| Publication Date: | lunes, enero 22, 2007 |
| News Title: | Consortium Central America Attorneys assessed Bancolombia in the acquisition of the shares of Banagrícola in El Salvador |
| News Details: | |
Consortium Central America Attorneys through its office in El Salvador assessed Bancolombia, S.A. in the execution of the Stock Purchase Agreement to acquire up to the one hundred percent of shares of the financial conglomerate Banagrícola, S.A. for an amount of US$900 Million approximately. Bancolombia, the largest financial institution in Colombia which controls the 21% of the market of the country´s banking industry, will acquire Banagricola, S.A. through its wholly owned subsidiary Bancolombia Panamá, S.A. with the purpose to acquire the financial conglomerate, including the subsidiaries of Banagrícola in El Salvador which develop commercial and retail banking, insurances, pensions funds administrator and brokerage activities by an approximated price of US$47.00 per share. The transaction is expected to close on the first quarter of 2007. The purchase will be made through a Public Tender Offer in El Salvador and Panama once the approval of regulators in both countries is obtained, as well as in the U. S., where both banks have operations. The acquisition of Banagrícola, the largest bank in El Salvador and the leader in remittances controling the 29% of the credits and deposits market, is the first step from Bancolombia to expand its business in the Central American region in the following years. The team of lawyers who participated in this important transaction was integrated by: Ricardo Cevallos, Oscar Samour, Tanya Cortéz, Beatriz Beltranena, Eduardo Tomasino, Rodrigo Méndez, Carlos Oviedo, Juan Pablo Córdova, Suzanne de Tablas, Marcela Zelaya, Stephanie Montoya and José Alvarez; from Consortium El Salvador. |
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