Colombia's financial regulator approved Banco W SA's 100% acquisition of local financial services provider Financiera Pagos Internacionales SA Compañía de Financiamiento, the buyer said in a Dec. 19 securities filing.

The Financial Superintendency of Colombia said it would not object to the deal, thus paving the way for both institutions to move forward with the transaction, subject to compliance with conditions.

Terms of the deal were not disclosed.