Grupo Banistmo
Encyclopedia
Grupo Banistmo was a Panamanian financial services company, and the largest in Central America
. It was founded in 1984. In 1999 it began an expansion strategy that has resulted in the acquisition of banks in several Central American countries, as well as Colombia
and the Bahamas. It was the holding company of Primer Banco del Istmo, S.A.
or Banistmo, the largest bank in Panama. Its President and Chief Executice Officer was Alberto Vallarino
. In November 2006 it was acquired by HSBC Holdings plc
, and merged with HSBC Bank (Panama) S.A.
, the bank’s existing subsidiary in 2007.
Central America
Central America is the central geographic region of the Americas. It is the southernmost, isthmian portion of the North American continent, which connects with South America on the southeast. When considered part of the unified continental model, it is considered a subcontinent...
. It was founded in 1984. In 1999 it began an expansion strategy that has resulted in the acquisition of banks in several Central American countries, as well as Colombia
Colombia
Colombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...
and the Bahamas. It was the holding company of Primer Banco del Istmo, S.A.
Primer Banco del Istmo
Primer Banco del Istmo trading as Banistmo or Banco Del Istmo is the largest bank in Panama and Central America, it is part of the HSBC Group following its former parent company, Grupo Banistmo’s acquisition by HSBC in November 2006. It was the subsidiary of HSBC Bank S.A...
or Banistmo, the largest bank in Panama. Its President and Chief Executice Officer was Alberto Vallarino
Alberto Vallarino Clement
Alberto Vallarino Clement is a Panamanian, engineer, businessman and politician, who is currently serving as Minister of Economy and Finance of Panama. Vallarino was CEO of Banistmo for over 20 years. He is ran for president in 2009 but lost in the primaries....
. In November 2006 it was acquired by HSBC Holdings plc
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
, and merged with HSBC Bank (Panama) S.A.
HSBC Bank (Panama)
HSBC Bank S.A. is a subsidiary of HSBC Holdings plc head-quartered in Panama City, Panama. The bank providesPersonal banking, Corporate banking and Treasury services to Panama.-History:...
, the bank’s existing subsidiary in 2007.