BAC Holding International, born from the split between Banco de Bogotá and Leasing Bogotá SA Panama, faced a planned listing on the Colombian Stock Exchange that did not happen today. The listing was paused amid a tender offer to Colombia’s Financial Inspectorate, SFC, signaling ongoing regulatory review before any public trading begins.
The bidder behind the offer remains unidentified but is seeking between 5 percent and 15 percent of the issuer’s current shares. Each share would be canceled at 293 dollars. The exchange expected the notes to trade as ordinary shares, with a reference price near 291 dollars, a face value of 263.9 dollars, and an equity value close to 306.5 dollars.
Earlier on March 16, Grupo Aval and Banco de Bogotá requested a suspension of their shares on the BVC to allow more time for the separation process to be completed cleanly.
In response, the BVC issued operating instructions detailing the steps: first, the division between Banco de Bogotá and the Bogotá Beneficiary Company took effect, and simultaneously the split between Grupo Aval and Sociedad Beneficiaria Aval occurred. Once these separations were finalized, the merger between BAC Holding International Corp and the beneficiary entities Bogotá and Aval would proceed, positioning the enterprises for a subsequent consolidation under BAC Holding International Corp, known as BHI, and related beneficiary structures.
As soon as the commercial registry for the public deed formalizing the BanBogotá division is received by the Exchange and Deceval, shareholders are set to receive one ordinary share in the Bogotá Beneficiary Company. A parallel entitlement is anticipated for Grupo Aval’s shareholders as well.
The BVC intends to maintain its operations while noting that the reference price for the split company shares has been provided by the issuer and has been adjusted downward in line with the initial price and the unchanged number of company shares. The pricing adjustment is intended to reflect the restructuring accurately and ensure fairness for investors.
Following the transaction, holders of Banco de Bogotá and Grupo Aval will own a combined 75 percent stake in Leasing Bogotá Panamá, with Banco de Bogotá retaining 25 percent and LBP continuing to hold the remaining stake in BAC Credomatic. This change aims to align ownership with the reorganized corporate framework and eliminate cross holdings that could distort performance visibility.
Market observers noted that the process was nearing completion. A market analyst from Itaú Comisionista de Bolsa indicated the deal had reached the final stretch and that results were expected by month end. This has led to some preemptive inquiries from market participants hoping to avoid unnecessary speculation about the timing and outcome of the transaction.
Experts commented that the overarching intent is to reduce volatility in the consolidated results of Grupo Aval and Banco de Bogotá caused by exchange rate movements in Central American currencies. From an investor perspective, the restructuring makes sense because it removes the incentive to maintain a subsidiary of sizable scale within the same banking conglomerate. The restructuring is expected to yield greater efficiency in overall corporate results and clearer visibility into performance across the reorganized entities, which could support stronger valuation and stability over time.
Investors in the Americas are watching closely as the deal evolves. The changes could have far reaching implications for cross-border financial operations, regional exposure, and the way banking groups report profits in a diversified portfolio that spans multiple markets. The outcome will influence how the market perceives the strength and resilience of the reorganized entities in a landscape of evolving regulatory standards and currency fluctuations.
Notes and context for readers in Canada and the United States on this matter focus on governance, cross-border financing, and how regulatory approvals shape public market entries for multi-jurisdictional financial groups. The ongoing process highlights the importance of transparent reporting, timely disclosures, and the ability of large mixed groups to recalibrate ownership structures without destabilizing investor confidence. The intention remains to improve operational efficiency and deliver steadier earnings across the combined entities while maintaining robust market access for future growth.