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.
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With the purchase of another 20% stake, Bancolombia Group now holds 60% of the shares of the Group Agromercantil de Guatemala.
Two years after the acquisition of a 40% stake of Argomercantil Holding Group, Grupo Bancolombia has decided to consolidate its presence in the country by acquiring a further 20%. The Colombian company said the acquisition is part of a consolidation strategy in Guatemala and Central America.
The banks Davivienda and Grupo Aval, already present in Central America, could be in talks with Citi to acquire its consumer banking operations in the region.
The sale of assets of Citigroup in 7 countries in Latin America represents an expansion opportunity for Colombian banks.
Since 2007 Colombian bankers have made progress in the region, led by Bancolombia with $3,216 million and Grupo Aval with $2.821 million.
For example, in Panama they have operations with "... large international banks because it is considered a tax haven, where it is possible to make investments and transactions swiftly and without a lot of questions being asked by local controlling entities," noted an article in portafolio.co.
HSBC Latin America Holdings Limited, a wholly owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell HSBC Bank (Panama) SA to Bancolombia SA for a total consideration of US$2.1bn in cash.
HSBC Latin America Holdings (UK) Limited, a wholly owned subsidiary of HSBC Holdings plc (“HSBC”), has entered into an agreement to sell HSBC Bank (Panama) SA to Bancolombia SA (“Bancolombia”) for a total consideration of US$2.1bn in cash, based upon estimated net asset value at completion of US$700m. The transaction is subject to regulatory approvals and other conditions and is expected to complete by the third quarter of 2013.
Grupo Bancolombia has agreed to acquire 40% of the ordinary shares of Grupo Financiero Agromercantil, with the possibility of acquiring a controlling interest in the medium term.
A statement of Grupo Bancolombia reads:
Grupo Bancolombia acquires 40% of Grupo Financiero Agromercantil of Guatemala – BAM - and strengthens its presence in Central America.
Interbolsa’s assets, liabilities and contracts have been acquired by Bancolombia in order to ensure the stable operation of the public debt market and Colombia’s payment system.
In the past two years, over $2 billion worth of financing for large enterprises in Guatemala has been provided by large Colombian banks.
The main participant is Bancolombia, which in 2010 and 2011 was involved in syndicated loans for over $1 billion, including the acquisition of Deorsa and Deocsa by Britain's Actis, the extension of Ingenio Magdalena and financing for Cementos Progreso and Cabcorp.
Jaguar Energy, from AEI, began construction of a 700 million solid fuel fired power generation facility near Port Quetzal.
The President of Guatemala, Alvaro Colom, along with cabinet ministers and representatives from AEI and the private sector, led a groundbreaking ceremony today to inaugurate the construction of Jaguar Energy Guatemala LLC's new 300 MW solid fuel fired power generation facility. The ceremony was held this morning at the power plant's site near Puerto Quetzal, Guatemala. The project's total investment is expected to be above US $700 million with commercial operations of the power plant scheduled for 2013.
AEI announced today that it closed long-term financing for the construction of a new 300 MW solid fuel-fired power plant located near Puerto Quetzal, Guatemala.
AEI announced today that its wholly-owned subsidiary, Jaguar Energy Guatemala LLC (Jaguar Energy), closed long-term financing for the construction of a new 300 MW solid fuel-fired power plant located near Puerto Quetzal, Guatemala. The $350 million facility is a 10-year construction and term loan formed by a syndicate of regional and international banks led by Banca de Inversion Bancolombia Corporación Financiera, S.A. (BI Bancolombia) and the Central American Bank for Economic Integration (CABEI).
Bonuses to personnel must be balanced with the company’s short and long term perspectives.
Jorge Londoño, president of Grupo Bancolombia, explained how they applied the Shareholder’s Value Added System (SVA) in this bank, in such a way to prevent short term problems or distortions when applied.
The financial group Bancolombia would come to Guatemala with the signing of the Free Trade Agreement between both countries.
Prensa Libre reported that the Colombian ambassador in Guatemala, Eduardo Lopez Sabogal indicated that the Bancolombia Group has been negotiating with domestic private banks, looking for a strategic alliance, similar to the one developed in El Salvador, with the purchase of the Banco Agrícola.
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