March 20, 2020
Colombian financial services conglomerate Grupo Aval will use the proceeds from a recent bond sale to cover the acquisition of the Panamanian lender Multibank by its Central American subsidiary BAC Credomatic.
BAC plans to spend about $700 million for Multibank, using around $200 million in cash and issuing $500 million worth of additional tier-1 bonds to fund the transaction, Grupo Aval CEO Luis Carlos Sarmiento Gutiérrez told analysts during a conference call on Tuesday.
Grupo Aval will buy al
Colombian conglomerate will use the proceeds from a recent bond sale to pay for the Panamanian lender