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Colombia: Central America’s banker

Tuesday, October 29, 2013

Central America's largest bank is now Medellín-based

Bancolombia, which this month got approval for a $217 million acquisition of a 40 percent stake in Guatemala’s Grupo Agromercantil Holding.

The acquisition includes a Barbados-based offshore unit and an insurance company, both Agromercantil subsidiaries.

Bancolombia now owns $17 billion of Central American assets.

Earlier this year, it bought HSBC Panama.

In 2012, Bancolombia acquired El Salvador's Banco Agricola.

Colombian businesses, including banks, have in recent years made significant investments in Central America.

Banco de Bogotá, part of Grupo Aval, is now the region's number two financial group with $15 billion in assets, followed by Davivienda with $5 billion.

With its Guatemalanc acquisition, Bancolombia is one of the top ten financial institutions in Latin America.