BBVA Outbids Competitors For Granahorrar

BBVA in Colombia, the affiliate of Spanish banking giant, has outbid local competitors to buy state-owned mortgage-lender Granahorrar, which went under the hammer yesterday in Bogotá in the second phase of its privatization. BBVA bid $423.6 million to take control of 98.78% of Granahorrar, beating off Colpatria, Davivienda and Banco de Bogotá in the process. Spanish bank Santander, which had been expected to present an offer, failed to bid.