The Aval Acciones y Valores Group said that in a session on October 31, its Board of Directors made the decision to approve the regulations for the issuance and placement of ordinary bonds through public offering up to a value of $400,000 million.
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The resources of the placement of the debt securities will be used for the development of the corporate purpose of the Company, including within it investments in debt or capital instruments in subordinate companiesthe replacement of financial liabilities and/or for working capital.
At the meeting it was approved that Grupo Aval request authorization from the Financial Superintendency to acquire shares of subordinate financial entities and make investments in debt instruments issued by them.
In addition, The constitution of a subsidiary of Grupo Aval was approved, which will have financial advisory activities as its objective, structuring of operations and investment banking, among others.
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