BAC Credomatic
in Central America
Monday, January 30, 2012
Direct investment by Colombian companies came to about $1 billion in 2010, a giant leap forward compared to the $27 million in 2004.
Central America has become a kind of "Promised Land" for large companies in Colombia, writes ElTiempo.com.
Monday, October 3, 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,
Friday, December 10, 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.”
Wednesday, December 8, 2010
The sum amounts to the 5% tax collected from the sale of shares from BAC to AVAL Group and from Industrias Lacteas to Coca-Cola FEMSA.
An extraordinary income of approximately $ 105 million could be received by the Panamanian government from the sale of shares of the two large firms.
Thursday, October 7, 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)."
Tuesday, July 20, 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.
Friday, July 16, 2010
The leading Central American banks believe that the presence of the Colombian financial holding group will bring greater dynamism to the market.
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”.
Thursday, July 15, 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.
Thursday, July 8, 2010
The policy offered by the bank requires no medical exams and is easy to obtain.
Another characteristic of this kind of policy is that there is no need to renew it every year and it covers natural and accidental death, total or permanent disability due to accidental causes and funeral expenses.
“People can choose whether to purchase the insurance in colones or dollars up to a maximum of ¢50 million ($94,000). For example, a ¢5 million ($9,400) policy costs ¢3,764 per month ($7),” reported Nacion.com.
Friday, June 11, 2010
The offer to buy BAC-Credomatic made by Banco de Bogotá confirms that Colombia’s large financial groups are seeking to expand their borders.
An article in Portafolio.com.co remarks that BAC has so far not responded to the Colombians.
Thursday, June 10, 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.
Wednesday, June 9, 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.
Tuesday, June 8, 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.
Friday, April 30, 2010
Within its national expansion process, the banking entity opened 8 new branches.
CEO Jaime Moreno explained they based their decision in the expectative that Panama will continue growing as a center for international financial transactions.
Friday, April 16, 2010
The company unveiled its new Automatic Teller Machine, available in 25 locations.
This new ATM lets clients pay credit cards, make deposits and transfer funds between pre registered BAC accounts. $1.5 million were invested in this project.
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