Colombia's Grupo Cibest sells Panama unit Banistmo to Inversiones Cuscatlan

BOGOTA, Dec 18 (Reuters) - Colombian financial conglomerate Grupo Cibest said on Thursday it has agreed to sell its Panamanian subsidiary Banistmo to Inversiones Cuscatlan Centroamerica, subject to regulatory approvals from Panamanian authorities.


DEAL DETAILS

• The transaction includes all of Banistmo's subsidiaries, including Leasing Banistmo and Banistmo Investment Corporation S.A.

• The deal is expected to close in the coming months, pending regulatory approvals from Panamanian authorities.

• Financial terms were not immediately disclosed.


KEY CONTEXT

• Inversiones Cuscatlan has operations in El Salvador, Guatemala, Honduras, Panama and Colombia.

• Grupo Cibest will maintain a presence in Panama through Bancolombia Panama, an offshore bank, and Cibest Capital, which handles regional investment and capital market products, company CEO Juan Carlos Mora said.


(Reporting by Nelson Bocanegra; Editing by Christopher Cushing)

((Kylie.Madry@thomsonreuters.com;))

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