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Banco Aliado to absorb units Banco Panamá, Allied Pacific

Panama-based Banco Aliado SA plans to absorb subsidiaries Banco Panamá SA and Allied Pacific Inc., the company said in a statement.

The move is subject to the approval of banking regulator SBP.

Allied Pacific is a wholly owned subsidiary of Banco Aliado and controls 100% of Banco Panamá's shares.

Banco Aliado acquired Banco Panamá in September 2019. At the time, the companies said they will continue to provide services independently without modifications.