Grupo Aval announced that they will pay US$490 million to acquire the Panamanian operations of BBVA Bank. Grupo Aval said that the 100% stake claim that they will acquire in BBVA Panama is subject to government approval. The acquisition will be accomplished through the Grupo Aval subsidiary, Leasing Bogota S.A. Panama. BBVA Panama has an estimated US$2 billion worth of assets.

Grupo Aval, is the Colombian holding company engaged in a wide range of financial services.  The company is involved in real estae, banking and telecommunications. Grupo Aval Acciones y Valores is controlled by Luis Carlos Sarmiento, owning 90% controlling shares for the Grupo Aval.

BBVA or Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) is a multinational Spanish banking group formed through the merger of Banco Bilbao Vizcaya and Argentaria in 1999. BBVA is the second largest bank in Spain. BBVA's operations, dominant Spanish-speaking Latin American countries, cover mainly the southern European countries, like Italy and Portugal and have now expanded in the United States and in Asia.