Grupo Aval to purchase Guatemala and Panama banks

Colombia's Grupo Aval is expecting to close the purchase deals of Guatemala's Grupo Financiero Reformador, for $411 million, and the Panamanian unit of Spain's BBVA for $490 million, according to Luis Carlos Sarmiento Angulo, president of Grupo Aval.

He said the group will start a share sale worth $1.2 billion next week, and expects regulatory approval for the move this weekend.

The banking group will use the proceeds to pay debt and replace liquidity, after capitalizing Banco de Bogotá, the largest of its four banks.



Full story (in Spanish)