Colpatria seeks strategic global partner, expects to close deal by year-end

- Tuesday, September 13, 2011

Colpatria seeks strategic global partner, expects to close deal by year-end

Colombian conglomerate Colpatria's banking unit, Banco Colpatria, expects to find a strategic partner by year-end, group chairman Eduardo Pacheco was quoted as saying by local daily La República.

Pacheco said the percentage stake for the potential partner has not been decided yet, but the intention is for the bank to maintain its name.

The executive said that the bank is open to all available options and that the ideal partner would be one that allows Colpatria to have a presence abroad, adding that it was important to be part of a global network when looking ahead for the next 10-20 years.

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General Electric's (NYSE: GE) financial arm, GE Capital, had a 49.7% stake in Banco Colpatria, but in May this year the holding announced it was taking full control of the banking unit for an undisclosed sum. However, in March BNamericas reported that Colpatria had agreed to buy back the stake it did not own in its banking unit for some US$550mn, as a due diligence process valued the bank at US$1.1bn.