BAC Credomatic Buys Guatemalan Bank

The bank, owned by Colombia's Grupo Aval has bought Grupo Financiero, which includes Banco Reformador in Guatemala and Transcom Bank Limited of Barbados.

Thursday, June 27, 2013

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 cost of the transaction has not been disclosed, however, Corrales says the Banco Reformador's equity is more than $145 million. "With the acquisition, the company strengthens its presence in Central America and seeks to enhance trade relations with Colombia", reported Nacion.com.

"The transaction is very important to us because the largest economy in Central America is Guatemala's" said Corrales, adding that the operation will help satisfy the network of Centaral American customers, by facilitating payment methods for companies in the region.

"Regional customers will be able to manage from their sites all of the financial services required in each Central American country, from payroll to the treasury and payments to suppliers," said Ernesto Castegnaro, CEO of Grupo Financiero BAC Credomatic.

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More on this topic

$6.84 Billion From Colombian Banks in Central America

October 2013

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

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.

Grupo Aval Finalizes BAC Purchase

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Grupo Aval completed the purchase of BAC-Credomatic completing the transaction for the purchase price of $ 1,920 million.

Luis Carlos Sarmiento Angulo, president of the board of Grupo Aval, which owns 75% of Banco de Bogota, told the press, "We hope to expand the product range and offer new services designed to meet Colombian customers established in Central America and Central American customers doing business in Colombia.”

Purchase of BAC Credomatic to End This Year

October 2010

Grupo Aval would finalize the purchase this year, once it has authorizations from regulatory agencies.

The announcement was made by the president of Banco de Bogota (part of Grupo Aval), Germain Salazar.

Larepublica.com.co reports, "in order to get the resources for this transaction, which will be of 1,900 million dollars, Banco de Bogota announced the issuance of 2.200 million pesos in bonds convertible into shares ($ 1,220 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.

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