Banco Pan Acquisition & Valuation

Stock Yards Bancorp Inc operates as a bank. The bank has two reportable operating segments namely Commercial Banking and Wealth Management and Trust. Its services include loan and deposit services, cash management services, securities brokerage activities, mortgage origination, and others. It generates the majority of its revenue from the Commercial Banking segment.

Burgan Bank SAK is a Kuwait-based banking entity. Domestically, the company operates in the following business segments: Corporate and Consumer banking, Treasury, FI and Investment banking, and Central Office. In addition, all of its operations outside Kuwait are classified as International. A majority of its revenue is generated from the Corporate and Consumer banking segment, which provides comprehensive products and services to corporate and individual customers, including lending, deposits, trade services, foreign exchange, advisory services, credit and debit cards, and others. Geographically, the company generates maximum revenue from its business in Kuwait, and also has a presence in Turkey, Algeria, and Tunisia.

Seven Bank Ltd is a Japan-based business bank. It operates a network of ATMs in partnership with financial institutions across Japan. The company's business segments include the ATM Services segment and the Financial Services segment. The ATM Services segment, provides deposits, withdrawals, and bank transfers at more than 22,000 Seven Bank ATMs nationwide using the cards of more than 590 partner institutions. The Financial Services segment provides convenient account-related services, such as ordinary deposits, time deposits, personal loans and international money transfers, which are accessible from not only Seven Bank ATMs but also personal computers and smartphones. Also, the company provides ATM services overseas and back-office support on commission through its subsidiaries.

National Bank Of Malawi PLC provides personal, corporate, and investment banking as well as stockbroking, insurance, and pension administration services in Malawi. Its business operations are divided into three segments including Retail and corporate banking that incorporates savings, deposits, investment savings products, consumer loans, current accounts, overdrafts, loans, and other credit facilities, trade finance, and corporate leasing; Treasury segment offers financial instruments trading, dealings in foreign currency, stock broking and derivative products; and Other operations comprising fund management, custodial services and providing training services. Revenue from Retail and corporate banking is one of the majority sources of income for the Bank.

Merchants Bancorp is a United States based bank holding company. It operates multiple lines of business focusing on FHA (Federal Housing Administration) multi-family housing and healthcare facility financing and servicing, retail and correspondent residential mortgage banking, and traditional community banking. The business segments of the company are: Multi-family Mortgage Banking which originates and services government-sponsored mortgages for multi-family and healthcare facilities; Mortgage Warehousing segment which funds agency-eligible residential loans as well as commercial loans to nondepository financial institutions; and the Banking segment, which generates maximum revenue, and provides various financial products and services to consumers and businesses.

BSP Financial Group Ltd is a diversified business covering banking, asset finance, life insurance, and fund management. The company's operating segments include banking services, split into PNG Bank and Offshore Banks, and non-banking services, which comprise insurance operations, fund management, and asset financing activities. It generates a vast majority of its revenues from the PNG Bank segment. Geographically, the company operates in Papua New Guinea, Fiji, Solomon Islands, Cook Islands, Tonga, Samoa, Vanuatu, Cambodia, and Laos.

Credit Andorra, branded Creand, is a financial group based in Andorra la Vella, founded in 1949 to provide universal banking. It offers retail, commercial and private banking, asset management and insurance in Andorra and has operations in Spain, Luxembourg, the United States, Panama and other markets. It is privately held, with the Pintat and other Andorran families as owners after buying out La Caixa in 2006. Its Spanish private bank Creand Wealth Management, formerly Banco Alcala, was bought in 2011, and it acquired Vall Banc in 2021. The group also runs the Scale Lab Andorra investment programme for start-ups. Total assets of the bank were EUR 6.6 billion in 2025, with a 30.38% market share in Andorra.

North Pacific Bank Ltd is engaged in the provision of banking products and services. The firm offers time deposits, reserve deposits, government/ public bonds, asset management support services, smartphone-based services, including real-time updates on account balances and transactions, including deposits and withdrawals, along with cashless payment based on QR codes. Its other services include ATM service, Smartphone app, Foreign exchange services, SMS delivery service, Email distribution service, Hokku Electronic Delivery Service, and Remote interview system.

Banco di Desio e della Brianza, known as Banco Desio, is an Italian banking group headquartered in Desio, in the Brianza area near Milan. It began as the Cassa Rurale di Desio, founded in 1909 by the engineer Egidio Gavazzi, took the name Banco di Desio in 1925 and has been listed on the Milan stock exchange since 1995. The group serves households, professionals and companies through current accounts, deposits, cards, mortgages, business loans, payments, insurance and pension products, investment funds, asset management and private banking, with several hundred branches mainly in Lombardy and other regions of northern and central Italy. Its subsidiaries include Fides, a specialist in salary-backed loans, and Desio OBG. The group has grown through acquisitions that include Banca Popolare di Spoleto in 2014, two business units of 48 branches from the BPER Banca group, and a majority stake in the salary-backed lender Dynamica Retail in 2024.

Banco BBVA Argentina SA is a banking services provider in Argentina. It provides financial assistance to large corporations, small and medium-sized companies, as well as individuals. It bank provides services through retail, corporate, investment banking, and Small and medium-sized companies divisions. Through the retail banking segment, it provides banking products and services to individuals, corporate banking deals with services to corporates, and the small and medium-sized companies segment focuses on foreign trade, agricultural business, and digital products.

Banner Corp is a bank holding company. It wholly owns one subsidiary bank, Banner Bank. The Bank's primary business is that of traditional banking institutions, accepting deposits and originating loans in locations surrounding its offices in Washington, Oregon, California, Idaho, and Utah. Banner Bank also actively participates in the secondary loan markets, engaging in mortgage banking operations largely through the origination and sale of one to four family residential loans.

Graubuendner Kantonalbank is a banking corporation in Switzerland. It is engaged in providing banking products and service to private and corporate customers. The company provides a private account, savings accounts, foreign currency accounts, cards, payment services and others. It also provides mortgage facilities, loans, and advances. The company is also involved in providing financial advice, asset management, investment advice, pension and insurance and others.

First Merchants Corp, through its subsidiaries, provides its customers with financial services delivered locally by bankers. It offers personal banking, business banking, real estate mortgage lending, cash management services, brokerage, wealth management, and insurance. The company reports in only one segment which is community banking.

Beacon Financial Corp operates as a multi-bank holding company. It offers commercial, business, and retail banking services, including a full complement of cash management products, online banking services, and consumer and residential loans.

Trustmark Corp is a bank holding company. Through its subsidiaries, the company operates as a financial services organization providing banking and other financial solutions in Alabama, Florida, Mississippi, Tennessee, and Texas. Its principal products and services include Commercial Banking, Consumer Banking, Mortgage Banking, Insurance, Wealth Management and Trust Services, and others. The company is managed along two operating segments: General Banking and Wealth Management. The General Banking segment, which generates the majority of the revenue, provides all traditional banking products and services, including loan deposits, and also consists of internal operations.

Starling Bank is a London-based digital bank offering personal current accounts, joint accounts, and business banking via mobile app. Launched in 2017, it provides savings spaces, overdrafts up to £5,000, and debit cards with no foreign fees. Starling serves over three million customers with FSCS protection up to £85,000.

OakNorth is a digital bank providing loans to small and medium enterprises overlooked by traditional lenders. London-headquartered, the neobank offers secured property finance, working capital facilities, and term loans for hospitality, social housing, education, and healthcare sectors across the UK. It uses AI-powered credit analysis for rapid underwriting. Founded in 2015, OakNorth supports developers and operators with tailored debt products.

Cross River Bank is a technology-focused regulated bank and financial-infrastructure provider. Its products combine software, operations and support needed to deliver the service reliably in its target market. The company serves fintech platforms, payment companies, lenders and businesses embedding banking products, and its offering addresses a repeatable commercial or operational workflow rather than an unrelated namesake activity. It earns interest income, origination, payments, banking-as-a-service and platform fees, which explains how customers pay and how the company sustains the product. Public company material and transaction reporting establish that the bank acquired HUBUC in July 2024 to expand embedded-finance capabilities. Those sources also anchor the website, location, founding year and ownership identity used in this correction. This expanded profile records the business model, customer group, revenue mechanism and relevant transaction history required for participant-level deal validation.