Banco De Bogotá Wins Megabanco

Banco de Bogotá has outbid rival local bank Bancolombia to buy state-run microlender Megabanco for $358 million. Banco de Bogotá headed up a consortium that included the insurance and subsidiaries of its parent group, Grupo Aval. Colombia’s second-largest bank said the purchase of Megabanco will allow it to expand its share of the consumer credit market in Colombia. The minimum asking price for Megabanco had been set at $304.6 million.