Aval’s shares dropped 3.8 percent to 1,375 pesos at 1:40
p.m. in Bogota, while the ADRs gained 0.7 percent to $13.60.
Grupo Aval said in a filing with the U.S. Securities and
Exchange Commission this month that it would raise $1.1 billion
through the sale of ADRs. The company plans to use the proceeds
to boost capital at subsidiaries including Banco de Bogota SA,
through which most of its acquisitions have been made, and for
general corporate purposes, according to the filing.