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Bancolombia completes Agromercantil purchase

Wednesday, October 2, 2013

Bancolombia said it completed the purchase of a 40 percent stake in Guatemala's Grupo Agromercantil from BAM Financial Corporation for $217 million.

The stake purchase had been agreed on in December last year and Bancolombia said then that it hoped to acquire complete control of the group in the medium term.

Bancolombia said at the time it would finance the purchase with its own resources and use its Panamanian affiliate to buy the stake.

Source: Reuters