Aval Takes BBVA Panama

Aval Takes BBVA Panama

Colombia Panama M&A

Spain's BBVA has agreed to sell its Panama unit to Colombia's Grupo Aval for $646m, the parties say. The transaction continues Aval's Central American expansion, as well as BBVA's pullout from parts of LatAm. BBVA is to receive $490m cash and a $140m dividend from the Panamanian unit. It will also get $16m as an adjustment for earnings made between June 1 and November 30, when the deal is expected to close. BBVA expects to book a EUR150m ($197m) profit from the sale. BBVA Panama has about $2bn i

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