June 1 (Bloomberg) -- Grupo de Inversiones Suramericana SA, the parent company of Colombia’s largest bank, may spend as much as $400 million to expand in Peru and Central America, Chief Executive Officer David Bojanini said.

“There is nothing concrete but we are looking into opportunities to expand,” mainly in insurance and pension management, Bojanini told reporters in Bogota.

Grupo de Inversiones, which changed its name from Suramericana de Inversiones SA, jumped 3.9 percent to 19,940 pesos in Bogota trading.

Suramericana SA, an insurance holding, changed its name from Inversura SA. Grupo de Inversiones and Suramericana are both part of Colombia’s biggest industrial group known as Grupo Antioqueno, which also includes Bancolombia SA, the nation’s biggest lender.

To contact the reporter on this story: Andrea Jaramillo in Bogota at ajaramillo1@bloomberg.net

Last Updated: June 1, 2009 14:46 EDT