Bancolombia Factors In Comercia

Medellín-based Bancolombia, Colombia’s largest private-sector bank, has bought 98.57% of Comercia, the country’s eighth-largest factoring company, for $19.2 million. The purchase is part of the restructuring process currently underway at Colombian conglomerate Grupo Empresarial Antioqueno (GEA), owner of both Bancolombia and Comercia. Bancolombia bought the majority stake from textile company Fabricato-Tejicondor, also owned by GEA. In December Bancolombia created Latin America’s third-largest leasing company when it merged Leasing Colombia and Suleasing.