Leasing Corficolombiana SA Compañía de Financiamiento said it obtained approval from Colombia's financial regulator to transfer a portion of its financing and credit leasing business to Banco de Occidente SA.

The transfer involves more than 25% of Leasing Corficolombiana's assets and liabilities, the company said when it announced the move earlier in December. The handover is expected to be completed in the first quarter of 2019.

Leasing Corficolombiana and Banco de Occidente are both units of Colombia's Grupo Aval Acciones y Valores SA.