Fitch affirms Global Bank

Fitch Ratings said it affirmed Global Bank Corp.'s long-term issuer default rating at BBB- and its long-term national rating at AA(pan) with stable outlooks.

The action follows an announcement of the acquisition of 99.97% of Banco Panameno de la Vivienda, SA y Subsidiarias from Grupo Mundial Tenedora, SA, the agency said.

The transaction will be funded through a combination of fresh capital and debt issuance.

Fitch said it believes the acquisition will benefit Global's company profile on a consolidated basis with an increase in its loan market share to 9.6% from the current 7.5%.

As a result, the bank will become the third largest mortgage lender given Banvivienda's more retail oriented operations, the agency said.

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