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Non-Tech : Banco Industrial Colombiano ADR NYSE:CIB -- Ignore unavailable to you. Want to Upgrade?

To: Arnold Layne who wrote (43)	7/3/1998 8:38:00 PM
From: Arnold Layne	Read Replies (1) \| Respond to of 72

BBV ups its stake in BGA. Both trade as ADRs on the NYSE (BBV &BGA) Spain's BBV ups stake in Colombia's Banco Ganadero BOGOTA, July 3 (Reuters) - Spanish bank Banco Bilbao Vizcaya <BBV.MC> raised its stake in Colombia's Banco Ganadero <BGA.BG> to 59 percent Friday in a deal valued at more than $180 million, traders on the Bogota stock exchange said. They said BBV paid 245.1 billion pesos ($182.1 mln) for an additional 15 percent share in the bank, which is Colombia's second largest in terms of assets, in a previously agreed transaction carried out on the Bogota exchange. BBV, Spain's leading bank in terms of profits and second biggest in terms of assets, already owned a 44 percent controlling stake in Ganadero. Spokesmen for the two banks were unavialble for immediate comment. But trading sources on the Bogota exchange said Friday's deal was in line with terms outlined by BBV last month, when it said it would offer Ganadero shareholders one new BBV share, each with an issue premium of 7,573 pesetas, for every 135 Ganadero shares held. A source at BBV told Reuters last month that the bank would have to issue three million new shares to fund the purchase of an additional 15 percent of Ganadero. BBV has invested heavily in Latin America in recent months as it jockeyed to offset shrinking domestic margins in Spain and the onset of financial services deregulation ahead of Europe's long- awaited monetary union. 17:40 07-03-98 Copyright 1998 Reuters Limited.