Colombian Banco de Occidente To Buy Banco Unión

Colombia’s fifth-largest financial institution, Banco de Occidente, a unit of local holding company Grupo Aval, is to buy smaller rival Banco Unión in a share swap between the two banks. Banco de Occidente will make a public offer for 44% of the share capital of Banco Unión. Grupo Aval will then acquire those shares in Occidente.