Milbank LLP is advising Inversiones Cuscatlán Centroamérica S.A. (“Inversiones Cuscatlán”) in connection with its acquisition of Banitsmo, S.A. (“Banistmo”) from Grupo Cibest S.A. Closing of the transaction is subject to regulatory approvals and the satisfaction of other customary closing conditions. Milbank is also advising Inversiones Cuscatlán on a senior secured term loan facility and a senior secured bridge term loan facility to finance part the acquisition.
Banitsmo is one of Panama’s leading banks, offering a wide range of financial services under the supervision of the Superintendency of Banks of Panama. Inversiones Cuscatlán is a Panamanian company that holds a portfolio of banking and insurance businesses in Central and South America, including Banco Cuscatlán in El Salvador, Guatemala and Honduras, Seguros e Inversiones S.A. (SISA) in El Salvador and Guatemala, Banco La Hipotecaria in Panama, La Hipotecaria, S.A. de C.V. in El Salvador and La Hipotecaria Compañía de Financiamiento, S.A. in Colombia.
“We are proud to be advising Inversiones Cuscatlán on this landmark transaction, which underscores Milbank’s market-leading capabilities advising on complex, high-value M&A transactions across Latin America,” said Milbank Global Corporate/M&A partner Francisco Nuñez.
The Milbank Global Corporate/M&A team was led by partner Francisco Nuñez and associate Gabe Carolan. The Milbank Corporate Finance and Securities team was led by partner Marcelo Mottesi and special counsel Gonzalo Guitart. The Milbank team also included Global Corporate/M&A partner Scott Golenbock and international attorney Fernando Vial Comber; Intellectual Property special counsel John Garces; Corporate Finance and Securities associate Marco Zaldivar; Tax partner Max Goodman and associate Jesse Hong; and Global Risk & National Security partner Bijan Ganji and associate Pinky Mehta.
