Finance Colombia » BFSI – Financial Services

While Asking For Government Bailout & Furloughing Thousands of Employees, Bankrupt Avianca Paid 7 “Insiders” Bonuses Of Over $10.3 Million USD

Despite laying off thousands of employees, filing for bankruptcy, and asking the Colombian government for a $370 million USD bailout, FInance Colombia has learned that Avianca has paid bonuses of over $10 million USD to seven top Avianca executives. CEO Anko Van der Werff & CFO...

Posted On September 21, 2020

, By Loren Moss

Unimpressed By DIP Financing Plan, Bancolombia Terminates Coverage of Avianca

Bancolombia, Colombia's largest bank has issued a report panning Avianca proposed DIP financing plan from the point of view of current shareholders, and indicated that it would no longer be covering the bankrupt airline.

Posted On August 19, 2020

, By Loren Moss

The above IHME map shows the mean value (across the 1,000 regressions that IHME runs in its SEIR model) of effective reproductive number, R, on June 9. Infections on June 9 roughly correspond to cases of COVID-19 on June 20 given the average duration of 11 days between infection and being reported as a case. Where this value is greater than 1, it means that every person infected with COVID-19 will produce more than one additional infected person. To successfully eliminate a disease from a population, R needs to be less than 1. The map shows that on June 9 in many parts of the world, R was lower than 1, including many parts of North America, Europe, Africa, India, Australia, and New Zealand. Locations that are showing effective R values greater than 1, which means that the number of cases of COVID-19 in the population is growing, include several states in India, the US, Mexico, and Brazil, as well as many countries in the Southern Hemisphere, such as Argentina, Chile, and Indonesia. Several countries in the Middle East, including Egypt, Saudi Arabia, Iraq, and Yemen, as well as Turkey and Iran, also had R values greater than 1 as recently as two weeks ago.

Up To 81,942 May Die In Colombia From COVID-19 Says University of Washington Institute

The Institute for Health Metrics and Evaluation (IHME) at the University of Washington is forecasting nearly 388,300 people will die from COVID-19 in Latin American and Caribbean nations by October 1. Brazil is expected to exceed 166,000 deaths and Mexico 88,000. Six other...

Posted On June 29, 2020

, By Loren Moss

Reverse Mortgages Coming To Colombia

Reverse Mortgages will now be legal in Colombia, says President Ivan Duque, providing a financial option that may benefit Colombian homeowners 65 years of age or older.

Posted On June 17, 2020

, By Loren Moss

ADDI co-founders Santiago Suarez, Daniel Vallejo, and Elmer Ortega (Photo: Globe Newswire)

Colombian Consumer Lender ADDI Raises $15 Million In VC Round

Bogotá firm ADDI has raised $15 million USD in venture capital to grow ADDI’s business in Colombia and to expand to new Latin American markets. Addi provides consumer point of sale financing for retail purchases as an alternative to credit cards.

Posted On June 10, 2020

, By Loren Moss

reinsurance latin america house collapse

AM Best Revises Outlook To Negative On Colombia’s Insurance Industry

AM Best has revised its market segment outlook to negative from stable on Colombia’s insurance industry, owing mainly to the COVID-19 pandemic and the resulting economic damage, which will strain the segment considerably. A new Best’s Market Segment Report, titled, “Market...

Posted On June 8, 2020

, By Loren Moss

Fitch Rates Banco GNB Sudameris’ Upcoming Tier 2 Notes ‘BB-(EXP)’

Fitch Ratings has assigned Banco GNB Sudameris S.A.'s (GNB) upcoming issue of U.S. dollar-denominated, 11-year Tier 2 notes an expected long-term rating of 'BB-(EXP)'.

Posted On May 25, 2020

, By Loren Moss

Avianca’s Top Creditors Revealed, One Small Bank Has Half A Billion USD In Exposure

Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) confirmed in a filing with the US Securities & Exchange Commission that the information published on May 11 by newspaper El Tiempo, relating to the bankrupt airline’s five largest creditors is accurate. One of the motions the air...

Posted On May 19, 2020

, By Loren Moss

Bayport Receives $12.5 Million USD Infusion From Incofin For Colombian Payroll Lending Operations

Bayport closed a $12.5 million USD agreement with Incofin Investment Management to fund its operations in Colombia, where the company is a lender to pensioners and public sector employees.

Posted On April 18, 2020

, By Loren Moss

Overwhelming Response To Viva Air Labs Innovation Challenge

Proposals came from countries such as Colombia, Germany, the United States, Sweden, Canada, Mexico, South Africa, Chile, Brazil, Spain, Peru, Puerto Rico, Argentina, Venezuela, Ireland, Portugal, the United Kingdom, and China.

Posted On April 18, 2020

, By Loren Moss