Davivienda Raises $180 Million From Shareholders

Colombian bank Davivienda has succeeded in raising around $180 million from the issuance of new shares to existing shareholders. Sociedad Bolívar, the bank’s parent company contributed $75 million, as did the IFC which increases its equity stake in Davivienda from 4% to 9%. Minority shareholders accounted for $30 million. The funds raised will go towards financing Davivienda’s acquisition of Bancafe which was given the go-ahead by the financial regulator last week. Davivienda bought Bancafe from the government at auction for $927 million last October.