BAC Holding International Corp has authorized a shareholders' meeting to assess the purchase of Banco de Bogotá's Panamanian subsidiary by its affiliate BAC International Corporation. The deal involves 99.56% of Multi Financial Group's shares. Banco de Bogotá will also call its shareholders to discuss the potential sale.
On October 28, 2025, the Board of Directors of BAC Holding International Corp (BHI) met and authorized the call for an extraordinary meeting of the General Shareholders' Assembly. The aim is to deliberate and decide on the potential acquisition by BAC International Corporation (BIC), a BHI subsidiary, of 99.56% of the shares of Multi Financial Group, owned by Multi Financial Holdings, the Panamanian subsidiary of Banco de Bogotá. Additionally, it will address the potential lifting of conflicts of interest.
Meanwhile, Banco de Bogotá approved calling its General Shareholders' Assembly to an extraordinary meeting to discuss the possible sale of those shares. Both calls still require the publication of the respective notices.
This move revives interest in the Panamanian subsidiary, which Banco de Bogotá acquired in May 2020 through its affiliate Leasing Bogotá S.A. Panamá. At that time, it purchased 96.6% of the ordinary shares of Multi Financial Group, the parent of Multibank in Panamá, for US$433 million, funded by resources from Leasing Bogotá S.A. Panamá.
The current transaction could restructure Banco de Bogotá's presence in Panamá, though final details depend on shareholders' decisions.