Banco de Bogota Plans Share Sale

Banco de Bogota is planning an equity sale of $500m before the end of the year, it says. Proceeds would support the acquisition of BBVA Panama, agreed by parent Grupo Aval in July and done through Banco de Bogota. The transaction remains to be approved by bank’s board. Continuing its Central American expansion, Aval agreed to pay $646m for BBVA Panama. Aval also made initial filings earlier this year for an equity follow-on representing the debut of its US ADS shares, which could raise as much as $1bn, and has hired JPMorgan and Goldman Sachs.