Bancolombia leasing unit invests US$1.5mn in Peruvian market entry

The leasing unit of Colombian bank Bancolombia (NYSE: CIB) will invest US$1.5mn to start up operations in Peru, Leasing Bancolombia said in a statement sent to the Colombian regulator.
Leasing Bancolombia said it will request authorization from both Colombian and Peruvian regulators to launch the company.

Bancolombia also operates a car leasing subsidiary in Peru and has said it plans to launch a trust fund unit in that country later this year.

Bancolombia is the largest bank in its home market in terms of overall market share and began expanding abroad last year when it acquired El Salvador's biggest bank Banagrícola for some US$900mn.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: June 2, 2008

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