Banco de Bogota Advances Share Sale

Banco de Bogota’s board has approved the issuance of COP1trn ($530m) in common shares, it says, to partly finance the recently announced acquisitions in Panama and Guatemala. The Colombian bank remains to set the timing and other details. The sale could be upsized by as much as 30%. Parent Grupo Aval agreed to pay $646m for BBVA Panama in July, and in June Banco de Bogota agreed to buy Grupo Financiero Reformador in Guatemala through its Credomatic subsidiary for $411m. 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.