Bladex Co-leads Financing Package for the Acquisition of Banistmo
Bladex (NYSE: BLX) today announced the successful closing of a financing package for Inversiones Cuscatlán Centroamérica (ICC), soon to become Grupo Financiero BSC, to finance the acquisition of Banistmo. The transaction was co-structured by Bladex and Banco Santander and represents one of the most significant transactions in Panama’s banking sector in recent years.
Bladex and Banco Santander provided an underwriting commitment covering 100% of the financing package, with Bladex assuming 50% of the total amount.
The financing structure included two facilities: a five-year syndicated loan granted to Grupo Financiero BSC, the holding company for the Group’s operations in Central America; and a one-year bridge loan granted to Banco La Hipotecaria, as the acquiring entity.
The syndicated loan was 1.3x oversubscribed, with participation from 13 regional financial institutions, including Bladex and Banco Santander. The bridge loan was exclusively underwritten by both institutions.
Banistmo holds a strategic position within Panama’s financial system as the country’s second-largest private bank by deposits, with more than 50 years of operations.
This transaction represents the second financing led by Bladex for Grupo Financiero BSC, following the co-structuring of the financing for the acquisition of Scotiabank’s operations in El Salvador in 2020. The transaction further strengthens the long-term relationship with the Group and underscores the confidence placed in Bladex to support its regional growth strategy.
“We are pleased to once again support Grupo Financiero BSC in this new stage of growth. The success of this transaction reflects the strength of its strategy and our ability to bring together leading financial institutions around a shared vision. As a bank headquartered in Panama, we value the opportunity to leverage our regional expertise, execution capabilities, and broad network of relationships to deliver financing solutions that support our clients’ growth objectives while contributing to the strengthening of the financial sector in Panama and across the region,” said Samuel Canineu, Chief Commercial Officer of Bladex.
“The confidence demonstrated by Bladex, Banco Santander, and the financial institutions that participated in this transaction represents a significant endorsement of Grupo Financiero BSC’s vision and strength. This financing enables us to move forward with one of the most significant transactions in the region’s financial sector and reaffirms our commitment to continue building strong financial institutions that generate sustainable value for our clients, shareholders, and the countries where we operate,” said Fernando Voto, Chairman of the Board of Directors of Grupo Financiero BSC.
About Bladex
Originally established by the central banks of the region, Bladex began operations in 1979 and today provides financial solutions to financial institutions and corporations throughout Latin America. Headquartered in Panama, the Bank has offices in Argentina, Brazil, Colombia, and Mexico, an agency in New York, and a representative license in Peru. Bladex has been listed on the New York Stock Exchange (NYSE: BLX) since 1992. Its shareholders include central banks, state-owned banks, and representative entities from 23 countries across Latin America and the Caribbean, as well as commercial banks and institutional and private investors.
About Grupo Financiero BSC
Grupo Financiero BSC is a regional financial group with a strong presence across several Latin American countries. It operates as a regional growth platform through subsidiaries specializing in banking, insurance, corporate financing, and mortgage lending, with a business model focused on sustainable growth, digital transformation, and financial inclusion. The Group integrates its capabilities under common standards and a long-term vision, supporting the growth decisions of individuals, businesses, and institutions across the region through the operations of Banco Cuscatlán (El Salvador, Honduras, and Guatemala), SISA Seguros (El Salvador, Guatemala, and soon Honduras), Niu (El Salvador), and Banistmo (Panama).