Banco de Bogotá Interested in BAC-Credomatic

©image: Banco de Bogotá

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.

Source: terra.com

More on this topic

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.

Purchase of BAC Credomatic to End This Year

October 2010

Grupo Aval would finalize the purchase this year, once it has authorizations from regulatory agencies.

The announcement was made by the president of Banco de Bogota (part of Grupo Aval), Germain Salazar.

Larepublica.com.co reports, "in order to get the resources for this transaction, which will be of 1,900 million dollars, Banco de Bogota announced the issuance of 2.200 million pesos in bonds convertible into shares ($ 1,220 million Dollars)."

Grupo Aval Finalizes BAC Purchase

December 2010

Grupo Aval completed the purchase of BAC-Credomatic completing the transaction for the purchase price of $ 1,920 million.

Luis Carlos Sarmiento Angulo, president of the board of Grupo Aval, which owns 75% of Banco de Bogota, told the press, "We hope to expand the product range and offer new services designed to meet Colombian customers established in Central America and Central American customers doing business in Colombia.”

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.