Last week, MicroCapital reported that the liquidating Colombian bank, Megabanco was put up for auction. The sale drew attention from major banks such as Spanish bank, Santander, GE Money, and Caribbean development fund, Fundesarollo. In the end, the auction went to Grupo Aval, a Colombian financial group. Grupo Aval made the winning bid of 808 billion pesos (US$358 million) through its subsidiary (and Colombia’s second largest bank), Banco de Bogotá.
Continue reading “Colombian Financial Group Banks on Microfinance Investment: Banco de Bogota Wins Auction for Megabanco and its Microcredit Portfolio with $358 Million Bid”
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