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."
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.
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