Multibank Inc. (Panama)

Multibank Inc. is a bank located in Panama. It was incorporated on July 12, 1990, under the name Multi Credit Bank. The bank was established with the vision of being a dynamic and effective alternative to meet the financial needs of Panamanians. Multibank Inc. has a strong focus on supporting small and medium-sized enterprises, contributing to the gradual and sustainable growth of the country. In 2008, the bank underwent a rebranding and expanded its product offerings. Today, Multibank Inc. is the sixth-largest privately-owned bank in Panama, with total assets of USD 5,126 million as of the end of 2022. The bank has achieved solid risk ratings and is known for its organic growth and financial stability in the Panamanian banking sector. Multibank Inc. operates through 20 branches and 2 loan centers across Panama. As the main subsidiary of Multi Financial Group, a distinguished Panamanian financial group with over 50 years of experience, Multibank Inc. has established a strong presence in Panama. The bank also has representative offices in Colombia. In May 2020, Grupo Aval, one of the largest financial groups in Colombia in terms of total assets, acquired the majority of the capital of Multi Financial Group through its subsidiary Leasing Bogotá, S.A. Panamá, which is a subsidiary of Banco de Bogotá. Grupo Aval currently holds 99.6% of the bank's shares, adding its solvency and prestige to Multibank Inc.'s distinguished trajectory.