Banco Sabadell buys stake in Colombian bank

Spain’s Banco Sabadell has acquired 4.99% of Colombian bank GNB Sudameris.

The parties have also signed a strategic cooperation agreement to take advantage of their mutual business opportunities.

Banco Sabadell has acquired 8,238,084 shares that represent 4.99% of the share capital of GNB Sudameris, for $50m.

Banco GNB Sudameris’ majority shareholder is Gilex Holding BV, a subsidiary of Starmites Corporation, S.a.r.l., a company owned by the Gilinski family.

The acquisition is supplemented by a strategic commercial cooperation agreement. The aim of the agreement is to exploit the mutual business opportunities of markets with a strong growth potential such as Colombia, Peru and Paraguay, where both the Colombian bank and Banco Sabadell operate, via representative offices.

This operation seeks to boost and strengthen Banco Sabadell’s internationalisation strategy as it is already present in Colombia and Peru, with representative offices in both countries.

Banco GNB Sudameris, a bank formed over 90 years ago, is one of the largest banks in Colombia. It currently has total assets of $7,800m, 153 branches and 2,600 employees. It also possesses one of the largest service point networks in the country thanks to its branch network and over 2,200 ATMs which it operates.

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