Banco La Hipotecaria is sold to Cuscatlán Centroamérica
The purchase-sale agreement is subject to regulatory approval by the Superintendency of Banks of Panama. The amount of the agreed purchase-sale transaction was not specified.
Source: EFE
The ASSA Group S.A. announced on Tuesday that it has agreed with Inversiones Cuscatlán Centroamérica, S.A. the sale of 100% of the shares of the La Hipotecaria holding company, whose main subsidiaries are Banco La Hipotecaria S.A. in Panama, La Hipotecaria S.A. in El Salvador and La Hipotecaria Compañía de Financiamiento S.A. in Colombia.
Inversiones Cuscatlán is a holding company for various banking and insurance businesses in Central America that operate independently.
Its companies include Banco Cuscatlán El Salvador, Seguros e Inversiones S.A. (SISA) in El Salvador, Banco Cuscatlán Honduras, Tarjetas Cuscatlán Guatemala and the recent acquisition of Banco Inmobiliario in Guatemala, and currently has a client portfolio of close to 2 million between the three countries, indicated an official statement.
The purchase-sale agreement is subject to regulatory approval by the Superintendency of Banks of Panama, as well as the corresponding regulators in El Salvador and Colombia, said an official statement, which specified that during this process the financial institutions will continue to operate independently and maintain their current practices.
At the time of closing of the transaction, the assets and business structure of La Hipotecaria will remain unchanged, reinforcing the confidence and security of its clients, investors and strategic partners, added the official letter.
"We are pleased to announce this purchase agreement, which is subject to the corresponding regulatory approvals. This transaction represents a decisive step in our commitment to growth and expansion in the region," said Federico Nasser Facussé, president of Inversiones Cuscatlán.
"We continue to be dedicated to investing in the development of Central America, and with this new project, we expand our presence and operations in Panama and Colombia," he said.
For his part, John Rauschkolb, executive vice president and general manager of La Hipotecaria, said that "being part of Inversiones Cuscatlán strengthens our position in the market and allows us to expand our mission of offering high-quality financial solutions."
"Our clients can be certain that they will continue to be served by the same staff, with the same standards that have always characterized La Hipotecaria, and with the support of a banking group with outstanding financial strength," he added.
The official statement released on Tuesday did not specify the amount of the agreed purchase-sale transaction.