November 1, 2005
BBVA in Colombia, the affiliate of Spanish banking giant, has outbid local
BBVA in Colombia, the affiliate of Spanish banking giant, has outbid local competitors to buy state-owned mortgage-lender Granahorrar, which went under the hammer yesterday in Bogotá in the second phase of its privatization. BBVA bid $423.6 million to take control of 98.78% of Granahorrar, beating off Colpatria, Davivienda and Banco de Bogotá in the process. Spanish bank Santander, which had been expected to present an offer, failed to bid.