Banco de Bogotá S.A. (BVC:BOGOTA) intends to spin off 75% in Leasing Bogotá S.A. on September 15, 2021. Banco de Bogotá S.A. will spin off the stake to its shareholders including Grupo Aval S.A. Aval will in turn spin off the stake to its shareholders. Banco de Bogotá S.A. will retain a 25% equity stake in Leasing Bogotá S.A. Leasing Bogotá S.A. will be listed in both the Colombian and Panamanian Stock Exchanges.

The Transaction requires obtaining approvals from regulators (in Colombia, Central America, the Caribbean and the United States), from certain creditors and from shareholders and any others required under contractual arrangements. The Superintendence of Finance of Colombia has approved Grupo Aval Acciones y Valores SA's spinoff in favor of its shareholders, the shares of its indirect subsidiary BAC Holding International Corp., which Grupo Aval will receive as the result of the demerger and spinoff of 75% of BHI by Banco de Bogotá SA to its shareholders, including Aval. Additionally, Grupo Aval and Banco de Bogotá requested that their shares be suspended from trading on the Colombian Stock Exchange from March 22 to March 29, when the spinoffs will take place.

It is expected that all the required approvals will be obtained before the end of the first quarter of 2022.