Panama's Banco Aliado SA has completed its purchase of Banco Panamá SA after garnering approval from banking regulator SMV, according to a regulatory filing dated Sept. 2.
The merger, which involves an agreement signed by subsidiary Allied Pacific with Banco Panamá's parent company, Grupo Centenario, was approved by shareholders in May.
Shareholders of Grupo Centenario will receive $210 million for the operation.
Banco Aliado and Banco Panamá will continue to provide their services to clients independently without modifications, according to the filing.
