Colombia's banks: Foreign affairs

Colombia's banks: Foreign affairs

Central America M&A

By Katie Llanos-SmallBancolombia’s announcement in February that it planned to spend $2.1 billion buying HSBC’s assets in Panama was always going to create a stir. Not only was the acquisition the costliest ever undertaken by a Colombian bank, it also included proposals for a revival of the target’s original, pre-HSBC branding. The deal, which is subject to regulatory approval, is the highest-profile in a series of acquisitions by Colombian banks. The country’s lenders are diversifying, growing, and grabbing opportunities too good to turn down. The three biggest banks — Bancolombia, Banco de Bogotá and Davivienda — have all announced or closed acquisitions in Central America in the past

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