Grupo Aval Plans to Issue $1 Billion in Local Shares for BAC Acquisition

Grupo Aval Acciones y Valores SA, Colombia’s biggest financial holding company, plans to issue $1 billion in local shares as part of its purchase of BAC- Credomatic GECF Inc., company executives told reporters today in Bogota.

The company may also issue bonds or take loans to pay for the $1.9 billion transaction, said Luis Carlos Sarmiento Angulo, president of Grupo Aval’s board of directors.

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

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