The sale of assets of Citigroup in 7 countries in Latin America represents an expansion opportunity for Colombian banks. Bloomberg reports cited by Elfinancierocr.com note that in the case of Banco Davivienda, it's interest is soley in the consumer banking units in Peru and Guatemala.

"... Another attraction of the deal is that there are Citi operations for sale in markets where there is no widespread Colombian presence, such as the case of Costa Rica, Honduras, Nicaragua and Peru. It is worth remembering that Bancolombia declined the opportunity to participate in these processes, as it is consolidating the operation of HSBC Panama, which it recently acquired. "

"... Colombian banks have been involved in major deals that have developed in the region. This, both through the purchase of local assets, such as the divestment of HSBC, ING and others, in which Bancolombia, Aval, Sura, Davivienda and GNB also participated. Such acquisitions have played important roles in the Central American market, especially in El Salvador, Guatemala and Panama, where Bancolombia and Aval dominate."

Source: elfinancierocr.com

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Spanish Withdraw From Purchase of Cito Central America

March 2015

It has been reported that the Spanish firm Banco Popular has abandoned the negotiations for the purchase of Citigroup's consumer banking unit in the region.

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Spanish Bank After Citi's Regional Operations

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Aside from the Colombian Grupo Aval, the Spanish company Banco Popular may also be in negotiations to acquire Citi's entire consumer banking operation in Central America.

The sixth largest bank in Spain, which at the moment has no presence in Central America, could be interested in acquiring the consumer banking operation that Citi has put up for sale in Costa Rica, El Salvador, Guatemala, Nicaragua and Panama.