Consolidation of Produbanco and Promerica would take shape this summer

The purchase of 55% of the shares of Produbanco by the Bank Promerica has been authorized by the control agencies. Last week the entity took the first step to arrange an authorization to the Superintendency of Market Power Control (SCPM.)

Ricardo Cuesta, president of Promerica Ecuador stated that at the second half of this year union with Produbanco would be consolidated, becoming a single institution. Cuesta also indicated that investment amount will be known to complete the transaction in the securities market.

“We hope the process with them (SCPM) last three or four weeks. Is not an issue that should be open as long as it creates uncertainty basically by customers and that does not favor to the financial system, “Cuesta said about the importance of expediting the process.

The bank balance sheets published by the Superintendent of the sector last November, reflects $ 3,664 million and deposits totaled $ 3,000 million

Regarding the situation of Promerica customers said that uncertainty should not exist because it will be an orderly transition when the time comes and will be notified that will be part of a bigger entity.