Macrofinanciera, the Colombian unit of Panama's Multibank, expects to become Colombia's 21st bank at the beginning of 2012. The company expects to receive all necessary approval from Colombian financial services regulator Superfinanciera before the end of 2011. It would then begin operating as Multibank Colombia, with a niche focus on remittances as well as the factoring and payroll loan segments. Macrofinanciera currently commands a 15% share of the country's remittance market. It has 40 branches nationwide and is based in Bogotá.
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