Cibest Group Sells Banistmo Bank to Global Payments

Key Takeaways from the Banistmo⁣ Sale Announcement:

Here’s a breakdown of the key information from the‍ provided text regarding ⁢the sale of Banistmo:

* Buyer: ‍Cuscatlán (a Central‍ American financial group)
* Seller: Grupo Cibest
* Scope of Sale: 100% of‍ Banistmo shares,including all subordinate companies like Leasing Banistmo and Banistmo Investment Corporation SA.
* Sale Price: US$1,418 million
* Financial Ratios:

‍ * Price/Earnings (P/E) ratio: 17.1x (based on the last 12 months as of September ‍30)
⁢ * Price/Book Value (P/B) ratio: 1.2x
* Transaction Details: The price is ⁤subject to customary adjustments upon completion.Regulatory approvals are still required. Payment will be made in full upon completion.
* What’s Not Included: Valores Banistmo (now operating as Cibest Capital) is not part of the sale and will continue as a separate entity within Grupo Cibest.
* Cibest’s Continued Presence in Panama: Cibest will maintain a presence in Panama through:
* Bancolombia Panamá (as an offshore‍ bank)
* ⁣Cibest Capital (focusing⁢ on regional⁢ investment⁤ capabilities⁢ and capital markets)
* Banistmo’s Achievements Highlighted: The ⁣communication emphasized⁢ Banistmo’s‍ successes, ‍including:
* Serving over 537,000 clients.
* Issuing the first social gender bond in Panama (US$50 million) to support women-led⁢ SMEs.
* Financing the Fourth Bridge of the Panama Canal (benefiting 1.5 million people).
* Internal Communication: The information was clarified as coming from internal communication known to Valora Analitik.

In essence, Grupo Cibest is ⁤selling its majority stake in Banistmo to Cuscatlán, but is retaining and strengthening its capital markets and offshore banking operations in Panama.