Overview of Banks in Colombia
Bank of Republic (Banco de la Republica) is the central bank of Colombia. It serves as the banker of banks in Colombia. The main functions of the country’s central bank are:
- Acting as a state bank
- Managing the issuance of currency
- Managing the financial policies of Colombia
- Regulating the exchange rate
The different types of banks in Colombia include:
- Commercial banks
- Foreign bank branches
According to Moody’s, Colombia’s banking system outlook is negative, reflecting the deteriorating government support due to challenging fiscal conditions, coupled with still significant asset risk pressures.
For anyone considering a banking career in Colombia, this list of top banks in Colombia is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in Colombia are:
Banco de Bogota
Founded in 1870, Banco de Bogota was the first of commercial banks in Colombia. The bank operates through Personal, Premium, Small and Medium Enterprises, Microfinance, Official, Social, Corporate, Business, and Institutional segments. It is headquartered in Bogota and employs around 33,000 people.
Net income: COP 2.2 trillion (2020)
Total assets: COP 217.7 trillion (3/2021)
Established in 1945, Bancolombia provides banking products and services to individuals, companies, and the government. The bank is present in Colombia, Latin America, and the Caribbean region. With around 30,000 employees, it is based in Medellin.
The bank conducts its operations through nine segments, including Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, Offshore, and Others. It operates 1,057 branches, 6,124 ATMs, and around 215 kiosks.
Net income: COP 276.0 billion (2020)
Total assets: COP 257.3 trillion (3/2021)
Banco Davivienda was incorporated in 1972, operating as one of the commercial banks in Colombia. The bank provides personal, corporate, equity, and international banking products and services. With over 17,000 employees, it is headquartered in Bogota.
The bank operates 675 branches and 2,710 ATMs. It serves around 6.6 million customers and maintains a presence in six countries.
Net income: COP 394.8 billion (2020)
Total assets: COP 136.0 trillion (3/2021)
Banco de Occident
Based in Santiago de Cali, Banco de Occident provides commercial banking and related financial services in the country. Founded in 1965, the bank currently employs around 6,900 staff. It oversees 211 branches in 53 cities, five Payments and Reissues Centers, and 3,800 ATMs.
Net income: COP 334.9 billion (2020)
Total assets: COP 45.1 trillion (2020)
Established in 1956, BBVA Colombia, one of the largest banks in Colombia, provides retail, commercial, and investment banking services. The bank also offers asset management, lease financing, securities brokerage, investment banking, fiduciary and custodial, insurance, and real estate services.
With 5,282 employees, it is headquartered in Bogota. It is present in 123 cities and municipalities, operating 106 service points and 1,339 ATMs and serving around two million customers.
Net income: COP 461.4 billion (2020)
Total assets: COP 68.3 trillion (3/2021)
Banco GNB Sudameris
Founded in 1920, Banco GNB Sudameris provides commercial banking services in Colombia and Paraguay. In addition to its regular services, it also offers guarantees, financial leasing, financial intermediation, broker services, and other banking services. It currently employs 2,500 individuals and operates out of Bogota.
Net income: COP 182.0 billion (2020)
Total assets: COP 48.99 trillion (3/2021)
Banco Popular Colombia
Headquartered in Bogota, Banco Popular Colombia operates as a subsidiary of Grupo Luis Carlos Sarmiento Angulo LTDA. Established in 1950, the bank provides various banking products and services to individual and business customers in the country. It currently employs around 6,800 staff and manages 1,739 branches.
Net income: COP 296.2 billion (2020)
Total assets: COP 27.7 trillion (3/2021)
Incorporated in 1976, Citibank – Colombia S.A. operates as a subsidiary of Citibank Overseas Investment Corporation. In 1991, the bank changed its name to Citibank – Colombia S.A. from Banco Internacional de Colombia.
Based in Bogota, the bank provides financial services to individuals, communities, institutions, and SMEs in the country. It specifically offers financing, investment, insurance products and services, financial advisory services, liquidity management, treasury, payment and collection, and international trade and foreign exchange services.
Scotiabank Colpatria S.A.
Scotiabank Colpatria was founded in 1955. The bank offers deposits, loans, and capital market products to corporate and commercial customers in Colombia. The operating subsidiary employs around 6,500 employees and is headquartered in Bogota.
Net income: COP -284.8 billion (2020)
Total assets: COP 35.7 trillion (2020)
Careers in Investment Banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map: For banking careers, you will have a significant edge over the competition with our financial modeling courses.
This has been CFI’s guide to the top banks in Colombia. For anyone looking for a career in banking, this list is a great place to start your networking. You may also want to consider the Financial Modeling & Valuation Analyst® designation to help boost your career.
Please explore these additional relevant resources: