Bancolombia Pays Up for Panama Position
Bancolombia has agreed to pay $2.1bn cash for HSBC’s Panama operations, in a deal analysts see as slightly pricey and instantly makes the Colombian power number the two bank in a fast-growing market. HSBC, for its part, continues its pullback from LatAm. The deal comes at 3x the $700m net asset value, Bancolombia says, and around 16x-17x earnings, according to analysts. “The multiple is not the cheapest but Bancolombia gains an important position in Panama,” Katherine Ortiz, analyst at Corredores Asociados, tells LatinFinance. Her shop sees...
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