Business Latin America

Colombia's Grupo Aval to buy Multibank Financial Group Grupo Aval, Colombia's largest financial conglomerate, said on Thursday it had agreed to buy Panama's Multibank Financial Group (MFG), giving it a higher profile in Central America. Grupo Aval GAA.CN, Colombia's largest financial conglomerate, said on Thursday it had agreed to buy Panama's Multibank Financial Group (MFG), giving it a higher profile in Central America. The transaction - which Aval will conduct through its subsidiary Banco de Bogota BBO.CN - will close in the second quarter of 2020, after completing a regulatory process, the company said in a statement to Colombia's financial regulator. It did not disclose the cost of the acquisition. As of June last year, MFG had consolidated assets of about $5 billion and equity of some $560 million. "This attractive transaction is complementary to the type of businesses that the company already participates in in Panama," Gr