid and profitable market of  Panama, where it has been present for over 40 years,&#8221; Bancolombia said  in the statement.<\/p>\n<p style=\"text-align: justify;\">The Bancolombia  agreement does not include HSBC Panama&#8217;s units in Colombia, it said. The  sale is expected to close during the third quarter of 2013, subject to  regulatory approvals.<\/p>\n<p style=\"text-align: justify;\">On the local bourse, Bancolombia&#8217;s shares rose 0.1 percent from Monday&#8217;s close.<\/p>\n<p style=\"text-align: justify;\">Last year, Banco GNB Sudameris agreed to buy HSBC&#8217;s units in Colombia, Peru,  Paraguay and Uruguay for $400 million, while Banco Davivienda agreed to  acquire HSBC assets in Costa Rica, El Salvador and Honduras for $801  million.<\/p>\n<p style=\"text-align: justify;\">The biggest purchase by a  Colombian company was Grupo de Inversiones Suramericana&#8217;s 2011 buying  ING Group&#8217;s Latin American assets for $3.9 billion.<\/p>\n<p style=\"text-align: justify;\">NEW MIDDLE CLASS<\/p>\n<p style=\"text-align: justify;\">Bancolombia  Chief Executive Carlos Raul Yepes told Reuters last year he was on the  lookout for acquisitions in Latin America, with a focus on fiduciary  funds and brokerages.<\/p>\n<p style=\"text-align: justify;\">&#8220;This  doesn&#8217;t end. We have to keep seeing where there are growth  opportunities,&#8221; Yepes told reporters on Tuesday. &#8220;We are always  looking.&#8221;<\/p>\n<p style=\"text-align: justify;\">He said the company is  paying for the acquisition in cash and will not need to issue debt. &#8220;We  have capital and we have liquidity, our levels of solvency are well  above the requirements,&#8221; he said.<\/p>\n<p style=\"text-align: justify;\">HSBC Panama had about $5.7 billion of loans outstanding and $5.8 billion of deposits at the end of September.<\/p>\n<p style=\"text-align: justify;\">As  Colombia slowly emerges from half a century of war, foreign investors  are flooding its financial sector to tap into the new stability, growing  numbers of banking clients and increasing consumer spending.<\/p>\n<p style=\"text-align: justify;\">That confidence has brought a slew of new middle class customers to Colombian banks and helped spark record profits for the sector in recent years.<\/p>\n<p style=\"text-align: justify;\">London-based HSBC could make about $1.4 billion from the sale of the Panama assets, as the business is being sold at three times its estimated net asset value of $700 million.<\/p>\n<p style=\"text-align: justify;\">REDUCE HSBC COMPLEXITY<\/p>\n<p style=\"text-align: justify;\">HSBC  Chief Executive Stuart Gulliver has sold or exited 46 businesses since  taking over at the start of 2011, as he attempts to focus on the bank&#8217;s  most profitable areas that have scale, good growth prospects and  international connectivity.<\/p>\n<p style=\"text-align: justify;\">In Latin America, HSBC will focus on three countries &#8211; Brazil, Mexico and Argentina.<\/p>\n<p style=\"text-align: justify;\">Jason  Napier, analyst at Deutsche Bank, said the deal would help HSBC cut  costs, reduce complexity, boost capital and cut the risk of more  regulatory penalties.<\/p>\n<p style=\"text-align: justify;\">Gulliver is  attempting to cut HSBC&#8217;s complexity after it was fined a record $1.9  billion in December for weak anti-money laundering systems in its  Mexican and U.S. operations. Gulliver said this month the bank&#8217;s wide  geographic spread had made it attractive to criminals.<\/p>\n<p style=\"text-align: justify;\">&#8220;The  group is getting simpler but is not simple, and it is not feasible for  an organization of this size to have entirely re-engineered itself in  the two years since its May 2011 inception,&#8221; Napier said. &#8220;We think it a  fairly straightforward proposition that there should be more to come.&#8221;<\/p>\n<p style=\"text-align: justify;\">Gulliver is aiming to cut annual costs by $2.5-$3.5 billion.<\/p>\n<p style=\"text-align: justify;\">HSBC  Panama made a pre-tax profit of $67 million in the first half of 2012  and $128 million for all of 2011, representing about 6 percent of its  Latin American profits.<\/p>\n<p style=\"text-align: justify;\">&#8220;We see  this transaction with a lot of interest because it serves to project us  as a banking hub in Latin America,&#8221; said Alberto Diamond, head of  Panama&#8217;s banking superintendent.<\/p>\n<p style=\"text-align: justify;\">(Reporting  by Bogota Newsroom; Additional reporting by Steve Slater in London and  Elida Moreno in Panama City; Editing by Lisa Von Ahn, Jeffrey Benkoe and  Dan Grebler)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wow, everyone was waiting for this to happen what with HSBC shutting down and selling off operations around<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6988","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Colombia&#039;s Bancolombia to buy HSBC Panama for $2.1 billion - Blog and Newsletter<\/title>\n<meta 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