AF Consulting acquires Financiera Internacional

Spanish firm AF Consulting has acquired Colombian finance company Financiera Internacional after negotiating a share deal with the Venezuelan company Fondo de Garantias Bancaria de Venezuela (Fogade). Thus, Fogade sold a 90% shareholding in the firm Financiera Internacional. As of 31 December 2009, Financiera Internacional equity stood at COP 30.97bn (EUR 11.71mn USD 15.97mn), and analysts therefore consider that the 90% stake was sold for at least COP 28bn. As well as the share operation, it is reported that Financiera Internacional will receive COP 8bn in capital in order to participate in new market areas, such as international financial services and capital markets, amongst others.

Publication: Esmerk - News monitoring
Provider: Esmerk
March 1, 2010

Grupo Bolivar aims to expand internationally

Colombian financial conglomerate Grupo Bolivar, which has interests in the insurance and banking sectors, is planning to expand its presence in Latin America and the US. The company has been entering new markets such as Costa Rica, Venezuela, Ecuador and Panama, while it is considering to arrive in Argentina, Chile or Peru.

For instance, its bank Banco Davivienda has a subsidiary in Panama and US, which Grupo Bolivar intends to expand and improve its services. In Venezuela, the company also operates a life insurance company together with local investors.

Publication: Esmerk - News monitoring
Provider: Esmerk
December 8, 2009

Brookfield sets up $400Mn Colombia Fund

Brookfield Asset Management, Canada's asset manager focused on property, power, and other infrastructure assets, is launching a USD 400 million Colombian fund to invest in the region’s infrastructure. The PE firm has joined a wave of foreign institutional investors entering the Andean nation. It also announced the fund's first closing at USD 320 million, making it the largest PE and infrastructure fund ever launched in Colombia. Investors that have committed in the first closing include Colombian institutional investors and Brookfield, the latter committing up to 30 percent of the total.

Brookfield has been monitoring a number of attractive targets in Colombia in the past one year. The newly generated interest of international companies in Latin America is due to the global growth together with sound a fiscal policy, which contributed to the economic stability in the region. The banking sectors of many South America countries withstood the storm caused by the global financial crisis.

Publication: Evalueserve-EmergingMarketsNOW
Provider: Evalueserve India Ltd.
September 10, 2009

GE looking to grow on many Colombian fronts

The US giant General Electric (GE) wants to enter new businesses in Colombia and expand in areas where it already has a Colombian presence, announces the president of GE for Northern South America, Fabiola Sojet. One priority identified is growth via Colpatria with products such as credit cards whilst organic and non-organic growth will both be embraced (GE wants to buy another Colombian bank if possible); further micro-credit opportunities for GE Money will be sought whilst the multinational also wants to grow its role as a supplier of equipment and technology for infrastructure in sectors such as rail, air, ports and basic sanitation.

GE is in talks with Odinsa about becoming a partner in the expansion of the freight terminals at Eldorado airport. It has also been in talks regarding becoming a partner in the logistical centre Porta, set to go up near Eldorado, planned by Ospinas. GE is considering building or buying a plant for the manufacturing of chemicals used to purify water.

It is also close to sealing an alliance with Nalco de Colombia Limitada. GE Colombia, which doesn't include electrodomestics or financing, expects to post sales of US$135mil in 2007 and US$180mil in 2008. In association with Mexico's Grupo Mabe, GE has a white-goods factory in Manizales.

Publication: SABI - Business News
Provider: South American Business Information
Date: December 29, 2007