Panama-based multinational bank Bladex and Banco Santander have co-structured and jointly underwritten the acquisition financing package for Grupo Financiero BSC's takeover of Panamanian bank Banistmo, Bladex announced on 9 July 2026.
The buyer, Inversiones Cuscatlán Centroamérica, which is set to become Grupo Financiero BSC, acquired Banistmo through its subsidiary Banco La Hipotecaria, completing the purchase on 30 June 2026. Grupo Cibest of Colombia agreed in December 2025 to sell Banistmo to Inversiones Cuscatlán for USD 1.418 billion, subject to customary closing adjustments.
A TWO-TRANCHE STRUCTURE
The financing package combines a five-year syndicated loan to Grupo Financiero BSC with a one-year bridge loan to Banco La Hipotecaria. The bridge loan was underwritten exclusively by Bladex and Santander.
Bladex and Santander split the underwriting evenly, with Bladex taking 50%.
The syndicated loan was 1.3 times oversubscribed, with participation from 13 regional financial institutions, including Bladex and Santander.
PANAMA CONSOLIDATION TAKES SHAPE
Bladex described Banistmo as Panama's second-largest private bank by deposits, with more than 50 years of operations, and the deal as one of the most significant transactions in Panama's banking sector in recent years.
Bladex said it was the second financing it had led for Grupo Financiero BSC, after co-structuring the financing for the group's acquisition of Scotiabank's operations in El Salvador in 2020.
Bladex disclosed the closing of the financing package in a statement on its website. Grupo Cibest reported that the sale was completed on 30 June 2026, with the purchase price paid with funds from La Hipotecaria and an international syndicated loan.