By The largest banks in Colombia provide services to facilitate the transactions of the public, loans, and support economic growth potential. Banks also function as a tool to channel funds collected from the public.
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Additionally, they mobilize funds used in economic development in a country, typically obtained from the public for investment in national development.
Largest Banks in Colombia
1. Bancolombia
One of the financial institutions with comprehensive services, offering financial products and services in Colombia, El Salvador, Panama, Puerto Rico, Peru, the Cayman Islands, and Guatemala.
Bancolombia is one of the six companies associated with banking in the COLCAP index. The bank operates in nine segments: banking in El Salvador and Colombia, investments, offshore, leasing, brokerage, trust, pensions, insurance, and other segments.
Through its subsidiaries, the bank offers various products and services, including savings and investment products, mortgage banking, lease financing, treasury operations, insurance, foreign currency, investment banking, brokerage services, asset management services, and trust services.
Established on January 29, 1875, as Banco de Colombia, with its headquarters in Medellin, Colombia, the bank began trading on the Bolsa de Bogota in 1929. In 1995, it became the first Colombian company to trade on the New York Stock Exchange.
In 1998, Banco de Colombia and Banco Central Colombiano were consolidated to form Bancolombia.
2. Davivienda
One of the largest banks in Colombia, founded on September 1, 1972, in Bogota, is owned by Grupo Bolivar and ranks third in its kind in Colombia.
In August 1972, the Colombia Coldeahorro savings and housing company was established, and opened to the public on November 15 of the same year, with its headquarters in Bogota and three customer service offices in the country’s main cities: Medellin, Barranquilla, and California.
On January 30, 1973, Coldeahorro changed its name to the Colombia Savings and Housing Company, Davivienda. However, a few years later, on July 1, 1997, Davivienda changed its name to Banco Davivienda SA, and in May 2006, it merged with Banco Superior and, the following year, on August 27, with Granbanco SA-Bancafe.
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3. Banco de Bogota
Established in 1870 as the oldest commercial banking institution in Colombia, Banco de Bogota operates through approximately 650 branches, five corporate service centers, and banking attention centers in the country.
Nationally, the company also operates through its subsidiaries, such as Corporacion Financiera Colombiana SA, which includes investment bank Almacenes Generales de Deposito Almaviva SA, logistics company Sociedad Fiduciaria Bogota Fidubogota SA, and Fiduciaria del Comercio Fiducomercio SA, among others.
The company and bank have subsidiary banks in Panama and the Bahamas, while in the United States, they operate two agencies in New York City and Miami, Florida.
Grupo Aval, the parent company, is the largest and most influential financial entity in Colombia due to its majority stake with voting rights in the bank.
4. Banco de Occidente
The largest bank in Colombia, owned by Aval Acciones y Valores group, with its headquarters in California, has a 58-year history. Initially, the bank operated as a commercial company under the management of Mr. Alfonso Diaz, starting on May 3, 1965.
Initially, the bank’s ranking and orientation were regional in nature during its early years of operation, experiencing slower banking sector development compared to some other banks. By 1970, the bank had a network of 15 branches with assets of around 74 million pesos, totaling approximately 685 million.
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5. Banco de la República de Colombia
The Central Bank of Colombia was established during the Colombian regeneration era in 1880, with its modern function being under the auspices of the Colombian constitution detailed by the Colombian Congress based on Ley 31 de 1992.
The currency of Colombia is the peso, also issued by the central bank, which is actively promoting financial inclusion policies and is a leading member of the Alliance for Financial Inclusion.
The headquarters of the central bank is located in Bogota, specifically in the historic center of La Candelaria, a short distance from the Gold Museum and the Luis Angel Arango Library.
While most of the bank’s administrative area is located above ground on the 12th floor, the ground floor area is heavily guarded due to the presence of currency in various currencies stored within, with a special vault for the country’s gold reserves.
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These are the largest banks in Colombia, providing financial services to its people through fund distribution. With the presence of the central bank, monetary authorities are better able to maintain monetary stability and uphold financial system stability in Colombia.
