Colombia's richest man controls more than a quarter of the country's financial industry through the four lenders that form Grupo Aval. His investment bank, Corficolombiana, owns stakes in infrastructure, agribusiness, energy and tourism ventures. He also builds commercial and residential real estate via Construcciones Planificadas.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Grupo Aval Acciones y Valores SA , Colombia’s biggest financial holding company, will seek to raise $500 million to $1 billion by listing shares in New York and may use the funds to buy banks in Central America and the Caribbean, Chief Executive Officer Luis Carlos Sarmiento Gutierrez said.
The last time Javier Diaz saw his father was when he was 14 and Colombian paramilitaries accused the elder Diaz of supporting guerrillas. That was equal to a death threat at the height of Colombia’s now five-decades-long internal war.
The world’s wealthiest people lost a combined $1.5 billion this week as concerns about Greece’s potential exit from the euro area and Spain’s finances pushed the euro below $1.25 for the first time since July 2010.
Grupo Aval Acciones y Valores SA Chairman Luis Carlos Sarmiento bought a 55 percent stake in Colombian media group Casa Editorial El Tiempo SA from Grupo Planeta SA, according to an e-mailed statement sent late yesterday.
Bonds sold this week by Banco de Bogota SA are returning more than any other of Colombia’s banks after Moody’s Investors Service left them as the only investment-grade subordinated debt among their industry competitors.
Grupo Aval Acciones y Valores SA, the banking group controlled by Colombian billionaire Luis Carlos Sarmiento Angulo, is likely to sell American depositary receipts before issuing bonds abroad again, said Chief Executive Officer Luis Carlos Sarmiento Gutierrez.
Colombian banks are selling record amounts of foreign bonds this quarter, pushing this year’s tally above the total of the previous 13 years, as they take advantage of record-low U.S. rates to finance more lending.