$530 Million Sale of Colombian Pension Business by BBVA

December 24, 2012

Cleary Gottlieb is representing Goldman Sachs, as financial advisor to Banco Bilbao Vizcaya Argentaria (BBVA), in connection with the sale to Grupo Aval Acciones y Valores of BBVA Horizonte Sociedad Administradora de Fondos de Pensiones y Cesantías S.A., BBVA’s Colombian pension business. The transaction was announced on December 24, 2012 and is expected to close during the first half of 2013, subject to the approval of Colombian regulators.

BBVA is a multinational Spanish banking group.

Grupo Aval Acciones y Valores S.A. is a Colombian holding company engaged in a variety of financial activities.