Grupo Aval Acciones y Valores SA (Aval Group) history profile and corporate video
Grupo Aval Acciones y Valores SA (Aval Group) is a financial holding company headquartered in Bogota, Colombia. The company was founded by Luis Carlos Sarmiento Angulo, a Colombian billionaire and one of the wealthiest people in Colombia.
AVAL GROUP’S HISTORY
In 1971, Aval entered the banking sector with the acquisition of Banco de Occidente Credencial.
In 1972, The Las Villas Savings and Housing Corporation (Corporación de Ahorro y Vivienda Las Villas) was founded.
In 1991, Banco de Bogotá was aqcuired.
Between 1991 and 1994, Porvenir Severance Fund was founded and expanded its portfolio to become a Pension and Severance Fund. This period of time, Aval aquired Banco del Comercio and merged with Banco de Bogotá.
Between 1997 and 1999, Banco Popular y Ahorramás was acquired, as well as financial corporations, which are later merged to become Corficolombiana.
In 1998, Grupo Aval started its operations.
In 1999, Grupo Aval listed its shares publicly on the Bolsa de Valores de Colombia – BVC (the Colombian Stock Exchange)
Between 2000 and 2007, Grupo Aval aqcuired Megabanco, Banco Aliadas and Banco Unión Colombiano, and the merger of Ahorramás and Las Villas has happened.
Between 2010 and 2011, Aval acquired BAC Credomatic, and also acquired stakes to consolidate 93.7% of Banco Popular.
Between 2012 and 2013, Aval aqcuired BBVA Horizonte, which later merged with Porvenir, as well as BBVA Panama and Grupo Reformador in Guatemala. The participation in Banco de Bogotá and Banco de Occidente was also increased
From 2014 to 2018, Grupo Aval issued preferred shares in the form of ADRs on the New York Stock Exchange (NYSE). It also acquired a direct stake in Corficolombiana.
Between 2019 and 2020, the acquisition of Multi Financial Group of Panama was closed.
OPERATIONS
Grupo Aval operates in the traditional banking business through its four banks (Banco de Bogotá, Banco de Occidente, Banco Popular and Banco AV Villas), in the investment banking business through Corficolombiana and in the business of private pension and severance management through Porvenir. Additionally, through the operation of BAC Credomatic, it has a presence in Costa Rica, Guatemala, Panama, El Salvador, Nicaragua and Honduras and Multi Financial Group in Panama.
With more than 78,000 employees, Grupo Aval is considered one of the largest financial groups in Colombia and one of the largest banking groups in Central America. According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and www.grupoaval.com.
**Video published on YouTube by “BancosAval“.
