BAC deal could shake up banking in Central America
The $1.9 billion acquisition of BAC-Credomatic by Colombia’s Grupo Aval leaves four major financial groups in Central America. The others are Citigroup, HSBC and Scotiabank.
Aval’s scope for expansion in the region is now considerable. The international banks have a presence in most of the countries but none has achieved the market penetration that might have been expected after years of trying.
BAB dates back its origin to 1952. GE Capital Global Banking first took a stake in 2005.
Original source (in Spanish): La República