Bancolombia buy Guatemala bank for $216 million
Bancolombia Panama, subsidiary of Medellín-based Bancolombia, announced the signing of an agreement to acquire 40 percent of Panama's Grupo Agromercantil Holding, owner of Banco Agromercantil in Guatemala.
Bancolombia will have to pay $216 million for the acquisition, which is still awaiting authorization in Colombia, Panama and Guatemala.
Bancolombia said it plans to increase the percentage to a controlling stake in the medium term.
Full story (in Spanish)