$6.84 Billion From Colombian Banks in Central America

Since 2007 Colombian bankers have made progress in the region, led by Bancolombia with $3,216 million and Grupo Aval with $2.821 million.

Monday, October 7, 2013

For example, in Panama they have operations with "... large international banks because it is considered a tax haven, where it is possible to make investments and transactions swiftly and without a lot of questions being asked by local controlling entities," noted an article in portafolio.co.

"The active participation of Colombian conglomerates in the total banking system assets in Central America is 22.4%, according to a report by Asobancaria. The greatest portion is in El Salvador with 52.7%, followed by Panama with 25.2%, 22.6% Nicaragua, Honduras 21%, Costa Rica 12.8%, and Guatemala with 2.9%.

Among the banks that have invested the most in the region are Bancolombia with $3.216 billion, $900 million in the purchase of Banagrícola in 2007, $216 million in the purchase of 40% of the Grupo Agromercantil in 2013 and $2.1 billion in the purchase of HSBC Panama, also in 2013.

More on this topic

BAC Panama and Multibank to Compete Separately

December 2019

Although Grupo Aval S.A. de Colombia owns both financial entities, the conglomerate has decided that the two banks will compete separately in the Panamanian market.

Early last month it was reported that Grupo Aval de Colombia S.A., owner of BAC Credomatic, signed an agreement to acquire Multibank Financial Group of Panama, and according to the business group, the transaction process is expected to be completed in the second quarter of 2020.

Buyers for Citi's Consumer Banking Activities

November 2014

The banks Davivienda and Grupo Aval, already present in Central America, could be in talks with Citi to acquire its consumer banking operations in the region.

The sale of assets of Citigroup in 7 countries in Latin America represents an expansion opportunity for Colombian banks.

In Guatemala, Credit is Colombian

March 2012

In the past two years, over $2 billion worth of financing for large enterprises in Guatemala has been provided by large Colombian banks.

The main participant is Bancolombia, which in 2010 and 2011 was involved in syndicated loans for over $1 billion, including the acquisition of Deorsa and Deocsa by Britain's Actis, the extension of Ingenio Magdalena and financing for Cementos Progreso and Cabcorp.

Colombian Investment Boom in Central America

January 2012

Direct investment by Colombian companies came to about $1 billion in 2010, a giant leap forward compared to the $27 million in 2004.

Central America has become a kind of "Promised Land" for large companies in Colombia, writes ElTiempo.com.

The latest example of large-scale landing in the economies of the isthmus is the recent $801 million purchase of the assets of the HSBC bank in Costa Rica, El Salvador and Honduras by Banco Davivienda.