Banistmo Group sold to HSBC for $1,700 million

An all-time record took place in the Panamanian stock market with the announcement that the English bank, HSBC will pay USD 1,700 million for the purchase of the Banistmo Group, the number one bank in Panama and Central America. The agreement of purchase represent “the culmination of two and a half years of work to examine the region and to choose our associate”, said Sandy Flockhart, general manager, executive president and general director of Financial Group HSCB in Mexico.

Banks continue to be interested in operating in our country, according to the Superintendent of Banks, Delia Cardenas, who indicated that two Swiss groups, one French and another Spanish are advancing planning to operate in Panama.