JP Morgan to perform study of Bancolombia merger
Bnamericas Published: Tuesday, September 21, 2004
US-based investment bank JP Morgan will conduct a feasibility study of the merger between Colombian financial institutions Bancolombia (NYSE: CIB), Conavi and Corfinsura, local press reported. Colombia's Grupo Empresarial Antioqueño (GEA) announced its intention to merge affiliate bank Bancolombia with local financial institutions Conavi and Corfinsura through its principal holding Suramericana de Inversiones last week. JP Morgan will be in charge of the independent technical study of the players involved in the merger to determine the details and the viability of the deal for stockholders. The merger between the country's largest bank Bancolombia, along with one of the country's leading mortgage players Conavi and Colombia's top investment bank Corfinsura would create one of the top 15 banks in Latin America. Bancolombia currently has 12.4% market share in terms of deposits, 13.5% in net loans, 10.6% of total savings accounts, 17.7% of total checking accounts and 11% of total time deposits.
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