Banesco, S.A. (Banesco), formerly known as “Banesco International Bank, Inc.,” was organized and incorporated under Panamanian law through Resolution No. 28 dated November 17, 1992, by the National Banking Commission of the Republic of Panama.

This resolution granted Banesco an International Banking License, allowing exclusive operations of banking transactions abroad.

On February 5, 2007, Resolution No. 009-2007 by the Superintendency approved the conversion of Banesco’s International License to a General License. This change permitted the bank to conduct banking activities throughout the Republic of Panama and execute transactions perfected, consumed, or taking effect abroad.

Banesco, S.A. was initially a wholly-owned Panamanian company of Banesco Dutch Holding, B.V., a limited liability company incorporated under Dutch law, located at Prins Bernhardplein 200, 1097 JB Amsterdam, The Netherlands.

Banesco Dutch Holding, B.V., was entirely owned by Banesco Corporación Holding Hispania, S.L., a limited liability company incorporated under Spanish law, with an address at Calle Coello No. 77, Planta 3 28001, Madrid, Spain.

On June 24, 2013, the Superintendency approved the merger of Banesco Corporación Holding Hispania, S.L., and Banesco Dutch Holding, B.V., making the bank wholly owned by Banesco Corporación Holding Hispania, S.L.

Simultaneously, through Resolution No. 0088-2013, the Superintendency sanctioned the transfer of all shares of Banesco, S.A. to Banesco Holding Financiero, S.L., which was entirely owned by Banesco Corporación Holding Hispania, S.L. This transaction concluded on July 30, 2013.

Furthermore, on September 27, 2013, Banesco Corporación Holding Hispania, S.L. underwent a name change to Banesco Holding Latinoamérica, S.A., a modification that was duly registered in the Mercantile Registry of Madrid.