Global Bank Corp. Completes Acquisition of Banco Panameño de la Vivienda S.A.

PANAMA CITY, Dec. 10, 2018 /PRNewswire/ -- The Superintendency of Banks of Panama approved the acquisition of 99.972% of the shares of Banvivienda, after the announcement that Global Bank Corporation, S.A. ("Global Bank"), controlled by G.B. Group Corporation (G.B. Group) had signed a purchase agreement with Grupo Mundial Tenedora, S.A. ("Grupo Mundial") to acquire Banco Panameño de la Vivienda, S.A. ("Banvivienda").

Once this approval was received, on November 30, 2018, Global Bank formalized the purchase agreement signed on September 24, 2018 and acquired 99.972% of the shares of Banvivienda for a total consideration of $202.9 million in cash and GB Group stock.^[1],[2]

Through this acquisition, Global Bank will add over $1,800 million in assets, 39,000 customers, and a network of 11 branches that to the $6,500 million in assets, over 165,000 customers and 35 branches already owned by the Bank. As a result, we will be able to offer new services and financial products, further solidifying Global Bank's universal banking platform.

"Today we begin a new stage in our growth strategy and reaffirm our commitment to Panama's economic growth by implementing strategies that contribute to the development of local financial markets. The merger of both entities will allow for greater customer acquisition, better customer experience, and will create new opportunities for growth and development for the staff of both banking entities. We would like to welcome employees, customers and suppliers of Banvivienda to the Global Bank family. We are very proud that they are part of our team.  Together we will strengthen and continue to grow our organization" said Jorge Vallarino Strunz, CEO of Global Bank.

Continuity of Banvivienda

Banvivienda will become a wholly-owned subsidiary of Global Bank. Until further notice, Banvivienda customers will continue to be banked exclusively through Banvivienda's online banking platform, 11 branches and 23 ATMs throughout the country.

^[1] US$150.9 million in cash and $52 million in GB Group stock

^[2] Purchase price may increase by US$12 million in cash and US$8 million in GB Group stock subject to terms and conditions set forth in transaction documents. 

SOURCE Global Bank Corporation