What Happened
BAC has completed the acquisition of a majority stake in Multi Financial Group (MFG), the entity that owns 100% of Multibank and its subsidiaries. With the effective transfer of shares, BAC is now the controlling shareholder of MFG and, consequently, of Multibank.
Regulatory Process and Ongoing Operations
The transaction is a key step toward a planned merger between BAC Panamá and Multibank, but that merger remains subject to authorization by the Superintendency of Banks of Panama (SBP). Until the SBP issues any approvals, the two institutions will continue to operate independently, maintaining their usual products, services and channels. The announcement stresses that any gradual updates will be communicated in advance with dedicated support and that the availability of client funds will not be affected.
Statements from Leadership
Rodolfo Tabash Espinach, Chairman of the Board of Directors of BAC International Bank, said the completion of the purchase represents a firm step toward leveraging BAC’s regional reach, financial strength and digital capabilities for Panamanians. He pledged to proceed with “complete regulatory transparency, providing updates at every stage and ensuring that each client experiences a real improvement in their daily lives.”
Ramón Chiari Brin, CEO of BAC International Bank, emphasized service and client experience, saying the move “reinforces our commitment to service and prepares us to continue offering superior experiences with a personal touch, warmth, and excellence.” He added that BAC’s objective is to be clients’ primary bank by offering integrated solutions, products and services in one place.
Background and Supporting Information
The companies note that the combined entity following the merger would have a more robust platform to innovate and expand benefits for individuals and businesses, underpinned by digital capabilities, financial strength and recognized service standards. The companies referenced financial statements disclosed for the period up to 2025 as support for the transaction.
What This Means for Customers and the Market
For customers, the immediate message is continuity: both banks will keep their current operations until regulators authorize any structural change. For the market, BAC’s new controlling position in MFG signals a consolidation of leadership in Panama’s banking sector and in the Central American region — an outcome the parties frame as intended to offer greater value, more solutions and expanded opportunities for clients.
Next Steps
Further developments will depend on the SBP’s review and authorization process. BAC has committed to communicate changes gradually and transparently, providing support to clients as any integration or merger steps are carried out.