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Banco de Bogotá received no answer from bid to acquire BAC-Credomatic

Friday, June 11, 2010

The offer from Banco de Bogotá, Colombia's second-largest bank in terms of assets, to buy 100 percent of Central American bank BAC- Credomatic, which is controlled by General Electric's financial arm, received no answer.

Banco de Bogotá had offered to buy 100 percent of the shares of BAC- Credomatic and set a deadline for an answer by 5 p.m. Thursday. The Colombian bank didn't disclose how much it offered.

GE paid about $500 million for a 49.9 percent stake in BAC-Credomatic in 2005. It upped the stake to 75 percent last year.

Original source: Dow Jones