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HSBC completes acquisition of Grupo Banistmo

23 November 2006
HSBC announced on 20 July 2006 that an agreement had been entered into with Grupo Banistmo S.A. (Banistmo), the leading banking group in Central America, to make a tender offer to acquire all the outstanding shares of Banistmo for cash. HSBC has today completed the acquisition of 99.98 per cent of outstanding Banistmo shares for a total consideration of approximately US$1.77 billion.
The acquisition of Banistmo complements HSBC's existing operations in the region, in particular in Panama where HSBC already provides services to personal and corporate customers through 19 branches.
This acquisition will enable HSBC to better serve the needs of its regional and international customers. It also establishes a presence in five new markets for HSBC - Colombia, Costa Rica, El Salvador, Honduras and Nicaragua - and provides access to a total population of 83 million people.