Best Bank - Colombia
Banco de Bogotá has spent the last year rolling out a variety of new products and services in Colombia as it pursues a universal bank strategy, while also making moves cross-border.
In July, parent company
Grupo Aval acquired General Electrics bank and credit
card issuer BAC-Credomatic for $1.9 billion, which has
operations in Mexico, Costa Rica, El Salvador, Guatemala,
Honduras, Nicaragua and Panama.
The bank recently
announced a $1.22 billion convertible bond to help pay for the
deal, while existing shareholders are kicking in additional
equity. The acquisition of Credomatic, which had around $7.7
billion in assets according to its 2009 annual report, will
increase Bogotás assets by about 50% from the
$14.1 billion it started 2010 with.
The bank also signed a memorandum of understanding with
Sumitomo Mitsui, in which the two agree to offer...
Already have an account?
Subscribe now for unlimited access to all current and archive news, data and market analysis.
Take a free two-week trial now for the latest news, data and market analysis.