Following approval from the authorities the transaction will close at $490 million net with a probable distribution of extraordinary dividends of $140 million.

Grupo Aval Acciones y Valores S.A., through its subsidiary Banco de Bogotá, has agreed to acquire 100% of Banco Bilbao Vizcaya Argentaria de Panama.

“The deal, subject to regulatory approvals, will be closed for a price of $490 million net with a probable distribution of extraordinary dividends of $140 million,” noted an article in Caracol.com.co.

“The merger operations between BBVA Panama and BAC International Bank Inc. will make a combined balance of shares of $12.8 billion, assets of $1.5 billion and net annual income of $301 million, making it the second most important financial group with a General License for shares in that country. “

Source: Caracol.com.co