GE to Acquire a 25% Share of BAC

With this purchase, GE Money would have 75% of the shares of BAC International Bank.

Monday, June 8, 2009

Beginning in July, the financial group GE Money has the option to purchase additional shares.

Édgar Delgado wrote for the El Financiero website: GE Money bought 49.99% of BAC shares in May 2005. The original contract established the option that the parties could modify their shareholding participation beginning in the third quarter of 2009 and during a period of three years thereafter."

More on this topic

AviancaTaca´s Equity Offering Exceeds by Five Times its Share Issue

April 2011

AviancaTaca´s share issue exceeded $1.5 billion dollars, more than five times the initial offering of approximately $250 million dollars.

Yesterday, AviancaTaca´s share issue in the Colombian market ended with extreme success. Even with preliminary results, the requests for shares exceeded $1.5 billion dollars, more than 5 times the initial offering of approximately $250 million dollars.

BAC-Credomatic Denies Sale by GE

June 2010

Juan Carlos Sansón, general manager of BAC-Credomatic, stated that GE’s sale of BAC-Credomatic shares is “nothing but a rumor”.

He told newspaper La Prensa that they don’t have any official information confirming that General Electric intends to sell Bac-Credomatic. He did acknowledge, however, that GE intends to reduce its participation in the financial market.

IFC is the new strategic partner of Banco G&T of Guatemala

July 2008

The International Finance Corporation signed an agreement yesterday that makes it a strategic partner of Banco G&T Continental, where it will invest $70 million.

This is the most important direct investment done by the IFC in Central America, and the first of its kind in Guatemala, stated Flavio Montenegro, CEO of Banco G&T Continental.

GE Money to increase its participation in BAC

July 2008

The American financial giant GE Money is negotiating to buy more shares in the Bank of Central America (BAC Credomatic) over the medium term.

In 2006 the two firms signed an agrement under which GE Money would acquire 49.99 percent of BAC's capital.
Edmundo Vallejo, president of GE Money Latin America, said there is a possibility of buying more BAC shares, and to consolidate their operations.

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