With the purchase of another 20% stake, Bancolombia Group now holds 60% of the shares of the Group Agromercantil de Guatemala.
Two years after the acquisition of a 40% stake of Argomercantil Holding Group, Grupo Bancolombia has decided to consolidate its presence in the country by acquiring a further 20%. The Colombian company said the acquisition is part of a consolidation strategy in Guatemala and Central America.
The bank, owned by Colombia's Grupo Aval has bought Grupo Financiero, which includes Banco Reformador in Guatemala and Transcom Bank Limited of Barbados.
The only thing now pending is approval of this transaction by the financial market's supervisory authorities in the country. According to the general manager of BAC San José in Costa Rica, Gerardo Corrales, the intention of this purchase is to strengthen corporate banking in the Guatemalan market.
The Rural Development Bank (Banrural) and the off shore bank Mercom Bank Ltd., will fund luxury tourism projects on the Honduran coast.
Banrural will participate in the financing of the project's Los Micos Beach in Bahía de Tela and Mercom Bank Ltd of the financial group Agromercantil, will fund the project ‘Pristine Bay Resort, Golf & Spa’ on the island of Roatan, Honduras.
Business loans of more than $ 640.000 pay between 8% and 12.5%.
Business loans of less than $ 640,000 pay considerably more, between 11.3% and 34.4%.
The information comes from the monthly report generated by the Bank Superintendence of Guatemala, which for the first time includes interest rate information filtered by credit portfolio, economic activity, type of credit and rank.
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