Panama's Panabank is set to extend its operational reach within Central America through the acquisition of a local financial institution with a deal to be closed before end-2003according to Panabank's executive vice president, Guido Martinelli.
Panabank is currently analysing the Central American market and has already made some preliminary contacts, Martinelli said, adding that the new financial institution will target the small- to medium-sized corporate (SME) sector, offering factoring, leasing and foreign trade services.
The bank is studying whether to purchase a majority shareholding in an existing financial institution or undertake a full acquisition with any operation to be financed by the bank without external financial assistance, Martinelli said without revealing the sum involved.
Panabank has operated in the Panamanian market for 20 years and posted profits totalling US$9m at the end of 2002.
Source: BNamericas.com
