Colombia’s banking sector is composed of 25 banks. The four largest banks are domestically-owned financial institutions. In total commercial banks maintain about 5,700 branches and 16,000 ATMs across the country. The number of debit and credit cards in circulation equals approximately 28 million and 14.9 million, respectively. Banco de la República, established in 1923, is Colombia's central bank responsible for monetary policy and foreign exchange. Here is a list of the top 10 largest banks in Colombia ranked by total assets.
Headquartered in Medellin, Bancolombia S.A. is the largest bank in Colombia. With over 30,000 employees, it serves 14 million retail, commercial and corporate customers through 1,011 branches and 5,954 ATMs in Colombia, Latin America and the Caribbean region including Panama, Salvador, Guatemala, Cayman Islands, Peru and Puerto Rico. The Bank’s operating segments are Banking Colombia, Banking Panama (Banistmo S.A.), El Salvador (Banco Agricola), Banking Guatemala (Banco Agromercantil de Guatemala), investment banking, leasing, trust, brokerage, offshore banking, pensions and insurance. As of March 31, 2019, Bancolombia had assets of US$70 billion, net loans of US$51.5 billion, deposits of US$45 billion, shareholders’ equity of US$7.6 billion and net investment portfolio of US$5.6 billion. As of August 1, 2019, the company's market capitalization was US$11.6 billion.
Banco de Bogota
Banco de Bogotá S.A. is one of the leading banks in Colombia with over 700 local branches, 3,774 ATMs and 36,300 employees with labor contract. It has subsidiaries in Panama and the Bahamas as well as agencies in New York and Miami, Florida, United States. Established in 1870, it is the oldest banking institution in the country. As of December 31, 2018, it had total assets of US$50.3 billion, net loans of US$39 billion and deposits of US$33.4 billion. Banco de Bogota operates as a subsidiary of Grupo Aval Acciones y Valores, one of the largest financial groups in Colombia with a market capitalization of US$8.2 billion as of June 18, 2019. Grupo Aval is owned by Luis Carlos Sarmiento Angulo, the wealthiest man in Colombia with a net worth of US$11 billion. Grupo Aval controls one third of all banks in the country.
Banco Davivienda is one of the top 10 banks in Colombia and one of the five most valuable brands in the country with over 745 branches, 2,600 ATMs, 17,350 employees and 10.4 million customers. It is also the number one financial institution in terms of advertising recall. The company offers various deposit products, personal and business loans, credit and debit cards, insurance, transaction services, guarantees, investment products, treasury services, foreign exchange and much more. As of May 8, 2019, the Bank had a market capitalization of US$5.2 billion. Banco Davivienda operates as a subsidiary of Grupo Bolívar S.A.
BBVA Colombia, headquartered in Bogota, is a private banking institution operating through over 380 branch offices, 58 credit centers of housing, 14 Service centers, 38 agencies, 13 cash extensions, and 4 mini-banks in more than 120 cities in Colombia. The company was founded in 1956 and currently employs 5,360 people. As of December 2018, BBVA Colombia had consolidated assets of US$19.2 billion, stockholder’s equity of US$1.3 billion, deposits of US$15 billion and gross loan portfolio of US$14 billion including US$3.4 billion in mortgage loans.
Banco de Occidente
Banco de Occidente S.A., headquartered in Santiago de Cali, is one of the biggest Colombian banks. With 10,700 employees, it provides a wide range of banking products and services through more than 1,050 branch offices, 7 leasing offices, 4 credit centers of housing, 8 credit centers of vehicles and motor cycles, and 4,000 ATMs. Banco de Occident operates as a subsidiary of Grupo Aval.
Scotiabank Colpatria S.A. is the sixth largest banking group in Colombia by deposits and the fifth largest by loans. It provides a range of banking services to retail and business customers through a network of over 170 branches and 380 ATMs in 39 cities in Colombia. The company operates as a subsidiary of Canadian giant Scotiabank. In 2018, Scotiabank acquired retail, credit cards and SME operations of Citibank in Colombia.
Itau CorpBanca Colombia
Itau CorpBanca Colombia is the seventh largest bank in the country based on deposits and loans with market share of about 5%. It serves 485,000 customers through 174 branches and 176 ATMs in 30 locations in Colombia and one in Panama. The company employs about 3,700 people. It operates as a subsidiary of Itaú Unibanco, the largest bank in Brazil and Latin America.
Banco GNB Sudameris
Banco GNB Sudameris S.A. is a large Colombian bank with 120 domestic branches, 2,330 ATMs and 1,800 employees. It also has 12 branches in Peru and 6 branches in Paraguay. The company focuses on retail and SME banking services. Banco GNB Sudameris is the eleventh largest bank by deposits and is the fourth largest payroll lender in the Colombian banking system.
Banco Popular S.A. (Banco Popular Colombia), founded in 1950, provides personal and corporate banking services. With about 6,300 employees, it operates as a subsidiary of Grupo Aval Acciones Y Valores. As at December 2018, Banco Popular reported US$7.6 billion in total assets and US$5.4 billion in deposits.
Updated as of June 30, 2019.
Foreign Banks in Colombia
Here is a list of branches and representative offices of foreign banks in Colombia.
Bank of America, N.A.
Barclays Bank PLC
Bank Julius Baer & Co Ltd
Banco De Sabadell S.A.
Banco General S.A.
BBVA (Suiza) S.A.
Banco Lafise Bancentro S.A.
Banco Lafise Panamá S.A.
Banco Latinoamericano de Comercio Exterior (Bladex)
Banco de Crédito e Inversiones
Banesco (Panama) S.A.
Banesco, Banco Universal C.A.
Banco de Crédito del Perú
Bank of New York Mellon
Credit Suisse AG
Capital Bank Inc
Credicorp Bank S.A.
Credit Agricole Corporate and Investment Bank
Deutsche Bank A.G.
EFG Bank AG
JPMorgan Chase Bank, N.A.
Helm Bank USA
HSBC Bank USA, N.A.
Itaú (Panama) S.A.
MUFG Bank, LTD.
Mizuho Bank LTD
Mercantil C.A. Banco Universal
Natixis CIB Americas (Bogota Representative Office)
Address: Carrera 9 No 115-06 Of 2801, Bogota 110111
Standard Chartered Bank
Sumitomo Mitsui Banking Corporation
UBS AG Bogota Representative Office
Address: Calle 87 No 10-93, Of 801 Edificio Business Park 87
Tel: +57 1 219 0120
Wells Fargo Bank, National Association