Arias, Fábrega & Fábrega acted as transaction counsel to both Bancolombia and the shareholders of Grupo Agromercantil Holding, in the purchase and sale of a 40 per cent equity stake in Grupo Agromercantil Holding, by the Panama affiliate of Bancolombia, Colombia's biggest bank in terms of deposits.

Grupo Agromercantil Holding owns the financial conglomerate Agromercantil de Guatemala, composed of Banco Agromercantil de Guatemala (BAM), Mercom Bank Ltd, an offshore bank entity based in Barbados, and Seguros Agromercantil de Guatemala, among others. The deal is subject to regulatory approval in Colombia, Panama and Guatemala.

While the deal would only give Bancolombia Panama a minority stake in Grupo Agromercantil, Bancolombia said it plans to boost that to a controlling stake in the medium term.  Agromercantil Holding firm's total assets are US$2.23 billion.

Shares of Bancolombia are traded in New York and Bogota. The bank posted third-quarter consolidated net income of US$238 million, a 2 per cent increase from the same quarter a year earlier, as lending increased. This acquisition increases Bancolombia’s overseas participation and consolidates its financial services. The financial institution already had a presence in El Salvador and Panama.