Banco Promerica was sold to Produbanco

Alpax was hired by Banco Promerica to issue a “fairness-opinion” with regards to the acquisition of the operation of Banco Promerica Ecuador by Produbanco. Promerica Financial Corporación (“PFC”) is a financial group with operations in nine countries of Latin America, and controls Promerica Ecuador, that had acquired 56% of the shares of Produbanco. Produbanco absorbed the assets and liabilities of Banco Promerica, with assets worth US$3.52 million. Alpax issued a fairness opinion with regards to this Transaction.