September 30, 2005
The shareholders of Colombian finance group Corporación Financiera Colombia
The shareholders of Colombian finance group Corporación Financiera Colombiana (Corficolombiana) have approved a merger with rival investment banking company Corporación Financiera del Valle (Corfivalle) to form a new entity with $2 billion worth of assets. The majority shareholder of both groups will be Colombian businessman Luis Carlos Sarmiento. The country's financial sector has undergone extensive restructuring since the banking crisis of 1998 to 2001.