HSBC WILL EXTEND THEIR OPERATIONS IN CENTRAL AMERICA WITH THE ACQUISITION OF GROUP BANISTMO
Official notice of Press, 20 July 2006
HSBC has signed an agreement with Grupo Banistmo, S.A. (Banistmo), the main financial group of Central America, to make a supply public shareholder and to acquire the circulating actions of Banistmo. The transaction of the Banistmo Group, with seat in Panama, calculates in USS1.77 billion dollars.
The main air side of Banistmo Group has been Panama, but also it has significant presence in the region, in where HSBC still does not operate, which provides to HSBC a significant platform with growth to future.
Banistmo is proprietor of the 99,39 percent of the bank leader in Panama, First Bank of the Isthmus, that offers an ample range of personal banking services, commercial and of investment through its 42 branches. The Banistmo Group also is proprietor of the National Company of Insurances, (`Conasé), one of the most important companies of this one country.
These operations in Panama will be complemented with which HSBC has in the country, in where the HSBC subsidiary, HSBC Bank (Panama) S.A., provides financial services to corporative clients of consumption and through their 19 branches.
Banistmo group also has an unquestionable presence in Central America, offering a complete range of personal and commercial banking services through 106 branches in Costa Rica, Honduras, Colombia and Nicaragua. In addition, in February of 2006 Banistmo Group it acquired the 56 percent of Inversiones Financieras Bancosal, S.A., the company stockholder of Salvadoran Bank, that operates through 72 branches in El Salvador.
To the 31 of December of 2005, the assets of Banistmo Group reached the USS6,973 billion dollars and countable capital USS695 million dollars. Its net utility after taxes was of USS115 million dollars in 2005 [ under IFRS ]. To the 31 of December of 2005, Salvadoran Bank had a total of assets by USS1,778 billion dollars, and countable capital by USS160.45 million dollars, with a net utility after taxes of USS16.9 million dollars during the year [ under El Salvador GAAP).
One hopes that in a future most of the operations of Banistmo it adopts mark HSBC. Sandy Flockhart, General Manager of Group HSBC, President Ejecutivo and General Director of Financial Group HSBC in Mexico, and President of HSBC Bank (Panama), S.A., commented: "we are pleased of to have reached an agreement to acquire the control of the financial group leader in Central America. It represents the culmination of two years and means of work to examine the region and to choose our partner."
"This agreement will give to HSBC a strong presence him in a region of fast economic growth, which, with the ratification of the CAFTA (Free Trade Agreement of America Center), augurs promissory prospectos. It will allow us to expand to us in new markets, in a region with 83 million inhabitants, including Colombia, and in which a great part of the population still is not bancarizada."
"It pleases to give the welcome to us to the clients of Banistmo to Group HSBC. Banistmo will bring a significant participation of market as well as opportunities to us of growth in all the markets. On exception of Panama, HSBC does not count on operations in the other countries where Banistmo operates, thus we hoped to receive a benefit of the scale and the knowledge that Banistmo must to operate in the region. This acquisition will allow to respond us to the necessities of our regional and international clients."
Alberto Vallarino, President Ejecutivo of Banistmo Group, added: "With its significant international network, I know that the acquisition of Banistmo by HSBC will bring real benefits to our clients. HSBC has recognized the value of the model of business of Banistmo, as well as of its position of leadership in this market promet
0 Comments:
Post a Comment
<< Home