Some of the best banks in Colombia are:
- Banco de Bogota
- Banco del Occidente
Colombia’s banking sector includes 25 banks with around 6000 branches and 20,000 ATMs. Colombia’s monetary policy and foreign exchange are managed by the Banco de la Republica.
The following is a list of some of Colombia’s strongest banks in terms of total assets.
Best banks in Colombia
These are the best banks in Colombia.
1. Banco de Bogota
- Founded in 1870, Banco de Bogota was the first of commercial banks in Colombia. The bank operates through Personal, Premium, Small and Medium Enterprises, Microfinance, Official, Social, Corporate, Business, and Institutional segments.
- It is headquartered in Bogota and employs around 40,000 people.
- As of 2016, the total assets of the bank were US$28.82 billion and net profit was US$343 million.
2. Banco Davivienda
- Banco Davivienda was incorporated in 1972, operating as one of the commercial banks in Colombia. The bank provides personal, corporate, equity, and international banking products and services.
- The bank operates 753 branches and 2,238 ATMs. It serves around 6.6 million customers and maintains a presence in six countries.
- In 2016, it reported total assets of US$26.17 billion and a net profit of US$883 million.
3. Banco de Occident
- Based in Santiago de Cali, Banco de Occident provides commercial banking and related financial services in the country
- . Founded in 1965, the bank currently employs around 6,900 staff. It oversees 230 branches in 53 cities, five Payments and Reissues Centers, and 3,800 ATMs.
- As of 2016, the bank’s total assets were US$12.89 billion and net profit was US$80.12 million.
4. BBVA Colombia
- Established in 1956, BBVA Colombia, one of the largest banks in Colombia, provides retail, commercial, and investment banking services.
- The bank also offers asset management, lease financing, securities brokerage, investment banking, fiduciary and custodial, insurance, and real estate services. 1,339 ATMs and serving around two million customers.
- As of 2016, the bank’s assets totaled US$18.60 billion and net profit amounted to US$184.65 million.
5. Banco GNB Sudameris
- Founded in 1920, Banco GNB Sudameris provides commercial banking services in Colombia and Paraguay.
- In addition to its regular services, it also offers guarantees, financial leasing, financial intermediation, broker services, and other banking services.
- In 2016, the bank posted total assets of US$9.44 billion and a net profit of US$75.32 million.
6. Banco Popular Colombia
- Headquartered in Bogota, Banco Popular Colombia operates as a subsidiary of Grupo Luis Carlos Sarmiento Angulo LTDA.
- Established in 1950, the bank provides various banking products and services to individual and business customers in the country.
- As of 2016, the total assets of the bank were US$78.23 billion and net profit was US$49.53 million.
7. Citibank Colombia
- Incorporated in 1976, Citibank – Colombia S.A. operates as a subsidiary of Citibank Overseas Investment Corporation.
- In 1991, the bank changed its name to Citibank – Colombia S.A. from Banco Internacional de Colombia.
- Based in Bogota, the bank provides financial services to individuals, communities, institutions, and SMEs in the country.
- It specifically offers financing, investment, insurance products and services, financial advisory services, liquidity management, treasury, payment and collection, and international trade and foreign exchange services.
8. Scotiabank Colombia
- Scotiabank Colombia was founded in 1986. The bank offers deposits, loans, and capital market products to corporate and commercial customers in Colombia.
- As of 2016, the group’s total assets amounted to US$915 billion and net profit reached $8.2 billion, whereas the total assets of the Colombia branch were US$11 billion.
Bank of Republic
Bank of Republic (Banco de la Republica) is the central bank of Colombia. It serves as the banker of banks in Colombia. The main functions of the country’s central bank are:
- Acting as a state bank
- Managing the issuance of currency
- Managing the financial policies of Colombia
- Regulating the exchange rate
The different types of banks in Colombia include
- Commercial banks
- Foreign bank branches
According to Moody’s, Colombia’s banking system is stable, due to the improving domestic economy. The rating agency expects inflation in the country to slow down and oil price volatility to lessen.