Bancolombia moves to buy out payment processor Vlipco

Bancolombia SA has entered a deal to acquire a 52.3% stake in payment processor Vlipco SAS for about 10.52 billion Colombian pesos.

Upon completion, Bancolombia will hold 100% of Vlipco. The deal is expected to conclude before the current year ends, though it is still subject to regulatory approval.

Vlipco provides technology to the bank for the operation of Wompi, the bank's payment system, and for the development of solutions for the acceptance of payment instruments, according to the press release.

As of Nov. 12, US$1 was equivalent to 3,888.70 Colombian pesos.