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AmericasJune 4 2006

Banistmo’s Jack of All Trades

Turning developments in the region and even Panama’s own political crises to good advantage, Banistmo won The Banker’s Bank of the Year award, having retained its position as Panama’s leading private bank over the past two decades. It has also grown into central America’s biggest private banking group.
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The institution – formerly called Banco del Istmo – had total assets at the end of the first quarter of $8.8bn, almost double the $4.5bn it had in 2003, a spurt in growth that reflects an intense campaign of mergers and acquisitions.

In the most recent takeover, completed this February, Banistmo bought 54% of the shares of Inversiones Financieras Bancosal, El Salvador’s third biggest bank involved in remittances, credit cards and investment banking.

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