Grupo Aval agreed to purchase 100% of the shares of BAC-Credomatic from GE Capital for $1.9 billion. Currently, GE owns 75% of BAC-Credomatic and agreed to buy the remaining 25% to sell it to Grupo Aval.

Industry insiders were expecting the Colombian group to expand outside of it home nation, as it had no more room to grow in its domestic market.

An article in Elfinancierocr.com details that the four banks owned by Grupo Aval “represent 29% of the banking loans in Colombia, 30% of its deposits, and 30% of the country’s banking capital. It also owns the largest network of branches (1.200) and 2.300 ATMs”.

Source: elfinancierocr.com

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