Colombian banks are more likely to remain focused on expanding into central America than on creating regional banking groups in the Andes, according to experts.
During the past few years, Colombia’s main banks have expanded aggressively into central America. In July 2010, Grupo Aval, the country’s biggest bank holding group, which owns Banco de Bogotá, purchased 100% of BAC-Credomatic, a central American financial group, from GE Capital Global Banking for $1.9 billion.
In July this year, Grupo Aval acquired the Panama subsidiary of Spanish bank Banco Bilbao Vizcaya Argentaria for $490 million.
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