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#443 Jaime Gilinski Bacal $4.32B

Random fact: Teamed up with Ian and Richard Livingstone for Panama Pacifico development.

Overview

Gilinski is a shareholder and board member of Banco GNB Sudameris, a Bogota-based bank with almost $9 billion in assets. He's made the bulk of his fortune from finance industry private equity investments and, with his father, led the 1994 purchase of Colombia's biggest bank from the government, which they sold in 1997.

As of July 21, 2017:
Last change -$57.4M (-1.3%)
YTD change +$202M (+4.9%)
Industry Finance
Biggest asset Cash
Citizenship Colombia
Age 59
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Jaime Gilinski Bacal's net worth of $4.32B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Gilinski's fortune is derived mostly from the proceeds he collected from private equity investments in finance and banking he's been making since the 1990s. Gilinski and his family also have a 95 percent stake in Bogota-based Banco GNB Sudameris, which they control through holding company Gilex, according to a July 2015 corporate presentation.

Banco GNB Sudameris had $8.7 billion in assets as of December 2016, according to Moody's, and is valued using its reported 2016 book value of 1.4 trillion pesos ($475 million) and the average price-to-book value multiple of four publicly traded peer companies: Bancolombia, Davivienda, Banco de Bogota and Banco Internacional del Peru. A 15 percent discount is applied to account for the bank's smaller size compared to the peers.

He and his father, Isaac, each collected $418 million after leading a group of investors that bought Colombia's biggest bank from the government in 1994. They sold their 51 percent stake in what became Bancolombia in 1997, according to a statement on the bank's website.

He also is calculated to own a 2 percent stake in publicly traded consumer bank Banco Sabadell through Luxembourg-based holding company Itos Holding, after selling about three percent in November 2016, according to Bloomberg News. He holds a 25 percent stake in the Panama Pacifico real estate development. Panama Pacifico is valued based on the 2010 sale of a 50 percent stake to Qatari investors for $1 billion reported in the media at the time. The value was confirmed by a person familiar with the asset who asked not to be identified, who added that it has appreciated at an annual rate of 7 percent.

The value of his cash investments is based on an analysis of dividends, reinvestments and market performance.

Gilinski declined to comment on his net worth through a press advisor at public relations firm Burston-Marsteller.

Biography

Birthdate: 1957
Family: Unmarried, No children

Born in Cali, Colombia in 1957, Jaime Gilinski is the only son of the Gilinski Bacal family. He studied at Georgia Institute of Technology and earned a master's of business administration from Harvard University. He worked at the mergers and acquisitions unit of Morgan Stanley before returning home to Colombia.

Under the wing of his father Isaac, Gilinski sought out private equity-style deals, such as the purchase of BCCI's Colombia unit after the bank collapsed in 1991. They bought Colombia's biggest biggest bank from the government in 1994 after assembling an investment group that included U.S. billionaire George Soros. The group sold it three years later. Gilinski bought Sudameris in 2003 from Italian bank Intesa Sanpaolo, and fused it with Servibanca and Banco Tequendama, which he bought from Peru's Banco del Credito. Sudameris paid about $400 million to purchase Latin American assets of HSBC in 2012.

He most recently teamed up with Ian and Richard Livingstone for a real estate project in Panama.

Milestones
  • 1980 Graduated from Harvard Business School.
  • 1987 Returns to Colombia to work with father after stint at Morgan Stanley M&A unit.
  • 1991 Gilinskis buy BCCI's Colombia operations after bank's implosion.
  • 1994 Leads group of investors to purchase Banco Colombia from government.
  • 2003 Bought Banco Sudameris from Italian bank Intesa Sanpaolo.
  • 2010 Gilinski sell a stake in Panama Pacifico project to Qatari investors.
  • 2012 Sudameris pays about $400 million for HSBC assets in Latin America.
  • 2013 Banco de Sabadell buys JGB Bank from GNB Holdings.