Banistmo

Banistmo S.A.
IndustryBanking
PredecessorBanistmo (1984-2009)
HSBC Bank Panama (2009-2013)
Founded1984
HeadquartersPanama City, Panama City
ProductsFirst Direct
ParentBancolombia
Websitebanistmo.com

Banistmo is the largest bank in Panama and Central America. It was founded in 1984 as Primer Banco del Istmo before it became 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 (Panama) S.A. until it merged into HSBC Bank (Panama) in 2009. In 2013 Bancolombia Group acquired HSBC Panama and renamed it as Banistmo.[1][2]

Former Banistmo logo used between 1984 and 2009

In the mid-2020s, Banistmo operated as a locally licensed Panamanian bank within Grupo Cibest, the holding company of Bancolombia, participating in regional financial markets through corporate bond issuances and sustainable finance initiatives.[3][4]

In December 2025, Grupo Cibest announced an agreement to sell 100% of Banistmo shares to Inversiones Cuscatlán Centroamérica S.A., with an agreed sale price of approximately US$1.4 billion, subject to regulatory approval in Panama.[5][6]

Operations

By the mid-2020s, Banistmo operated in Panama as a locally licensed bank within Grupo Cibest, the holding company of Bancolombia.[3] Grupo Cibest maintained a regional presence through affiliated financial entities in Colombia, Guatemala, El Salvador, Puerto Rico and the United States.[4]

Sustainable finance

In September 2025, Banistmo issued sustainable bonds in Panama’s domestic capital market for a total of US$100 million with a five-year maturity, becoming the first financial institution in the country to complete such an issuance.[3] The bond proceeds were allocated to green and social projects, including renewable energy, sustainable construction, energy efficiency, clean mobility and circular economy initiatives, and aimed to expand access to financing for small and medium-sized enterprises led by women.[3]

BID Invest acted as an anchor investor in the transaction, subscribing US$75 million of the offering.[3]

Sale to Inversiones Cuscatlán

In December 2025, Grupo Cibest announced an agreement to sell 100% of Banistmo’s shares to Inversiones Cuscatlán Centroamérica S.A.[4] The sale included all subsidiaries of Banistmo, such as Leasing Banistmo and Banistmo Investment Corporation S.A.[4]

Financial media reported the agreed sale price at approximately US$1.4 billion, with Bloomberg Línea citing US$1.428 billion and La República reporting US$1.418 billion.[5][6]

The agreement remained subject to regulatory approval in Panama, and Grupo Cibest stated it would continue to operate Banistmo and serve its clients and employees during the transition.[7][8]

Bloomberg Línea reported that JPMorgan acted as financial adviser and Sullivan & Cromwell provided legal counsel for the transaction.[5]

Grupo Cibest characterised the divestment as part of a broader portfolio optimisation strategy focused on capital allocation and value creation in the Latin American region.[6][4]

Financial and accounting impact

The sale of Banistmo had a significant accounting impact on Grupo Cibest’s 2025 financial results, as the bank was reclassified as an “asset held for sale” and a discontinued operation under IFRS 5.[9][10]

As a result, Grupo Cibest recognised a non-cash goodwill impairment charge of approximately COP 3.4 trillion, which materially distorted quarterly and annual reported results, although executives stated that the impairment did not involve cash outflows or impact regulatory capital ratios.[10]

Despite the accounting effect, Grupo Cibest reported consolidated net income attributable to shareholders of COP 3.82 trillion for 2025.[9][10]

See also

References

  1. ^ "HSBC to Divest Panama Unit".
  2. ^ "HSBC to sell HSBC Bank (Panama) SA to Bancolombia - Announcement".
  3. ^ a b c d e "Banistmo emite el primer bono sostenible del mercado de valores de Panamá". LexLatin (in Spanish). 2025-10-21. Retrieved 2026-02-28.
  4. ^ a b c d e "Grupo Cibest acuerda vender el banco panameño Banistmo a Inversiones Cuscatlán". El Economista (in Spanish). 2025-12-18. Retrieved 2026-02-28.
  5. ^ a b c Cuevas, Carlos (2025-12-19). "Los detalles del acuerdo entre Grupo Cibest e Inversiones Cuscatlán por la venta de Banistmo". Bloomberg Línea (in Spanish). Retrieved 2026-02-28.
  6. ^ a b c "Estas son las razones de la venta de Banistmo en Panamá por parte del Grupo Cibest". La República (in Spanish). 2025-12-20. Retrieved 2026-02-28.
  7. ^ "Grupo Cibest le vende su banco en Panamá, Banistmo, a conglomerado centroamericano". Forbes Colombia (in Spanish). 2025-12-19. Retrieved 2026-02-28.
  8. ^ Redacción, Ensegundos.com.pa (2025-12-19). "Inversiones Cuscatlán adquiere 100% de acciones de Banistmo Panamá". En Segundos (in Spanish). Retrieved 2026-02-28.
  9. ^ a b García Mahecha, Carlos Arturo (2026-02-23). "El 'efecto Banistmo' sacudió el cuarto trimestre, pero Grupo Cibest salvó el año con $ 3,8 billones en ganancias". El Tiempo (in Spanish). Retrieved 2026-02-28.
  10. ^ a b c Cardona, Andrés (2026-02-24). "Grupo Cibest profundiza impactos por venta de Banistmo y por qué decidió salir de Panamá". Valora Analitik (in Spanish). Valora Analitik. Retrieved 2026-02-28.
allikas: https://en.wikipedia.org/wiki/Banistmo