Closing of Seguros Banistmo Acquisition
In compliance with the duties to disclose material information, Grupo de Inversiones Suramericana S.A. informs that today its subsidiary Suramericana S.A. has formalized the acquisition of 100% of the stocks of Seguros Banistmo, S.A., an insurance company incorporated and existing under the laws of the Republic of Panama, which belonged to Banistmo S.A., a subsidiary of Bancolombia S.A. After signing the Purchase Agreement, as reported this past February, the transaction was approved by the Superintendence of Insurance and Reinsurance (Superintendencia de Seguros y Reaseguros) of Panama, and was not rejected by ACODECO, the Authority for the Protection of Consumers and for the Defense of Competition of Panama. The transaction amounted to USD 96.4 million, 1.38 times the equity of Seguros Banistmo, S.A at the end of August 2015. Consequently, the Panamanian corporation Seguros Banistmo S.A. becomes part of the SURA conglomerate and its products will bear the Seguros SURA trademark. Moreover, the proceedings and authorizations necessary to formalize the merger of both insurance companies of Grupo SURA in Panama shall begin.