Multibank Panama Changes OwnershipAfter Grupo Aval S.A. of Colombia signed an agreement to acquire Multibank Financial Group of Panama, the transaction process is expected to be completed in the second quarter of 2020.Friday, November 1, 2019
For Grupo Aval de Colombia S.A., owner of BAC Credomátic, this transaction represents an important step in the development of its regionalization strategy, since up to June 2019 Multibank Financial Group (MFG), holding company of Multibank Panama, had assets of approximately $5 billion and a book equity of $560 million, the Colombian group informed on October 31st. ¿Busca soluciones de inteligencia comercial para su empresa?Do you need information about the financial sector?Request more information: Need assistance? Contact us
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BAC Panama and Multibank to Compete SeparatelyDecember 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. Grupo Aval Finalizes BAC PurchaseDecember 2010 Grupo Aval completed the purchase of BAC-Credomatic completing the transaction for the purchase price of $ 1,920 million. GE sells BAC-Credomatic in Central America to Grupo AvalJuly 2010 GE Capital Global Banking announced today that it has reached a definitive agreement to sell BAC Credomatic to Grupo Aval, Colombia’s largest banking holding group, for $1.9 billion. Banco de Bogotá Interested in BAC-CredomaticJune 2010 The Colombian Bank has made an offer to purchase 100% of BAC-Credomatic’s shares.
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