Transaction Details

Grupo Cibest ⁣has reached an⁤ agreement⁤ to sell 100% of its ⁣shares in Banistmo, its Panamanian⁢ subsidiary,⁤ to ⁣Inversiones Cuscatlán Centroamérica SA for US$1,418 million. ‍ The sale price is subject to customary ‍adjustments‍ as⁢ the transaction finalizes,according to a company statement released today.

Full⁢ payment ⁣is⁢ expected ⁢upon completion of the transaction, contingent upon receiving necessary regulatory approvals in Panama and⁤ fulfilling conditions outlined in the purchase agreement.

Banistmo’s History and position

Banistmo began operations in 1973 and was acquired by Grupo Cibest in October 2013. The bank has since become a leading financial institution in Panama, offering a⁣ comprehensive range of financial services under ⁣the supervision of the Superintendency of Banks of Panama.

Strategic Rationale for the Sale

Grupo cibest stated that the sale aligns with a long-term strategic vision focused on value creation and⁢ portfolio optimization.The company described the decision as “strategic” and “focused on the⁣ future.”

According⁤ to Grupo Cibest, the sale will allow it to concentrate⁣ on core competencies and generate economic and social impact, while enabling Banistmo to enter a new phase of progress under‍ a financial group ⁤with⁢ a strong presence in the Central American⁤ market.

Transition and Continued Presence in Panama

Grupo Cibest ⁣emphasized a carefully planned transition process ⁤to ensure continuity ⁤of services, operational stability, and a complete financial offering for Banistmo’s clients.

Grupo Cibest will maintain a presence in Panama through Bancolombia Panama and⁢ Cibest Capital, which will continue ‍to develop and enhance regional capabilities.