In about 30 days HSBC will complete its takeover of Banistmo, wrapping up a process that began in November 2006 when it purchased all the shares of the local bank for $1.7 billion.
In a public statement to Banistmo customers, HSBC said that the corporate reorganization plan has been approved by the Superintendency of Banks of Panama, and Banistmo will now cease to operate as a separate entity. Banistmo branches will become branches of HSBC, and the accounts and other services provided to clients of Banistmo will be transferred.
Clients that want to switch banks should notify HSBC in writing within the next 30 days, the company said.
The purchase of Banistmo by HSBC was the continuation of the company’s attempt to establish a presence in Central America that was initiated in 1997.