Colombian financial sector accelerated its moves in 2010
November 22nd, 2010
This year, several businesses have finalized the purchase, sale, investment, and to change the image of financial institutions. The entities are arranged to maximize profitability.
The financial system in Colombia was highlighted in 2009 by high profits generated by its portfolio investments. Now, in 2010, the strategy is changing to strengthen other businesses and in that context the sector moves are the order of the day.
The constant of the first months of the year ranging from announcements of the arrival of new foreign investors to change the name of a finance company, through the conversion of other institutions into commercial banks. Not to mention the absorption of some leasing companies (leasing) from its parent bank.
These moves confirm that the financial system continues to consolidate as one of the fastest growing in the Colombian economy. Last year, financial services grew by 3.1 percent against a GDP growth of 0.4 percent.
International investors are looking at the national bank’s business objective, but others leave the market. Therefore, in recent days have been known European groups decisions and Latin America to enter the country or to consolidate investments managed for a long time.
For example, it announced the purchase of RBS (Royal Bank of Scotlant) by The Bank of Nova Scotia in Canada. Moreover, the Banco Pichincha of Ecuador acquired one hundred percent of mandatory convertible bonds into shares (Boceas) and 52.89 percent of outstanding shares and the finance company Inversora Pichincha SA
In addition, Diners Club of Ecuador Finance Corporation, acquired 9.77 percent of outstanding common stock and credit of the Colombian establishment. Also completed the purchase of the International Finance finance company, which was in the hands of Fogade Venezuela-Spanish group by AF Consulting.
In turn, Mistsubishi Corporation Renting left Colombia, car rental firm, a subsidiary of Bancolombia. This cluster also made an adjustment in the credit management of vehicles that had through his finance company, Sufinanciamiento.
This entity was renamed and now called Tuya SA and will continue to manage credit card Almacenes Exito. In addition, he gave a Sufi mark Bancolombia, now is the product of bank credit.
A very busy market
The International Finance Corporation (IFC), World Bank agency grant support Bancamía for growth in the microcredit market. Also pending is the approval of the income of the bank JP Morgan BCSC, participa-tion with a 19 percent stake. Other movements that took shape in recent weeks had to do with the absorption of leasing companies Helm, Bogotá, BBVA, Colpatria and the West by its parent bank.
The Superintendence approved the purchase of a pension fund manager for Commercial Colpatria Colfondos Citi Citibank Colombia.