This follows GE Capital’s earlier announcement in July 2010, regarding its agreement to sell the shares to Grupo Aval, subject to regulatory approvals and other customary closing conditions.
GE Capital Global Banking president and CEO Dmitri Stockton said this is a good deal for shareholders of GE, and furthers GE’s objective of reducing the overall size of GE Capital and refocusing investment in core industrial businesses such as energy, infrastructure and technology.
"The management team at BAC are truly world class and we have enjoyed working with them over the years. We believe this transaction will be positive for BAC, which we believe has excellent growth prospects under its new owner Grupo Aval," Stockton said.
Founded in 1952, BAC International Bank has operations in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Mexico, with approximately $5.1bn in loan assets, and $5.5bn in deposits.
GE Capital was advised in the transaction by Credit Suisse, and Latham & Watkins served as external counsel.
