26th Aug 2005 16:30
HSBC Holdings PLC26 August 2005 HSBC BANK (PANAMA), S.A. TO ACQUIRE FINANCOMER HSBC Bank (Panama), S.A. has signed an agreement to acquire the group ofconsumer finance companies trading under the brand name Financomer. The Financomer group, which had a gross assets of USD$ 41.5 million at 31December 2004, entered the personal lending market in Panama in 1989 andcurrently has 129 employees, 12 branches and 13,000 customers. This transaction remains subject to regulatory approval. Financomer, S.A. is the principal trading company. Its affiliate companiesinclude Financiera Flash, S.A., Grupo Financomer, S.A., Auto Empeno, S.A.,Financomer Factoring, S.A., Financomer Leasing, S.A., Administracion Ejecutiva,S.A., InmobiliariaJoel, S.A., Securities Risk & Co., Ltd. y EDSA InternationalInvestments, Ltd. HSBC has been present in Panama since 1972. HSBC Bank (Panama) S.A. has 16branches and 54 ATMs, distributed between the cities of Panama, Colon,Aguadulce, Chitre and David providing a full range of banking products andservices including commercial and consumer banking, HSBC Premier, privatebanking, and corporate banking. Notes to editors: HSBC Holdings plc HSBC Holdings plc serves more than 110 million customers worldwide through morethan 9,700 offices in 77 countries and territories in Europe, the Asia-Pacificregion, the Americas, the Middle East and Africa. With assets of US$1,467billion at 30 June 2005, HSBC is one of the world's largest banking andfinancial services organisations. HSBC is marketed worldwide as 'the world'slocal bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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