6 Months After Licensure, Banco Multibank Achieves AA/F1+ By Fitch Ratings
After operating for over 20 years as Macrofinanciera S.A. Compañia de Financiamiento, and six months after receiving a Colombian banking license, Banco Multibank S.A. has been rated AA for long term risk by Fitch Ratings, and F1+ for short term risk.
The ratings reflect the support Multibank S.A. receives from its parent company, Multibank Inc. which is part of a group of Latin American banks with a Fitch rating of BBB- or higher. The rating takes into account, according to Fitch, the banks substantial capital position, and ample liquidity.
“This qualification is backing to continue with our consolidation as a bank in Colombia. Furthermore, the long term rating of AA and the short term rating of F1+ carries us to reaffirm our commitment with each of our clients and to the country in general. We will continue working to offer an ample portfolio of services, and quality that responds to the necessities of our customers, backed by a parent company as stable as Multibank Inc.” said Multibank S.A.’s president in Colombia, Maria Mercedes Machado (pictured above).
Before becoming Multibank S.A., Macrofinanciera S.A. Compañia de Financiamiento operated for two decades in Colombia offering business credit, factoring, certificates of deposits, and savings accounts. Multibank Inc. headquartered in Panamá is part of Multi Financial Group; one of the top 3 banking concerns in Colombia’s northern neighbor. In 2011, Multibank acquired Macrofinanciera, and began laying the groundwork to convert it into a business bank serving Colombia’s entrepreneurial sector.
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