The New Owners of BAC-Credomatic

©image: wikipedia.org

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.

Industry insiders were expecting the Colombian group to expand outside of it home nation, as it had no more room to grow in its domestic market.

An article in Elfinancierocr.com details that the four banks owned by Grupo Aval “represent 29% of the banking loans in Colombia, 30% of its deposits, and 30% of the country’s banking capital. It also owns the largest network of branches (1.200) and 2.300 ATMs”.

Source: elfinancierocr.com

More on this topic

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.”

BAC-Credomatic Denies Sale by GE

June 2010

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.

Grupo Aval Interested in Buying HSBC

October 2011

The financial group Grupo Aval as part of its expansion plans in the region, has announced its intentions to acquire certain assets from HSBC.

Nacion.com reported statements by Luis Carlos Sarmiento, president of Grupo Aval, published in Portfolio,
"We are following everything closely. It seems that HSBC has organized a sale of its assets in some Central American countries, Peru, Uruguay, Paraguay, Chile and Colombia."

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.