Davis Polk & Wardwell LLP is advising Grupo Aval Acciones y Valores S.A., a Colombian financial group, on its $1.9 billion acquisition of BAC Credomatic, a Central American banking group, from GE Capital. The transaction, which is expected to close by the end of 2010, is subject to regulatory approvals and other customary conditions.

Grupo Aval is the largest financial conglomerate in Colombia. Grupo Aval consists of Banco de Bogotá, Banco de Occidente, Banco Popular, Banco AV Villas, Corficolombiana and Administradora de Fondos de Pensiones y Cesantías Porvenir, as well as other financial affiliates, including leasing, trust, brokerage and bonded warehouse companies. BAC Credomatic, a regional banking leader, with operations in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama, as well as in Mexico, participates in all segments of financial services with a leadership position in credit and debit cards.

The Davis Polk corporate team includes partner Paul R. Kingsley, associate Mörk Murdock and foreign temporary associates Maximino Montero (admitted only in Spain) and Javier Soni. The tax team includes partner Kathleen L. Ferrell and associates Brian Radigan and Anthony L. Oliva (not yet admitted). Counsel John T. Wright is providing benefits advice. Partner Frank J. Azzopardi and associate David R. Bauer are providing intellectual property advice. Counsel Betty Moy Huber and associate Brianne M. Lucyk are providing environmental advice. All members of the Davis Polk team are based in the New York office.