BAC Panama Completes Operational Merger with Multibank
BAC Panama has completed its operational merger with Multibank, marking the beginning of a new era for its clients, employees, and the country. Following authorization from the Superintendency of Banks of Panama, both banks now operate as a single entity, after completing the integration process.
Source: Destino Panamá
(Panama Business Economy News). With combined assets exceeding $45 billion and a loan portfolio surpassing $32 billion, BAC Panama is positioned as the leading bank in the region in terms of asset and portfolio size.
As a result of the merger, Panama expands its presence within BAC's regional network, representing approximately 31% of the group's loan portfolio and deposits, compared to 21% and 23%, respectively, within the organization. The entity is part of a regional financial platform with an investment-grade rating, management backed by a solid track record and rigorous standards of management and corporate governance.
“Today we begin a new chapter with responsibility and enthusiasm. We appreciate the trust of our clients, the support of the regulator, and the extraordinary commitment of the BAC and Multibank teams that made this merger possible,” stated Ramón Chiari Brin, CEO of BAC Panama.
With this integration, former Multibank clients now become BAC clients, progressively gaining access to an expanded value proposition that combines the experience, local knowledge, and strength of both institutions.
The integration translates into tangible benefits with a presence: a network in nine of the country's ten provinces; greater ATM availability, including cardless withdrawals and full-service ATMs for cash deposits; a robust and constantly evolving mobile banking platform that facilitates the agile and secure management of products and services; and a comprehensive value proposition of sustainable financial solutions—economically, socially, and environmentally—focused on economic, social, and environmental value, reinforcing its commitment to supporting its clients at every stage, providing greater proximity, innovation, sustainability, and opportunities.
“Panama is a strategic market for BAC and for Central America. From here, we continue to strengthen a solid, innovative, and customer-focused platform. Approximately 55% of Central America's GDP circulates through our payment methods throughout the region, and specifically in Panama, the equivalent of 44% of the local GDP. This implies the enormous responsibility of providing excellent service and supporting thousands of businesses that generate employment, investment, and development,” stated Rodolfo Tabash, President and CEO of BAC.