In Guatemala, the business group of South American origin acquired 40% of the shares still owned by BAM Financial Corporation, and consolidated 100% of the assets of the Agromercantil Holding Group.
Directors of Bancolombia reported that the company will begin the process of authorizations to regulatory bodies and that in the coming days will provide details on the price of shares, according to the contractual rules between the parties who closed the negotiation.
The Colombian company signed an agreement to acquire the shares of Insurance Banistmo, whose participation in the Panamanian market is 8%.
From a statement issued by Grupo Sura:
Suramericana SA, a subsidiary of SURA Group which specializes in the industry for insurance, health and occupational hazards, signed a contract for the acquisition of Insurance Banistmo, which, once the relevant authorizations have been obtained, will allow the Company to consolidate its presence in the Central American market, adding this operation to Seguros SURA Panama.
HSBC Latin America Holdings Limited, a wholly owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell HSBC Bank (Panama) SA to Bancolombia SA for a total consideration of US$2.1bn in cash.
HSBC Latin America Holdings (UK) Limited, a wholly owned subsidiary of HSBC Holdings plc (“HSBC”), has entered into an agreement to sell HSBC Bank (Panama) SA to Bancolombia SA (“Bancolombia”) for a total consideration of US$2.1bn in cash, based upon estimated net asset value at completion of US$700m. The transaction is subject to regulatory approvals and other conditions and is expected to complete by the third quarter of 2013.
Grupo Bancolombia has agreed to acquire 40% of the ordinary shares of Grupo Financiero Agromercantil, with the possibility of acquiring a controlling interest in the medium term.
A statement of Grupo Bancolombia reads:
Grupo Bancolombia acquires 40% of Grupo Financiero Agromercantil of Guatemala – BAM - and strengthens its presence in Central America.
Interbolsa’s assets, liabilities and contracts have been acquired by Bancolombia in order to ensure the stable operation of the public debt market and Colombia’s payment system.
A statement from the Financial Supervision reads:
FINANCIAL SUPERVISOR AUTHORIZES MEASURES WITHIN THE TAKEOVER PROCESS OF INTERBOLSA SCB
- Authorization has been given for Interbolsa SCB to transfer to Bancolombia its operations of future performance, repurchase agreements and sell/buy-back transactions backed by TES, ensuring stability in the operation of the public debt market and payment system.
The largest financial institution in Colombia is looking in Latin America for good opportunities to acquire assets.
Bancolombia started its regional expansion in 2007 by buying Banagrícola in El Salvador, for $900 million.
Although the president of Grupo Bancolombia, Carlos Raul Yepes, notes that "for now there aren't any businesses that are catching our eye," he did confirm that they are looking for businesses that are "good, nice and cheap."
The financial group Bancolombia would come to Guatemala with the signing of the Free Trade Agreement between both countries.
Prensa Libre reported that the Colombian ambassador in Guatemala, Eduardo Lopez Sabogal indicated that the Bancolombia Group has been negotiating with domestic private banks, looking for a strategic alliance, similar to the one developed in El Salvador, with the purchase of the Banco Agrícola.