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Banco Aliado's $210M acquisition of Banco Panamá approved

Banco Aliado SA said that its deal to acquire Banco Panamá SA has been approved.

Banco Panamá were set to vote on the deal May 30.

Banco Aliado said its subsidiary Allied Pacific subscribed to a merger agreement with Banco Panamá's parent company, Grupo Centenario, paving the way for the indirect acquisition.

Shareholders of Grupo Centenario will receive $210 million in return, Banco Aliado said.