The team of legal counselors of Facio & Cañas successfully concluded its participation as regional representative of GE Capital in the transfer process of BAC Credomatic to the Colombian financial group Aval Acciones y Valores.
The transaction of $1.9 trillion was announced last July 15th.
Lawyers Carlos Oreamuno and Alexander Araya headed the operation's legal counseling in matters related with local rules and legislation. During the purchase process, they rendered services in the areas of banking, competition law and regulatory proceedings.
"It was a satisfactory process that ended successfully, permitting the execution of the transaction in the most convenient terms for both parties," stated Araya.
Lawyer Oreamuno also stated the relevance of the deal for Costa Rica’s economy. “It is satisfactory because this purchase proves that foreign investors trust our country and its legal system”.
In the next months, the attorneys will continue with the necessary work to comply with approvals and regulatory proceedings, so that the purchase process may be ready by the end of the year 2010.
BAC Credomatic operates in Costa Rica, as well in the rest of Central America, and Mexico. GE Capital had 75% of the bank entity. On the other hand, Aval Acciones y Valores is one of the most important financial groups in Colombia.
