Bancolombia started its regional expansion in 2007 by buying Banagrícola in El Salvador, for $900 million.
Although the president of Grupo Bancolombia, Carlos Raul Yepes, notes that "for now there aren't any businesses that are catching our eye," he did confirm that they are looking for businesses that are "good, nice and cheap."
Yepes said, "We are always looking not only at banks but also all of the entire spectrum, our universal bank, brokerage firms, and trusts" and "we hope to buy at a time when these acquisitions can be made at a good price."
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The Honduran banking group has opened its first regional agency in the Panamanian banking center.
Camilo Atala, Grupo Ficohsa’s chairman, said the headquarters in Panama will serve as a platform to expand into the rest of the Central American market.
An article in Laprensa.hn contains statements by the executive, "Ficohsa will operate with international license in Panama,.
Driven by fierce competition, public and private banks are carrying out aggressive expansion plans this year.
Seven banks and the Mutual Group have announced that they will open at least 84 branch offices or agencies.
The most ambitious plans are those of the Banco de Costa Rica and Banco Popular, each of which is planning to end the year with 20 new branches.
The Panamanian bank is continuing its expansion plans in Central and South America.
Multibank, an entity founded on Panamanian capital, intends to consolidate and expand its share of the banking sector in Colombia and Central America, where it has already acquired full control of Macrofinanciera SA (Colombia) and the incorporation of the company Multi Resuelve (Costa Rica), focused on financing the purchase of cars.
In principle, the change will only be cosmetic, with the functional and operational structure remaining in place in the 30 offices and subsidiaries that are now part of the Colombian financial group.
In January 2012 Davivienda signed an agreement to the effect that HSBC Costa Rica, HSBC Honduras and HSBC El Salvador form part of the Bank to strengthen its regional presence.