In this article titled “Jaime Gilinski Bacal 101: A Colombian Billionaire”, we will delve into everything you need to know about the Colombian billionaire that our readers at Zatrun.com are curious about, in detail.
Who is Jaime Gilinski Bacal?
Jaime Gilinski Bacal is a Colombian banker and real estate developer, born on December 14, 1957. He currently resides in London, UK. According to Forbes, as of 2020, Jaime Gilinski Bacal has a net worth of $3.6 billion, making him the second richest person in Colombia. He is the son of banker Isaac Gilinski Sragowicz, and his grandparents were Lithuanian Jewish immigrants. Gilinski received a Bachelor’s degree in Industrial Engineering from Georgia Tech in 1978 and an MBA degree from Harvard Business School in 1980.
Jaime Gilinski, who is married to Raquel Gilinski, lives with their four children in London, England. They also have homes in New York, Panama, Miami, and Colombia. Jaime and Raquel Gilinski have established the Jaime and Raquel Gilinski Scholarship at Harvard Business School. The scholarship is awarded to MBA students from Colombia and Panama, with secondary priority given to students from other Latin American countries.
In the 1990s, Jaime Gilinski Bacal obtained the Colombian assets of the Bank of Credit and Commerce International (BCCI) for a symbolic fee after its global collapse. The bank was renamed Banco Andino and became one of the most influential banks in the Colombian banking system, achieving this success in just four years. The Gilinski Group reportedly sold the restructured bank for $70 million. The family later acquired Banco de Colombia for $365 million, which was then the largest privatization in Colombian history.
A group of prominent private equity investors, led by Morgan Stanley Asset Management with a $65 million investment, joined forces with billionaire George Soros’ $50 million and Tiger Asset Management’s $35 million to invest with Gilinski. Over 100 European and North American institutional investors also participated. The family later sold control of the bank to Banco Industrial Colombiano and controlling shareholder Sindicato Antioqueño for a deal worth $800 million, one of Colombia’s largest deals. Gilinski received $418 million for his shares and became a minority shareholder in the new bank as part of the agreement. As of 2018, Bancolombia is the largest bank in Colombia with a market capitalization of $11 billion on the NYSE.
In 2003, Gilinski acquired and merged Banco Sudameris and Banco Tequendama to create GNB Sudameris, which has over $10 billion in assets as of 2018 and is among the largest private Colombian banks. The acquisition of Servibanca, which has an ATM network of over 2,600 machines, and the purchase of Suma Valores, a brokerage commission agency, further expanded the network. In May 2012, HSBC announced the sale of its Latin America operations (Colombia, Peru, Paraguay) to Banco GNB Sudameris for $400 million in cash.
In September 2013, Banco Sabadell announced that Gilinski was its largest shareholder in a $1.8 billion capital increase. Through an ABB and rights issue, Gilinski’s investment amounted to around $500 million. Banco Sabadell is Spain’s fifth-largest bank with over $220 billion in assets and a 13% market share. The Gilinski Group also owns Yupi, a snack food company in Latin America that exports to nine countries. The group also has a stake in Rimax Plastic, which was founded by Gilinski’s father, Isaac Gilinski. In December 2019, Gilinski became Metro Bank’s largest shareholder with a 6.1% stake. He increased his stake to 9% in May 2020. Jaime Gilinski Bacal holds his shares through Spaldy Investments, based in the British Virgin Islands.
Real Estate Sector
Jaime Gilinski Bacal, who partnered with London & Regional Properties, developed the Panama Pacifico business and residential development adjacent to Panama City in Veracruz. Jaime Gilinski and his partners Ian and Richard Livingstone surpassed 16 other international firms to develop the project. Based on the former Howard Air Force Base in Panama, the project encompasses 2,750 acres (11.1 km2) of land and is one of the largest development projects in the world.
In the 1990s, the Gilinskis donated $8 million to Fundacion Santa Fe when Jaime Gilinski was the president of Banco de Colombia. La Fundación Santa Fe de Bogotá, established in 1972, supports the Santa Fe Hospital in Bogota and is considered Colombia’s most technologically advanced hospital.
Gilinski serves as the Capital Projects Chairman for the Harvard University Chabad House. The Harvard Chabad House is a Jewish student organization that provides educational, social, and recreational programs for students and faculty members. Through the Jaime and Raquel Gilinski Foundation, Gilinski supports the David Rockefeller Center for Latin American Studies at Harvard University.