Fitch: Promerica Financial Corporation (PFC) Acquires Majority Stake at ProdubancoReuters #In_ProdubancoNovember 3, 2019
(The following statement was released by the rating agency) NEW YORK, April 17 (Fitch) Fitch Ratings continues to monitor the potential effect of the imminent merger of Banco de la Produccion, S. A.
(Produbanco), rated ‘B’ with a Stable Outlook, and Banco Promerica Ecuador (Promerica, not rated by Fitch), with the former as the prevailing institution.
The merger follows the acquisition of a 56% stake in Produbanco by Promerica Financial Corporation (PFC).
Fitch expects further changes in the board of directors and management team, but these have not been disclosed.
The agency is monitoring the process and expects more detailed information as soon as possible.
In Fitch’s opinion, based on a preliminary analysis of the financial effect of the merger, the merged bank would have more than USD4,000 million in assets and a loan portfolio of more than USD2,000 million.
Promerica accounted for 25% of Produbanco’s assets as of December 2013.
PFC is a Central American financial holding company based in Panama.
Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
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