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.



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