September 25, 2013
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
Colombia’s largest financial institutions are on an acquisition spree in Central America. With tough regulations at home, the diversification is welcome