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Fitch affirms Colombia-based Banco Multibank's national ratings

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Fitch affirms Colombia-based Banco Multibank's national ratings

Fitch Ratingssaid April 11 that it affirmed the long- and short-term national ratings of at AA(col) andF1+(col), respectively.

The outlookis stable.

The ratingsreflect the support the bank will receive from its Panama-based parent, , if needed. Fitchbelieves that Multibank's operations in Colombia are strategically important forits consolidation in Latin America. The Colombian unit also benefits from the technological,operational and risk control synergies and best practices of the group.

The decisionto convert the bank and focus its strategy on the business sector, leaving asideits previous foreign currency exchange business, will lead to an operational structurethat is reduced and lighter. Fitch expects that the management will be able to consolidateand demonstrate the success of the strategy in 2016.