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Panama's Global Bank absorbs Banvivienda

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Panama's Global Bank absorbs Banvivienda

Panamanian lender Global Bank Corp. will absorb Banco Panameño de la Vivienda SA, known as Banvivienda, in a merger, according to a regulatory filing.

As a result of the merger, GB AV Inc. will cease to exist, and Global Financial Funds Corporation will absorb Mundial Servicios Fiduciarios, according to the filing.

The move follows Global Bank's parent company G.B. Group Corp.'s purchase of Banvivienda in late 2018 for a total cash-and-stock consideration of $202.9 million. The deal meant Banvivienda became a wholly owned subsidiary of Global Bank.