BAC-Credomatic Denies Sale by GE

©image: www.bac.net

He told newspaper La Prensa that they don’t have any official information confirming that General Electric intends to sell Bac-Credomatic. He did acknowledge, however, that GE intends to reduce its participation in the financial market.

“Sansón denied the supposed $1.5 billion transaction between GE and Colombia’s Grupo Aval, as was reported yesterday by Guatemalan newspaper ‘El Periódico’”.

Source: laprensa.com.ni

More on this topic

GE Could Sell BAC-Credomatic

June 2010

One of the potential buyers of General Eletric’s shares in BAC-Credomatic is Colombia’s Grupo Aval.

The transnational corporation intends to sell its Latin American financial arm, as part of its efforts to reduce its global banking division.
Reuters reported that a GE could net as much as $1.5 billion for its stake in BAC-Credomatic.

Banco de Bogotá Interested in BAC-Credomatic

June 2010

The Colombian Bank has made an offer to purchase 100% of BAC-Credomatic’s shares.

The value of the offer was kept private, but it was known that it expires on the afternoon of June 10.

“After being authorized by the board of ‘Banco de Bogotá’, its president instructed one of its subsidiaries to make an offer for 100% of the shares of BAC-Credomatic Central America”, said a source from the Colombian Financial Superintendence to Terra.com.

GE sells BAC-Credomatic in Central America to Grupo Aval

July 2010

GE Capital Global Banking announced today that it has reached a definitive agreement to sell BAC Credomatic to Grupo Aval, Colombia’s largest banking holding group, for $1.9 billion.

The transaction is subject to certain regulatory approvals and other customary conditions, and the parties anticipate closing by the end of 2010.

The New Owners of BAC-Credomatic

July 2010

Luis Carlos Sarmiento Angulo, one of the richest men on earth, is the owner of Grupo Aval, which controls some of the largest banks in Colombia.

Grupo Aval agreed to purchase 100% of the shares of BAC-Credomatic from GE Capital for $1.9 billion. Currently, GE owns 75% of BAC-Credomatic and agreed to buy the remaining 25% to sell it to Grupo Aval.