Bancolombia Secures $590 Million In Loans

Colombia’s largest financial institution, Bancolombia, has secured loans totaling $590 million as part of the financing for its acquisition of El Salvador’s Banagrícola. The loans, from foreign banks, will be used for the purchase of foreign currency loans of Bancolombia (Panamá), said the bank in a press release. Bancolombia bought Banagrícola last December for around $900 million. Earlier, the bank issued a statement saying that it had obtained all the necessary authorizations for the acquisition. The public tender offers are expected to be initiated in Panama and El Salvador in the next few days.