Tuesday, February 19 2013 @ 11:26 AM EST
Contributed by: Don Winner
In a statement, HSBC said the transaction is subject to the approval of regulatory authorities and other conditions, but is expected to be completed in the third quarter of 2013.
The sale by the bank, represents a milestone in the execution of HSBC's strategy implemented since May 2011.
The CEO of HSBC Latin America, Antonio Losada, said today that it is the "46th sale / closing globally since the start of 2011, and is a sign of commitment to the region with the group's strategy" aimed at focusing on major markets such as Brazil, Mexico and Argentina.
The note adds that as of September 30, 2012, estimates indicate HSBC Bank (Panama) had total assets of $7.6 billion dollars, $5.7 billion out in loans, and $5.8 billion in deposits.
Editor's Comment: Many years ago I opened a bank account with Banistmo, and I was perfectly happy with them. Then HSBC came along and purchased Banistmo, so I "became" an HSBC customer by default. On the whole customer service declined. Then HSBC got caught laundering money for drug traffickers in Mexico and they were fined $1.9 billion dollars by the United States in a deal to make the criminal charges go away. Right after that was announced, HSBC closed my account in Panama, simply because I have a US passport. Thanks alot. Now they are selling out and leaving Panama. Good riddance.