Bank ok America, due to the pandemic, reconfigured the valuation of Banco del Pacífico
The COVID-19 pandemic and the impact on financial markets worldwide changed the outlook that the National Finance Corporation (CFN) , the largest shareholder of Banco del Pacífico , analyzed within the framework of its assessment until last February.
This was explained by Eduardo González, general manager of the CFN , who confirmed that the entity has not yet started the process of selling the bank, which is in the valuation stage by the US firm Bank of America .
“In January or February it was practically ready, the issue is that this was with a different reality, when the financial crisis comes, as a result of the pandemic, where there is distance, organizations, customers and companies begin to reconfigure, the same The bench; and when it restarts the valuation Bank of America finds itself with a different panorama, it has to reconfigure the valuation ”, expressed González.
He analyzed that only in Ecuador did the refinancing to which both public and private financial institutions adjusted in order to emerge from the pandemic greatly affected balance sheets.
However, he explained that once the decision to sell is made, which falls on the Ministry of Finance, which has not yet begun this analysis, several negotiating tables with different aspects relevant to the operation would be integrated.
“Process issues are reopened, portfolio review, in all this the important thing is that future flows are brought to the present value, but the potential of the strategy, the potential of the clients it maintains, the quality and even contingency issues related to technological gaps, security gaps ”, revealed the CFN general manager. (I)