Only 1 in 3 Colombians has savings account: World Bank
No more than one third of Colombia’s population has a savings account, a report by the World...
Tag: banking
Colombia ‘sets excellent example’ for increasing banking access: Dutch Queen
Queen Maxima of the Netherlands on Wednesday lauded Colombia as an excellent example of how to...
Banking giants Itau Unibanco begin trading in Colombia
The Brazilian bank Itau Unibanco, the largest bank in the southern hemisphere, will open branches in Colombia, lcoal media reported on Monday. The bank, currently the tenth largest bank in the world by market value, will deal...
HSBC considers sale of Colombia operations
Global bank HSBC is in talks to sell its Colombian operations and other Latin American holdings as part of its cost-saving strategy, the company announced Thursday. The U.K.-based banking giant is also considering the sale of...
Brazil’s 2nd bank to open offices in Colombia
Brazil’s second largest bank Itau reported has been authorizated to open an office in Colombia, said international financial media Wednesday. Itau is currently Brazil’s most profitable and second largest bank by...
Bancolombia reports 2011 profits of $900M
Colombia´s largest bank Bancolombia reports 2011 net profits of $899 million in 2011 at a shareholders meeting in Medellin Monday. This figure represents a 16% increase on the 2010 earnings of the banking group. A disbursement...
Davivienda buys HSBC in Central America
Colombian bank Davivienda announced Tuesday it is taking over the operation of HSBC in Costa Rica, El Salvador and Honduras for $801 million. Davivienda, Colombia’s third largest bank, already has a presence in Panama and...
11 of Colombia’s credit unions form trade association
Eleven of Colombia’s 192 credit unions, serving 600,000 Colombians, formed a trade association. According to the Credit Union Times, the Colombian Association of Financial and Savings Cooperatives met this week with the...
Scotiabank completes 51% purchase of Banco Colpatria
Canada’s Scotiabank has completed the purchase of 51% of Colombia’s Banco Colpatria in a deal worth $1 billion in total. The acquisition, announced in October, means that Scotiabank will be the majority stakeholder...
Colombians borrow more than they save: Banks
Colombians are borrowing significantly more than they are saving, said the Colombian banking association Asobancaria in its half-year fiscal report. Credit grew by 23%, while deposits grew only 17%, economic magazine Portafolio...
Colombian financial sector profits down this year compared to last
The Colombian financial industry made fewer profits this year compared to their gains over the same period a year ago. The central finance body of Colombia announced that Colombia’s financial sector grew to $382 billion in...
Bank withdrawal tax impedes sectoral growth: Colombian banks
Colombia’s banking association said that the government’s decision to extend a tax that charges citizens for taking money out of the bank is an obstacle to strengthening the banking sector. In a weekly report,...
