Bogotá Bank, part of the Colombian conglomerate Grupo Aval, announced this Monday that it has reached an agreement to acquire the client portfolio of the 'natural person business' of the Brazilian bank Itaú in Colombia and Panama.
With this operation, the Colombian bank aims to acquire the assets and liabilities of approximately 267,000 clients, which, according to its estimates, may amount to 6.5 trillion pesos (about 1.7 billion dollars) in consumer and housing loans, and 4.1 trillion pesos (about 1.079 billion dollars) in deposits.
Once the transaction is closed, the bank's market share in the Colombian banking sector will increase by an additional 1.7% in the consumer loan portfolio, 2.6% in the housing loan portfolio, and 1.7% in natural person deposits.
"It is a step that improves our scale, complements our portfolio, and reinforces the strength with which we compete in this market."
