PANAMA CITY, Feb. 27, 2020 /PRNewswire/ -- Banco
Latinoamericano de Comercio Exterior, S.A. ("Bladex") today
announced the successful closing of a US$100
million 5-year senior, amortizing acquisition finance
facility (the "Facility") for Imperia Intercontinental Inc
("Imperia"), the parent company of Banco Cuscatlán de El Salvador, S.A. ("Banco Cuscatlán") and
Seguros e Inversiones S.A. ("SISA").
Imperia entered the financial sector with the acquisition of
Citibank's consumer banking and insurance business in El Salvador in June
2016. Banco Cuscatlán, rated AA+ locally by Fitch Ratings,
is the fifth largest bank in the country, with US$1.7 billion in assets as of December 31, 2019. SISA is one of the largest
players in the Salvadorian insurance sector with a gross written
premium market share of 20.7% at year-end 2019.
Bladex acted as Joint Lead Arranger and Bookrunner, together
with JPMorgan Chase Bank, N.A. ("J.P. Morgan"). Bladex is also the
Administrative Agent under the Facility.
Proceeds of the Facility were used to partially finance
Imperia's acquisition of Scotiabank's Banking and Insurance
operations in El Salvador. The
acquisition consolidates Banco Cuscatlán's market position in the
country as the second largest bank, with US$3.8 billion in total assets, a diversified
loan portfolio mix and a customer base of more than 750,000
clients. With the acquisition, Banco Cuscatlán becomes the market
leader in mortgages and credit cards, and SISA consolidates as the
largest player in the insurance sector.
Federico Nasser Facussé, Imperia´s Vice president, stated "This
purchase, represents the merger between two great banks and
insurers, which reaffirms our commitment to El Salvador and our desire to continue
investing in the development and growth of El Salvador and of all the Salvadorians. This
positive news confirms that El
Salvador is a country with favorable conditions to invest
and with a promising future."
The Facility was 1.57x oversubscribed and attracted the interest
of 13 financial institutions from Central
America and the Caribbean,
Europe and the United States of America, most of which
represent new banking relationships for Imperia.
Alejandro Jaramillo, Bladex´s
Chief Commercial Officer, stated: "Bladex is very pleased to have
teamed-up with J.P. Morgan in structuring and syndicating a very
relevant credit facility for Imperia, allowing it to continue its
growth trajectory in El Salvador
and to set a strong footprint for its growth in the region"
Bladex, a multinational bank originally established by the
central banks of Latin-American and Caribbean countries, began operations in 1979
to promote foreign trade and economic integration in the Region.
The Bank, headquartered in Panama,
also has offices in Argentina,
Brazil, Colombia, Mexico, the United
States of America, and a Representative License in
Peru, supporting the regional
expansion and servicing of its customer base, which includes
financial institutions and corporations.
Bladex is listed on the NYSE in the
United States of America (ticker symbol: BLX), since 1992,
and its shareholders include: central banks, state-owned banks and
entities representing 23 Latin American countries, commercial banks
and financial institutions, and institutional and retail investors
through its public listing.
For further information on Bladex, please access its website at
www.bladex.com or contact:
Felipe Suárez - SVP, Head of Loan Structuring &
Syndications
Tel.: +507 210-8500
Head Office Address: Torre V, Business Park, Avenida La Rotonda, Urb. Costa del Este,
Panama, Republic of Panama
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content:http://www.prnewswire.com/news-releases/bladex-co-leads-successful-syndication-of-a-us100-million-5-year-senior-acquisition-finance-facility-for-imperia-intercontinental-inc-301012047.html
SOURCE Banco Latinoamericano de Comercio Exterior, S.A.
(Bladex)