Global Bank from Panamá buys Banvivienda for $250 million

Global Bank de Panamá announced the acquisition of Banvivienda for $250 million. Banvivienda is a subsidiary of Panama's Grupo Mundial Tenedora.

The banks made clear that shareholders in Banvivienda would have a 5 percent holding in Global's holding company, GB Group Corporation.

The purchase means that Global will now become the second largest Panama-owned bank in terms of deposits, assets and loans.