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Panama's Banvivienda sells Progreso unit

Monday, September 29, 2014

Panamanian bank Banvivienda announced it has sold its Progreso unit to Global Bank Corporation.

The transaction is worth $27 million, and comes as Banvivienda seeks to focus on its banking business.

Progreso is a pension fund firm and is the only one in Panama in receiving AAA investment grade by Fitch Ratings for 10 consecutive years.

Source (in Spanish): Panamá América