Bancolombia to Buy Banks, Brokerage Firms, Trusts

The largest financial institution in Colombia is looking in Latin America for good opportunities to acquire assets.

Wednesday, May 30, 2012

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."

Yepes said, "We are always looking not only at banks but also all of the entire spectrum, our universal bank, brokerage firms, and trusts" and "we hope to buy at a time when these acquisitions can be made at a good price."

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