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HSBC Holdings Unit Acquires Financomer Group Of Companies

LONDON (Dow Jones)–HSBC Bank (Panama), S.A. has signed an agreement to acquire the group of consumer finance companies trading under the brand name Financomer. The Financomer group, which had a gross assets of $41.5 million at 31 December 2004, entered the personal lending market in Panama in 1989 and currently 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 companies include 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 International Investments, Ltd.

HSBC has been present in Panama since 1972. HSBC Bank (Panama) S.A. has 16 branches and 54 ATMs, distributed between the cities of Panama, Colon, Aguadulce, Chitre and David providing a full range of banking products and services including commercial and consumer banking, HSBC Premier, private banking, and corporate banking.

Posted By Timothy Blake

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HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

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