A Taste for Travel

Nov 1, 2011

Best Bank - Colombia - Best Latin American Regional Strategy - Banco de Bogotá

Banco de Bogotá may be the oldest bank in Colombia, but it has become one of the more exciting stories to emerge this year from the country’s financial system as it transforms itself into a regional player after its acquisition of Central America’s BAC-Credomatic.

In a year that saw little cross-border activity among LatAm banks, Banco de Bogotá was one of the most interesting expansion plays, especially given the bank’s conservative background.

"Banco de Bogotá is a traditional commercial lender that has now become a universal bank with a credit card company," says Felipe Carvallo, an analyst in the financial institutions group at Moody’s.

Late last year, the bank closed the $1.9 billion purchase of financial conglomerate BAC Credomatic, which has a presence in all countries from Mexico down to Panama. The acquisition was seen as a sensible way to diversify its revenue...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management