BAC-GE Money To Buy Honduran Bamer

Panama-based BAC-Credomatic Holding and GE Money, the consumer lending unit of General Electric Company have announced that their Central American joint venture is to acquire 99.9% of Banco Mercantil (Bamer), a privately owned bank in Honduras. BAC and GE Money set up a joint venture in 2005 to help both companies accelerate growth in the region. The transaction, which requires regulatory approvals from authorities in Honduras and Panama, is expected to close in the next few months, said the companies. No terms were disclosed. News of the acquisition prompted Fitch Ratings to revise Banco Mercantil’s long-term outlook from stable to positive. Fitch affirmed the bank’s A- (hnd) and F1(hnd) long- and short-term ratings.