The New Owners of BAC-Credomatic

Luis Carlos Sarmiento Angulo, one of the richest men on earth, is the owner of Grupo Aval, which controls some of the largest banks in Colombia.

Tuesday, July 20, 2010

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 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”.

More on this topic

Hostile Outlook for Central American Banking

September 2016

Moody's warns of the risks faced by banks in Central America in the context of a rising trend in interest rates and dollarization of their loan portfolios.

From a report by Moody's:

Mexico, September 14, 2016 -- Banks in Central America face rising asset risks as interest rates look set to rise in the region, pushing up debt service costs for borrowers, according to a report from Moody's Investors Service. 

Banrural Buys Procredit in Nicaragua

February 2015

The Superintendency of Banks in Guatemala has authorized Rural Bank of Guatemala to acquire the shares of the bank founded with Nicaraguan capital, ProCredit.

After Banrural submits the information and documents requested by law, the Superintendency of Banks in Guatemala (SIB) will authorize the purchase of shares of Banco ProCredit.

Grupo Aval Finalizes BAC Purchase

December 2010

Grupo Aval completed the purchase of BAC-Credomatic completing the transaction for the purchase price of $ 1,920 million.

Luis Carlos Sarmiento Angulo, president of the board of Grupo Aval, which owns 75% of Banco de Bogota, told the press, "We hope to expand the product range and offer new services designed to meet Colombian customers established in Central America and Central American customers doing business in Colombia.”

Isthmus banks suffer due to "Gringo" partner.

November 2008

Central American banks were booming -- but close ties with the USA darken their future.

Central American was undergoing an interesting banking system evolution. Now the crisis has hit hard. Remittances have dropped and so has international business. More expensive capital halts investments in infrastructure and global liquidity restrictions will have a strong impact.

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