Spanish bank BBVA (BBVA) has agreed to sell its Panamanian unit to Colombia's Grupo Aval for...

|By:, SA News Editor

Spanish bank BBVA (BBVA) has agreed to sell its Panamanian unit to Colombia's Grupo Aval for $490M in the latest in a series of divestments in Latin America by the Spanish bank as it seeks to raise funds. However, it's also the latest withdrawal by European bank from a market where the economy is solid and the population young, and an ascendant middle class is open to more financial services. (PR)