Fogafín Completes 1.2% Sale of Granahorrar

The first phase of the privatization of Colombian state-owned mortgage lender Granahorrar has closed with the allocation by Fogafín of 497,446 shares of the bank worth 5.1 billion pesos to the company’s workers, cooperatives and pension funds. This represents 1.2% of the bank’s capital, leaving 98.8% for public auction. The minimum price for the remaining stake has been set at 438 billion pesos ($191 million).