Banking giant HSBC has extended its influence on the other side of the Atlantic by acquiring US-based Chase Manhattan Bank's operations in Panama for an undisclosed sum.
The deal hands the UK's largest bank 11 full service, stand alone branches in the Central American nation. As of December, 1999, it was valued at £470m and had a net book value of £16.8m.
The acquisition extends HSBC's presence in Panama where it has had a presence since 1972.
All of its operations will now be transferred to HSBC Bank USA. Once the sale is complete, all Chase staff in Panama will become employees of HSBC Bank USA.
HSBC Bank USA president and chief executive Youse Nash says: “We are committed to Panama business, both retail and commercial. These two organisations are a perfect fit.”