HSBC to acquire Panama’s Grupo Banistmo
Announcements, Banking Sector, Business Transactions, Finance Services, Investments July 21st, 2006
HSBC to acquire Panama’s Grupo Banistmo
European banking giant HSBC has confirmed that they are going to acquire Panama’s Grupo Banistmo in a friendly takeover deal worth around 958 million pounds.
This deal would further boost their presence in the Latin American market. The deal would be conducted in a cash-only transaction and HSBC would be paying Grupo Banistmo SA stockholders $52.63 per share.
This price is an impressive 25 percent premium on its closing price on Thursday.
A lot of financial institutions are now expanding their efforts in the Latin American countries, which is growing at an impressive pace. HSBC is already the world’s third-biggest bank and they also own Mexico’s fourth-largest bank and one of Brazil’s top ten.
Sandy Flockhart, the head of HSBC’s Mexico operations spoke about their plans for this region: “The area is interesting to HSBC because of its political stability. It’s a good opportunity to grow operations in the countries where we have a strong front office in Banistmo.”
Related Posts
Arcelor Mittal to acquire Sicartsa for $1.439 billion
TCS fully acquires TCS do Brasil
Arcelor Mittal Finalises Acquisition of Mexican Long Steel Producer Sicartsa












Leave a Comment