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Colombia's Aval acquires BBVA Panama

Monday, July 22, 2013

BBVA, Spain's second-biggest bank, has agreed to sell its Panama unit to Colombia's largest banking conglomerate, Grupo Aval, in a deal worth $646 million.

BBVA said it would receive $490 million in cash and $140 million paid through a dividend from its Panamanian arm before the sale.

Aval said the 100 percent stake it would buy in BBVA Panama was subject to government approval.

Source: Reuters