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Panama's Promerica Buys 56% Stake in Ecuador's Produbanco

Panama's Promerica Buys 56% Stake in Ecuador's Produbanco

Posted by Juan Gavasa on March 22, 2014

A spokesperson from the Guayaquil stock exchange said the transaction took place on March 12. Promerica bought 108.6 million of Produbanco shares for $1.20 each. A Promerica spokeswoman in Quito said that there will be a stage of consolidation among both banks. The new shareholders will keep the Produbanco business name.

Banking regulators already have approved the deal. According to official data, Produbanco last year had $2.96 billion in assets while liabilities were $2.7 billion. The bank is Ecuador's fourth-largest by deposits and assets.

In 2013 Produbanco's net profit totaled $28.7 million. Produbanco is one of the leading commercial banks in Ecuador, with 35 years of experience in the financial market. It has an AAA- rating granted by Bank Watch Ratings and PCR-Pacific Credit Rating.

Promerica Financial Corp. owns banks in Nicaragua, Panama, El Salvador, Costa Rica, Ecuador, Guatemala, Honduras, Cayman Islands and Dominican Republic. Promerica has operated in Ecuador since 2000. Last year in Ecuador it reported assets of $825.57 million, liabilities of $765.23 million and net profits of $5.34 million.

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