Colombian Regulator Gives Ripley Green Light

Chilean financial group Ripley International has received the go-ahead from Colombia’s financial regulator to establish Ripley Financiera, in partnership with retailer Carulla Vivero – recently bought by local rival Almacenes Éxito. Financiera Ripley, as it will be called, will have paid-up capital of $6 million. Meanwhile, US investment bank JP Morgan Chase & Co will have to wait until November to formally set up its financing firm in Colombia. The Bank was given the green light in July by the country’s banking regulator to set up a subsidiary, authorized to carry out investment banking and debt trading in the local market.