In Guatemala, Credit is Colombian

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

Monday, March 26, 2012

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.

Luis Lara, president of the Banking Association of Guatemala, said that competition in foreign banks has always been strong, and that Colombian banks are among the most aggressive.

"The incursion of Colombian banks into Central America began with the purchase of the Agricultural Banks of El Salvador and Panama by Bancolombia, and was followed by Grupo Aval which acquired the subsidiaries of Banco de America Central (BAC / Credomatic) for $1.92 billion, and Davivienda who recently acquired subsidiaries of HSBC in El Salvador, Honduras, Costa Rica and Panama for $801 million, and it has not been ruled out they they will come to Guatemala," published elperiodico.com.gt.



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