BANCO DE OCCIDENTE. Acquisition of BANCO UNION COLOMBIANO.
The Banco de Occidente executed a series of agreements with a majority shareholder group of Banco Unión Colombiano S.A. shareholders´pursuant to which it would execute a tender offer for 44% of Banco Unión shares and would merge with Banco Unión S.A. absorbing its operations. In addition it was greed that Banco Unión shareholders may subsequently sell their stock in Banco de Occidente S.A. through the stock exchange. As a consequence of this operation Banco de Occidente would acqire control of Banco Unión operations in Colombia and in Barbados.
Date closed
December 2005
Lawyers involved
Claudia Barrero
Juan Pablo Barrera