Colombia's Grupo Aval sets eyes on Panama

Colombia's Grupo Aval announced it will acquire Spain's BBVA Panamanian operations for $490 million.

The sale adds BBVA to the list of Spanish companies who have seen the need to sell their Latin American operations due to Spain's poor economic situation.

Grupo Aval said BBVA Panama has some $2 billion in assets, and reported $36 million in profits last year.



Full story (in Spanish)