Spanish lender Banco Sabadell has purchased a 4.99% stake in Colombian bank GNB Sudameris for $50m.
Banco GNB Sudameris operates 153 branches and has a workforce of 2,600, managing $7,800m in total assets currently.
The bank’s majority shareholder is Gilex Holding, a subsidiary of Starmites, which is a company owned by the Gilinski family.
In addition, the two entities have also signed a strategic commercial cooperation deal to capitalise on their mutual business opportunities.
The cooperation agreement aims to focus on markets with a strong growth potential including Colombia, Peru and Paraguay, where both the lenders operate through representative offices.