Best Bank − Colombia: Banco de Bogotá
The executive suite of Banco de Bogotá’s headquarters has one of the best views of Colombia’s capital. Alejandro Figueroa Jaramillo, the bank’s president, has just delivered first half performance figures to the board, which includes members of Grupo Aval, the majority owner of the bank and Colombia’s largest financial conglomerate. As he sits down for a rare interview – his aides say Figueroa does not speak to local press – he is interrupted by an urgent note from his assistant.
Its the finance minister on the phone, excuse
me, says Figueroa, getting up. While he does not reveal
the nature of the conversation, it is evident Banco de
Bogotá, along with the rest of the countrys
financial system, is racing to adjust to a relentless selloff
in LatAm indices, currencies and fixed income assets that took
hold in late September.
Within four hours of the call, Colombias central bank
announces it will stop intervening in the FX market to ease the
pressure on the peso. It joins monetary authorities in several
other LatAm countries including Brazil, Argentina and Peru in
responding to the panic selling walloping local assets and
threatening to undermine otherwise stable fundamentals.
It is within this context that...
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