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 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”.



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Grupo Aval Finalizes BAC Purchase

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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.”

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