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.