Alcogal acted as Panamanian legal counsel to BAC International Bank, Inc. in its merger by absorption with Multibank, Inc., whose operational integration was completed on June 9, from which date both entities operate as a single institution under the BAC brand.
Our team advised BAC from start to finish on the largest transaction in the Panamanian banking sector in more than a decade: from the corporate structure of the merger and its authorization by the Superintendence of Banks of Panama, to the contractual, capital markets, insurance, tax, and antitrust aspects of the integration.
The transaction consolidates BAC as the second-largest bank in the Panamanian financial system by assets and loan portfolio, and positions Panama as the main market of Grupo BAC at the regional level.
The Alcogal team was led by partners Rafael Marquínez and Patricia Cordero.
We congratulate BAC on this milestone for the Panamanian banking center.