The Banco de Bogotá subsidiary and major shareholder of BAC Credomatic, Leasing Bogotá SA, will submit to the Colombian Financial Supervisory Authority an application to register its shares with the National Register of Securities and Issuers, with a focus on listing them on the stock exchange. National Stock Exchange of South American country.
In other words, a financial entity that maintains a significant presence in Latin America can be listed on the Colombian stock exchange. However, approvals from the regulator are still missing.
According to the information provided by BAC, to this day the company hold The entity and its subsidiaries are owned by Banco de Bogotá and thus Grupo Aval, a financial group that trades on both the Colombian Stock Exchange and the New York Stock Exchange.
“Once approvals are obtained from the regulatory entities, Banco de Bogotá will split 75% of its stake in BAC’s holding company in favor of its shareholders, and Grupo Aval will, for its part, split the corresponding pro-rata in favor of its shareholders.”
Focus on the Colombian market
With the changes, Luis Carlos Sarmiento Angolo will remain the main shareholder in BAC’s holding company, and Multibank will be a subsidiary of Banco de Bogotá. All these processes will be carried out once the necessary approvals are obtained.
Rodolfo Tabash, President of BBK, explained that this decision represents a great opportunity to boost the growth of the financial group’s companies.
“This decision will allow Grupo Aval and Banco de Bogotá to focus on and deepen their operations in the Colombian market, while at the same time placing BAC in an advantageous position to further accelerate their growth in the Central American region,” Tabash said.
BAC is a company with more than 3.8 million customers in the Central America and Panama region, as well as more than 18,000 collaborators.
In terms of the economic dimension, BAC currently has assets of over $26,000 million, a portfolio of over $17,000 million, and equity greater than $2,500 million.
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