November 1, 2013
In their drive for greater regional presence, Colombia’s banks have proved a competitive bunch. The country’s lenders have taken advantage of strong domestic growth, as well as regional opportunities arising from European banks’ exits and strengthening links with Central America.
The country’s three biggest banks, Banco de Bogotá, Bancolombia and Davivienda, have all announced acquisitions in the recent past, buying banks outside the country.
Davivienda picked up HSBC’s businesses in Costa Rica, El Salvador and Honduras for $801 million last year. Earlier this year, Bancolombia agreed to buy the UK bank’s assets in Panama for $2.1 billion. And in July, Grupo Aval agreed to pay $646 milli
Colombian banks are competing aggressively at home and abroad. Banco de Bogotá’s numbers show a conservative