Multiple firms on Tuesday offered to buy InterBolsa, Colombia’s largest, failed brokerage firm, an InterBolsa statement reports.
The Canadian-based Portland Holdings and Colombian investment firm Tribeca Asset Management offered to purchase 100% of the troubled Andean firm.
According to Jaime Humberto Lopez, president of Asobolsa, Tribeca and Portland Holdings have thrown InterBolsa a “lifeline…giving liquidity to the firm…[therefore] showing confidence in Colombia[‘s economy].”
Colombia’s largest brokerage firm was liquidated last week after risky investments and overzealous expansionary practices left the company unable to meet a payment on an $11 million loan.
The fallout from InterBolsa’s liquidity crisis caused the Colombian peso to drop to a one-week low, Bloomberg News reported Tuesday.
“People are still nervous after what happened with InterBolsa,” said Cesar Corredor, an analyst at Banco de Bogota.
Corredor did add, however, that “the measures taken by the [Colombian] government have helped calm fears.”
News that multiple firms are interested in purchasing InterBolsa comes on the heels of last week’s announcement that Bancolombia will take over the liquidated company’s bond trading.