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Grupo Aval buys BAC Credomatic for $1.9 billion

Thursday, July 15, 2010


Colombia-based Aval Group, whose principal shareholder is Luis Carlos Sarmiento Angulo, today agreed to acquire the regional financial institution BAC Credomatic for $1.9 billion, according to its Central American subsidiary.

The transaction is subject to regulatory approval and other procedures but is expected to close before the end of 2010.
 
GE Consumer Finance's Central American Holdings Corp.. owns 75% of the shares of BAC Credomatic GECF, with banking operations throughout the Central America, as well as the region's biggest credit card issuer.

 Original source: Caracol Radio