In Guatemala, the business group of South American origin acquired 40% of the shares still owned by BAM Financial Corporation, and consolidated 100% of the assets of the Agromercantil Holding Group.
Directors of Bancolombia reported that the company will begin the process of authorizations to regulatory bodies and that in the coming days will provide details on the price of shares, according to the contractual rules between the parties who closed the negotiation.
In Guatemala, Banco de Inversión S.A. acquired 60% of the asset portfolio of Financiera de Occidente S.A., which was suspended in December 2019.
On December 13, 2019, the Monetary Board reported that because management practices were detected that put its solvency and soundness at risk, it decided to suspend the operations of Financiera Occidente S.A., an entity that at that time represented 0.35% of the total assets of the local banking system.
The business group chaired by the Panamanian Stanley Motta may be interested in acquiring units of Citi's consumer banking operations in Panama and Costa Rica.
It is not yet been revealed which of Citibank' consumer banking companies in Panama and Costa Rica they may be interested in acquiring. However, potential stakeholders include the General Bank of Panama and Grupo ASSA, which in addition to being insurers, also runs La Hipotecaria.