Colombian Banks Finalize Merger

Colombian banks Banco de Occidente and Banco Unión will carry out a share swap on June 23 to finalize the merger of the two entities. Last month the Colombian financial sector regulator approved Banco de Occidente’s acquisition of the remaining 44% of Banco Unión it did not already own via a public offering. Banco de Occidente, part of Grupo Aval, is Colombia’s fifth-largest financial institution.