Regional Banks Optimistic about Arrival of Aval Group

©image: wikipedia.org

Nacion.com reports that most bankers drew attention to the group’s size and its success in Colombia.

Armando Arias, president of the Salvadoran banking association (ABANSA), commented that, “the arrival of such a large group is good news for Central America. It is foreign investment that demonstrates confidence in our region”.

Guillermo Quesada, president of Costa Rica’s banking chamber, pointed out Aval Group has, “one of the highest measures of operational efficiency and the largest profitability in the Colombian banking sector”.

Source: laprensa.com.ni

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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

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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.

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Juan Carlos Sansón, general manager of BAC-Credomatic, stated that GE’s sale of BAC-Credomatic shares is “nothing but a rumor”.

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.