Colombian Bank Readies Shares

Banco de Occidente is preparing to sell COP200bn ($112m) in shares in Colombia’s local market following the approval of its prospectus Wednesday. The beginning of the sale period should be announced within the next two weeks. The bank plans to sell 6.06m shares at COP33,000 each, as it looks to raise funds to increase its capital base. Existing shareholders have first rights on the offer. The bank’s own brokerage and Deceval are managing the sale.