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Banco del Pacífico sold its subsidiary in Panama
Posted On 12 Nov 2018
Ecuadornews:
After five years of negotiations, last Wednesday, the sale of Banco del Pacífico to Panama S.A. The bank, which was owned by Banco del Pacifico S.A., of Ecuador, now belongs to an investment group.
The sale of the institution in Panama responds, according to a statement issued by the Bank, to compliance with the disinvestment provided for in the Monetary and Financial Organic Code of Ecuador.
Thestatement says that the sale process began in 2013 and that as a first step forthe transaction, the Panamanian bank’s shares were transferred to a trust thatwas administered by the MMG TRUST SA Trust Company, which was authorized by theSuperintendency of Banks of Panama.
Once the sale was finalized, said Superintendency, through resolution SBP-0155-2018, authorized the transfer of 100% of the bank’s shares to the investor group.
Banco del Pacífico S.A. reported a profit of $ 70 million in 2017, while in the first semester of this year it reached $ 50 million.
Untillast May, the Ecuadorian entity was the second most profitable bank in thecountry’s financial system. (I)
