BBVA’s Colombian subsidiary has announced a significant capital-raising move, issuing ordinary shares valued at 877 billion pesos, or roughly $218 million. This development was confirmed by the Colombian Stock Exchange in a statement released on Tuesday.
In the initial tranche of the issuance, BBVA Colombia offered 3.24 billion shares, with each share priced at 270 pesos. This phase of the issuance has now been successfully completed. The bank also plans to release an additional 152.7 million shares in a second tranche, although the timing for this next phase remains unspecified at this moment.
This move marks a key step in BBVA’s broader strategy for growth in Colombia and the wider South American region. Announced earlier this year in April, the capital raised through this share issuance is intended to enhance the bank’s financial stability and provide a solid foundation for its expansion efforts. By bolstering its capital base, BBVA aims to strengthen its market position and support its growth initiatives in one of the region’s promising markets.
The decision to issue shares reflects BBVA’s confidence in the Colombian market and its commitment to leveraging opportunities for development in South America. As the bank continues to expand its footprint, this capital infusion is expected to play a crucial role in driving its strategic objectives forward.
