Davis Polk advised Grupo Aval on the registration of its preferred shares under the Securities Exchange Act of 1934. Grupo Aval is Colombia’s largest banking group, with total assets of US$43.9 billion at September 30, 2010, and is a leading banking group in the Central American market. Grupo Aval consists of Banco de Bogotá, BAC Credomatic, 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.

The Davis Polk corporate team included partners Nicholas A. Kronfeld and Manuel Garciadiaz, associates Yasin Keshvargar, Jane Lindabury, Sarah Ashfaq and Heng Gong (not yet admitted) and former associate Lindsey Finch. Partner Harry Ballan, counsel Leslie J. Altus and associate Juelle Gomes provided tax advice. Inés Velasco was the legal assistant for the transaction. All members of the Davis Polk team are based in the New York office.