Foreign Banks Walk On By

Despite initial interest by several foreign banks in the bidding process for Colombia’s final bank privatization, in the end none showed up with an offer for Bancafé. By close of play Monday only two sealed bids had been received – from local players Banco de Bogotá and Davivienda, surprising analysts following the sale. Santander, Citibank, and GE Money had all been expected to participate in the tender, the winner of which will be determined later this week. The government is hoping to raise $450 million from the sale of its last banking asset.