PANAMA CITY, Panama – BAC Holding International Corp (BHI) has announced plans for its subsidiary to acquire a controlling stake in Multi Financial Group Inc, a move that would create one of Central America’s largest financial institutions. The potential transaction was disclosed through a material fact statement published on the company’s official website.
The company’s Board of Directors has called for a Shareholders’ Meeting to deliberate and decide on aspects related to the potential purchase of 99.56906% of Multi Financial Group shares by BAC International Corporation (BIC), a subsidiary of BHI. The transaction remains subject to regulatory approvals and authorization from respective shareholder assemblies and board of directors.
Transaction Structure and Corporate Entities
BAC International Corp (BIC) serves as the Panamanian holding entity that owns 99.996% of the issued and outstanding shares of BAC International Bank Inc (BIB). Multi Financial Group Inc (MFG) is the Panamanian entity that owns 100% of the issued and outstanding shares of Multibank Inc and its subsidiaries, which include Multibank Seguros, S.A., and Multi Securities, Inc.
“BAC is in the best position to carry out this transaction. In recent years, we have grown consistently and sustainably, which allows us to aspire to complete this acquisition and further accelerate the generation of triple value,” said Rodolfo Tabash Espinach, President of the Board of Directors of BIC and CEO of BAC. [Translated from Spanish]
The executive emphasized that the subsequent merger would consolidate two organizations with more than 120 years of combined trajectory and strengthen the value proposition for banking customers.
Market Impact and Regional Positioning
If completed, the merged entity would strengthen its position significantly within the regional financial landscape. The combined organization would rank among the top three largest banks in Panama and would become the bank with the largest market share in Central America.
The consolidated institution would boast more than $43 billion in assets, $30 billion in loan portfolio, and $32 billion in deposits. The merger would also reinforce leadership across various market segments while serving more than 6 million customers across the six countries where the institutions operate.
“This decision reflects the firm confidence that Panama generates as an engine of economic growth in the region, and optimism toward the future, backed by stability, strategic vision and the talent of our people, whose dedication and capacity are fundamental to building an environment conducive to investment and sustainable development,” added Ramón Chiari Brin, Executive President of BAC Panama. [Translated from Spanish]
The acquisition represents a significant consolidation within Panama’s financial group sector and demonstrates continued confidence in Panama’s role as a regional financial hub.
Transition Process and Customer Assurance
During the transition period, both banks will continue operating normally and providing their respective financial services. Company officials have reaffirmed their commitment to customers, guaranteeing service continuity, operational security, and support from highly qualified personnel.
Customers will continue receiving the same quality attention and can maintain use of their regular products and channels without interruption. This operational stability will remain until corresponding approvals are granted and the integration and subsequent merger process concludes.
The potential acquisition by this prominent international corp represents one of the most significant financial sector developments in Central America this year, with implications for regional banking competition and financial services integration.