Press Room > Press Release
Stanford Financial Group Acquires Bolsa y Banca S.A. Expands Presence in Colombia
2/2/2007
Bogota, Colombia (February 2, 2007) - Stanford Financial Group, through an affiliate, has acquired Bolsa y Banca, S.A.(“Bolsa y Banca”) according to the two companies. The acquisition not only allows Stanford to expand its presence in Colombia and offer retail broker/dealer services, it also enhances the products and services available to existing Bolsa y Banca clients.
According to R. Allen Stanford, Chairman and CEO of Stanford Financial Group, the move to acquire Bolsa y Banca represents a tremendous opportunity for the company to support the growth in the region. "After seeing positive economic data and the significant potential for growth that Colombia has to offer, we wanted to expand our presence here. Joining forces with Bolsa y Banca seemed like a logical fit with what we want to accomplish. In our commitment to build upon our global, full-service wealth management firm, we look to bring on board seasoned, high-level executives that understand the level of service and experience that Stanford demands. In the case of our desire to expand in Colombia, we've found an entire team that is ideally suited to help us achieve our growth goals for this market. We look to work with the best and the brightest, and these individuals are just that. I hope this demonstrates our complete faith in Colombia and the potential it offers the international financial market," he said.
Dr. Gustavo Gaviria Gonzalez, outgoing President of Bolsa y Banca, said Stanford's entry will enhance the products and services the company can now offer. "We are pleased to combine our local presence with Stanford's international presence which will only benefit Colombia and Colombians. This will bring new benefits for our existing clients, providing them with a higher level of service and a wider range of products. It will allow us to take what we've made successful and build on it for even greater success. Stanford is a worldwide company with which we're proud to affiliate our company," he said.
Specific financial terms of the deal were not disclosed. Bolsa y Banca S.A. was founded in 1991 and is one of the top brokerage firms in Colombia. The company has 137 employees in its two branches in Bogota and Medellin.
Yolanda Suarez, Chief of Staff and head of Latin America for Stanford Financial Group, said the company expects great things from its acquisition of Bolsa y Banca. "Local investors will see just what this company can achieve with the addition of Stanford products and commitment to service. Bolsa y Banca is a superior company, and we look forward to having them join the Stanford team to pursue significant economic and business development initiatives in Colombia," she said.
Stanford Financial Group is a privately held, wholly owned global group of independent affiliated financial services companies founded by Lodis B. Stanford in 1932. Stanford's core businesses are private wealth management and investment banking for institutions and emerging growth companies. Stanford provides private and institutional investors with global expertise in asset allocation strategies, investment advisory services, equity research, international private banking and trust administration, commercial banking, investment banking, merchant banking, institutional sales and trading, real estate investment and insurance. Stanford serves clients from 126 countries on five continents. Securities products and services offered through Stanford Group Company, member NASD/SIPC. More information on the company can be found at www.stanfordfinancial.com .