Wednesday, July 24, 2024

Logo Central America Link

Davivienda surges on Central America acquisition

Tuesday, January 29, 2013

Banco Davivienda, Colombia’s third-biggest bank, may surge 14 percent this year as loans grow three times as fast as the economy and costs remain lower after efficiency gains in 2012, according to brokerage Correval.

Davivienda is set to rise to a year-end price target of 27,640 pesos, according to Correval, which rates the shares buy. Correval’s previous price target was 25,560, set in October 2011.

Last year, Davivienda completed the $801 million acquisition of HSBC Holdings assets in Costa Rica, El Salvador and Honduras.

Source: Bloomberg