June 20, 2022 |
Bayport Colombia, a subsidiary of a Mauritius-based non-bank lender, took out a COP120 billion ($30.7 million) loan from the local division of US bank Citi, according to local press reports.
Bogotá-based Bayport Colombia, which specializes in payroll loans, will use the funding to increase lending to public-sector workers, retirees and members of the armed forces, CEO Lilian Perea told La República in an interview.
The company has offices in 15 Colombian cities and granted COP110 billion in loan
Microfinance lender borrows $31 mln from the US bank's local subsidiary