Davivienda Takes Brokerage

Davivienda Takes Brokerage

Colombia M&A

Colombia’s Banco Davivienda has agreed to purchase brokerage Corredores Asociados for COP120bn ($66m) cash, it says, in the latest example of both Davivienda’s expansion and of the snapping up of the country’s local brokerages by larger powers. The payment could increase based on performance incentives, according to wire and local media reports citing remarks by Davivienda CEO Efrain Forero. The deal also includes Corredores’ Panama unit. The entities are not expected to merge operations for at

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