Information published in newspaper Portafolio, October 13, 2006.
On October 12, 2006, Banco Davivienda was awarded under the privatization process carried out by FOGAFIN regarding Banco Granbanco S.A. In February 2007 the 99.062% stock purchase process in connection with this entity was completed. Also, on September 1st, that year, prior approval from the General Assembly of Shareholders, Granbanco S.A., from the legal point of view and as a result of the merger, disappears as independent company and becomes part of Banco Davivienda S.A.
This acquisition changed the profile of Grupo Bolívar, as the financial sector business became quite relevant within the same.
With the purchase of Granbanco S.A., there were other acquisitions of its affiliates as follows: Fiducafé S.A., Bancafé Panamá and Bancafé Internacional Miami.
Year 2007:
Demerger of Compañía de Seguros Bolívar S.A.,
Seguros Comerciales Bolívar S.A. and Capitalizadora Bolívar S.A.
In December 2007, Capitalizadora Bolívar S.A., Compañía de Seguros Bolívar S.A. and Sociedades Bolívar S.A. signed a share subscription agreement with International Finance Corporation - IFC. Capitalizadora Bolívar S.A. and Compañía de Seguros Bolívar S.A. submitted the share issuance and subscription rules for consideration of their Boards of Directors and the Financial Superintendence. Once the corresponding authorizations were obtained and the legal formalities were met, IFC, under such agreement, became shareholder of Capitalizadora and Compañía de Seguros Bolívar S.A., reaching an interest above 10% of the capital stock of each company.