Best Bank - Colombia
Nov 1, 2010
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...
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