Banco Latinoamericano de Comercio Exterior (Bladex) closed a $130 million three-year senior, amortizing term loan facility for Banco Aliado.
Established in Panama in 1992, Banco Aliado is the leading Panamanian mid-sized general license bank, ranking 4th largest in terms of total assets ($2.6 billion as of June 30, 2019) and net loan portfolio ($2 billion). The bank is 100% owned by Grupo Aliado, a financial group comprised of Panamanian entrepreneurs with extensive experience in foreign trade, ports, real estate, and tourism.
Bladex, JPMorgan Chase Bank and Banistmo acted as joint lead arrangers and bookrunners. Bladex and will act as administrative agent under the facility.
The facility was closed following Banco Aliado’s acquisition of Banco Panamá, the ninth largest Panamanian-owned bank in terms of assets. The acquisition consolidates Banco Aliado’s position as a leading mid-sized Panamanian bank, increasing its total assets by more than $1.3 billion, while establishing a platform for future growth through broadening the client base and leveraging Banco Panamá’s retail presence.
“After 27 years of successful performance in the financial sector, the acquisition of Banco Panamá was a natural step for our consolidation in the bank market. Once more, the support of Bladex, together with J.P. Morgan and Banistmo, provided Banco Aliado with the security of funds in order to execute this important transaction. We also appreciate the support of each participant in the syndicated loan,” said Moises Chreim, president of Banco Aliado.
This transaction marks the fourth syndicated facility arranged by Bladex for Banco Aliado, following a $145 million medium-term facility successfully closed in 2018, a $59 million senior term loan facility closed in 2016, and a $80 million senior term loan facility closed in 2014.
The facility was oversubscribed and attracted the interest of 16 financial institutions from Central America and the Caribbean, Europe, and the U.S., some of which represent new banking relationships for Banco Aliado.
Panama-based Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to promote foreign trade and economic integration in the region.