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Colombia’s Aval seeks $1 billion regional war-chest

Wednesday, June 15, 2011

Grupo Aval, Colombia’s biggest financial holding company, will seek to raise $500 million to $1 billion by listing shares in New York.

The funds will be used to buy banks in Guatemala, El Salvador and the Dominican Republic, Luis Carlos Sarmiento Gutiérrez, the chief executive said.

Aval raised $1.1 billion by selling preferred shares last month, helping pay for last year’s $1.9 billion acquisition of General Electric’s BAC Credomatic, Central America’s second-largest bank.

Original source: Bloomberg