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Colombian non-bank financial institution Multifinanciera and foreign currency exchange house Cambios Country announced they would merge into a single entity, to be called Macrofinanciera.
Macrofinanciera will offer a combination of all products and services developed by the two entities. The new company will offer personal and commercial financing, particularly auto financing, as well as money transfer services focused on the remittance business, a company spokesperson told BNamericas.
The merger has already received approval from the local banking regulator Superbancaria.
The result of the merger creates a company with equity worth 16.7bn pesos (US$7mn), a network of 43 offices throughout Colombia, as well as 38 correspondents in the US, Canada, Mexico, Costa Rica, Panama, Aruba, Ecuador, Venezuela, Peru, Spain, Italy and the UK, according to the press release.
"The company's money transfer business is based on remittance services offered to Colombians that live abroad, mainly in the US, UK and Spain," the spokesperson added.
"Macrofinanciera plans to launch a national money transfer network in coming months, to compliment its international services."
The company does not have current plans to enter new business lines but Macrofinanciera will continue expanding its banking product offerings, the spokesperson said.
The company competes with 2-3 other Colombian companies that offer similar services, as well as international wire transfer companies.