Colombia’s Banco Popular is to issue bonds valued at $141.6 million with the possibility of the bonds increasing in value up to $226.7 million, newspaper El Espectador reported Wednesday.
The minimum investment is $566 and the shares have a time-scale of 18, 24 and 36 months. The share issuance is part of the Emission and Investment program approved by Colombia’s official financial regulatory body. The Emission and Investment program was classified by BRC Investor Services as AAA, the highest investment grade.
The previous share emission of the program brought in $282.9 million in February 2010 , and the two most recent emissions both earned the bank $169.7 million in June and October of the same year.
As a result of its performance in 2010 World Finance magazine, based in London, chose Banco Popular as “The Best Commercial Bank in Colombia.”
Banco Popular, part of Grupo Aval, registered a volume of assets of $7.79 billion and accumulated profits of $124.9 million in the first seven months of 2011, a 14.3% increase from profits accumulated in the second semester of 2010.