Banking Superintendency of Banks of Panama Brand change HSBC Mergers & Acquisitions bank Banistmo Bank Banks brand banking system Amador Carballido Banco Financia Bank opening Business and Investment Capital International Bank Ltda. (Panama)

Panama: Banistmo Changes to HSBC

The absorption process of Banistmo by HSBC will be completed in thirty days, begun in November 2006 with the payment of $1.77 billion for the entire stock package

Monday, March 30, 2009

©image: Colin

The first Panamanian regional banking institution will now be HSBC Bank (Panama) S.A.

In her article published in Prensa.com, Edith Castillo Duarte stated that "during this 30-calendar-day period, Banistmo customers should communicate in writing to the Clarification Area - email hbpa.aclaraciones@hsbc.com - or at the nearest branch if they decide to switch banks. If they do not perform this procedure, HSBC will take it as a given that accounts or other services will remain under its management."

Source: Prensa.com

Key entities

HSBC Banistmo Bank Superintendency of Banks of Panama

Countries

Panama

Insight

brand Brand change Banking Mergers & Acquisitions

HSBC to Stay in Panama

March 2012

The bank will continue its banking and insurance business in Panama as part of its strategy in Latin America to focus on high potential markets.

Panama is one of the four strongest countries in Latin America for HSBC, said Yoselyn Garcia, Head of Marketing HSBC Bank to Panamaamerica.com.pa.

HSBC changes strategy for opening in Guatemala

November 2008

HSBC will modify its request to open in the country; instead of one branch, it is looking to set up as a local bank.

HSBC (the Hong Kong and Shanghai Banking Corporation) has still not landed in the Guatemalan financial market, the only country in Central America where it is missing, and to date this continues to be uncertain as the request process has been changed.

HSBC Nicaragua will stop operating as a bank

February 2009

The bank presented a request to the Superintendence of Banks to operate as a representation office.

Elnuevodiario.com.ni reports on its website: "Top executives at HSBC, the largest European bank and one of the largest in the world, said officially to the EL NUEVO DIARIO that until the Bank Superintendence and other related institutions confirm the change in the type of operations withing Nicaragua, they will continue to receive deposits from the public and continue to provide followup to the financing granted to its clients."

HSBC starts the process for operating in Guatemala

June 2008

HSBC has started the approval process for operating in Guatemala. According to information from the Central American Daily, the Monetary Committee that oversees Guatemala's financial sector, will make its decision on the bank's application within two months.

Publication in the Official Daily is part of the approval process required by the Office of the Superintendent of Banks.

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