Grupo Aval buys Multibank Panama

Colombia's Grupo Aval, the owner in Panama of BAC, has reached an agreement to acquire Multibank Financial Group, the holding company of Multibank Panama, which has assets of $5 billion.

Aval said that the transaction, which will be carried out through its subsidiary Banco de Bogotá, represents an important step in its regionalization strategy, Newsroom Panama reports.