August 2020 – Alcogal’s corporate and M&A team recently represented and assisted the Latin American financial group, Grupo Aval, through its subsidiary Leasing Bogotá SA, Panamá, in connection with the acquisition of 96.6% of Multi Financial Group Inc., holding company of Multibank Inc., and affiliates.

Multibank, is the third largest bank in Panama and will become part of Banco de Bogotá’s regional investments.

The acquisition will make Grupo Aval the second largest financial institution in Panama and give it a higher profile in Central America.

Alcogal´s M&A Lawyers Panama team for this deal, which closed on May 2020, was led by partners Eloy Alfaro B. and Arturo Gerbaud, together with senior associates Rita de la Guardia, Patricia Cordero, and Rafael Marquínez.

About Multibank

Multibank was formed in 1990 under the name of Multi Credit Bank. Since then Multibank has undergone continuous growth, providing a personalized and professional service.

In 2008 Multibank updated their image, and started operating as Multibank Inc. the third sized Panamanian bank.

Multibank Inc. offered a wider range of products with 25 branch offices and 2 loan centers in Panama.

As of March 2020, Multi Financial Group had a loan portfolio of US$3.4 billion and shareholders’ equity of US$576 million.

About Grupo Aval

Grupo Aval Acciones y Valores SA is Colombia’s largest financial conglomerate, and controls both Banco de Bogotá and Leasing Bogotá. It was was founded by Luis Carlos Sarmiento Angulo on January 7, 1994 and is headquartered in Bogota, Colombia.

Grupo Aval Acciones y Valores SA engages in the provision of financial services and products. It operates through the following companies:

  • Banco de Bogota offers banking services and products
  • Banco de Occidente focuses on the corporate customers, government and government-owned entities, and retail customers
  • Banco AV Villa offers general purpose loans, payroll loans, and credit cards, and traditional line of mortgages
  • Banco Popular provides financial solutions to government entities
  • Corficolombiana consists of equity investments, investment banking, treasury operations, and financial services

About Alcogal – M&A Lawyers Panama

Alcogal, as a mergers and acquisitions law firm in Panama, advises public and private corporations, financial institutions, investment banks, and government entities from around the world on almost any type of transaction or corporate matter. Our lawyers in Panama take a very pragmatic approach to our client’s needs: we seek to add value in any and every facet of our client’s businesses.

Our clients rely on our advice to help understand and assess these options and execute their most complex transactions.

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