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Key Players in the Banking Industry in Colombia.

Key Players Table

Player Name and Short Description Detailed Profile Relevant Context Information Estimates of Volumes Estimates of Revenue
Bancolombia S.A. - The largest bank in Colombia by assets. Headquartered in Medellin, Bancolombia serves over 30 million customers including retail, commercial, and corporate clients. It operates through approximately 850 branches and 6,120 ATMs in Colombia and other Latin American countries like Panama, El Salvador, Guatemala, Cayman Islands, Peru, and Puerto Rico. It offers a wide range of products and services such as savings and checking accounts, various types of loans (personal, auto, mortgage, microcredits), debit and credit cards, investment and offshore banking, brokerage, pensions, insurance, and digital banking. Bancolombia is one of the six companies associated with banking in the COLCAP index. It has a strong presence across various segments including banking in El Salvador and Colombia, investments, offshore, leasing, brokerage, trust, pensions, insurance, and other segments. The bank has shown strong 2024 results with net income growth and robust asset quality. It has also been noted for its diverse clientele and robust loans. As of December 31, 2024, Bancolombia's revenue for the trailing twelve months was COP 22,183.4 billion. The bank reported COP 5.5 trillion ($1.34 billion) in profits for 2024. $8.574 billion (annual 2024), €5.98 Billion (TTM April 2025), $6.78 Billion USD (TTM 2024), COP 22,183.4 billion (LTM Dec 2024)
Grupo Aval Acciones y Valores S.A. - A major Colombian financial services company and the parent company of several prominent banks in Colombia. A holding company whose local operations include commercial banking through its subsidiaries Banco de Bogota, Banco de Occidente, Banco Popular, and Banco AV Villas. It also has operations in pension fund management (Porvenir) and merchant banking (Corficolombiana). Internationally, it operates consumer and credit card banking in Central American countries and Mexico via BAC Credomatic. Grupo Aval is the largest and most influential financial entity in Colombia due to its majority stake with voting rights in its subsidiary banks. The company is publicly held. In 2024, Grupo Aval's consolidated attributable net income was Ps 1,015.1 billion, a 37.4% increase from 2023. They have recently acquired stakes in Casa de Bolsa and Fiduciaria Corficolombiana, renaming them Aval Casa de Bolsa and Aval Fiduciaria to enhance their comprehensive financial services offering. As of November 2024, the aggregated unconsolidated gross loans of Aval Banks (Banco de Bogota, Banco de Occidente, Banco Popular, and Banco AV Villas) reached 199.4 trillion pesos, a 7.3% growth versus 4Q23. Consolidated deposits reached 201 trillion pesos, a 10.4% growth versus 4Q23. The Aval banks gained 75 bps in market share of gross loans over 12 months as of November 2024. $3.89 billion (TTM Dec 2024), €3.47 Billion (TTM), 11.74T COP (annual 2024)
Banco Davivienda S.A. - The third largest bank in Colombia by assets and one of the country's most valuable brands. Founded in 1972 and owned by Grupo Bolívar, Davivienda serves approximately 24 million clients through around 660 branch offices and 2,800 ATMs. The bank operates through segments focusing on individuals, companies, financial information, and international operations. Its products and services include consumer, commercial, and mortgage loans, investment and savings products, and transactional solutions. They have subsidiaries in Panama, Costa Rica, El Salvador, and Honduras. Davivienda is actively strengthening its digital transformation strategy, with a high percentage of its customers considered digital. Their digital platform, Daviplata, reached 18.5 million customers by the end of 2024. They are also focused on sustainable finance, with a sustainable loan portfolio reaching COP 24.7 trillion by the end of 2024. In late 2024, Davivienda's subsidiary acquired EPAYCO.COM S.A.S. to strengthen its position in the payments ecosystem. There have been reports of Davivienda considering acquiring assets from Scotiabank in Colombia and Central America, specifically Scotiabank's retail business. Davivienda's earnings in Q4 2024, while showing a quarterly improvement, were lower than historical levels. As of June 2024, Davivienda served 24.3 million customers. As of June 30, 2024, total assets were $44.072 billion. DaviPlata reached 18.5 million customers by the end of 2024 with an average balance of low-amount deposits of COP 952 billion. Gross loans closed at COP 103.3 trillion as of June 2024. The sustainable loan portfolio reached COP 24.7 trillion by the end of 2024. $6 billion (2024), $3.7 billion (2024), $0.21 billion (2024 profits)
Banco de Bogotá S.A. - The second largest bank in Colombia in terms of total assets and the oldest banking institution in the country. Established in 1870, Banco de Bogotá is a subsidiary of Grupo Aval Acciones y Valores. It has a significant presence in Colombia and operates subsidiaries in Panama and the Bahamas, as well as agencies in New York and Miami. Banco de Bogotá is recognized as a top bank in Colombia by Global Finance magazine. The bank's assets and consolidated loan portfolio grew in 2023. While it is a subsidiary of Grupo Aval, it is a major player in its own right. In Q4 2024, Banco de Bogotá's results were lower than in the previous quarter. Its earnings have been declining in recent years, as have its revenues. As of June 30, 2024, total assets were $34.948 billion. Total assets were $29,821,872 million as of March 31, 2024. Gross Portfolio closed at $21,646,997 million as of March 31, 2024. The bank reported a consolidated quarterly attributable net income of COP 308.4 billion in Q4 2024. 5,110.48 billion COP (annual 2024), $0.27 billion (2024 profits)
BBVA Colombia S.A. - A significant private banking institution in Colombia, part of the Spanish BBVA Group. Headquartered in Bogota, BBVA Colombia operates through a network of approximately 390 branches, 1,480 ATMs, mortgage centers, agencies, and cash extensions across over 130 cities in Colombia. Founded in 1956, it employs around 5,400 people. BBVA is a global financial services group. BBVA Colombia is a subsidiary of the Spanish BBVA Group. The bank has been focusing on its digital offerings and has seen growth in revenue from digital channels. In 2024, the BBVA Group reported a record net attributable profit globally, although BBVA Colombia specifically reported losses in 2024, showing market struggles. BBVA Colombia and the IFC announced the issuance of a biodiversity bond in May 2024. As of June 30, 2024, BBVA Colombia had consolidated assets of COP 105 trillion (US$25 billion). The gross loan portfolio was US$18.6 billion as of June 30, 2024. As of the end of the third quarter of 2024, BBVA achieved a cumulative turnover of COP 2.095 billion in the housing sector. In the vehicle segment, BBVA recorded third-quarter 2024 revenue exceeding COP 205 billion. -$90 million (2024 profits - loss), €90 million (2024 profits), €5,832 million (BBVA CIB revenue 2024 globally)
Banco Popular S.A. - A commercial bank in Colombia, part of Grupo Aval. Founded in 1950, Banco Popular provides a range of banking products and services in Colombia. It offers debit and credit cards, savings and current accounts, term deposits (CDT), investment and voluntary pension funds, various types of loans (housing, investment, payroll), insurance, tax payment services, cash management, working capital solutions, financial leasing, and treasury products. The bank has a strong focus on the senior segment for individuals and serves legal entities with commercial credit and foreign trade products. Banco Popular is part of the Grupo Aval conglomerate. The bank has received positive risk ratings from BRC Ratings S&P and Value & Risk Rating in early 2024. While it offers a broad range of services, the bank reported a net loss in the first quarter of 2024 and for the full year 2024. Their revenue, however, saw a significant increase in 2024 compared to the previous year. As of June 30, 2024, total assets were $21.469 billion. Total Assets were $29,821,872 million as of March 31, 2024. Gross Portfolio closed at $21,646,997 million as of March 31, 2024. Deposits totaled $23,395,646 million as of March 31, 2024. 2.80 trillion COP (ttm 2024)
Banco de Occidente - A commercial bank in Colombia, part of Grupo Aval. A bank operating as part of the Grupo Aval conglomerate. It is one of the largest banks in Colombia based on assets. Further detailed profile information from the provided sources is limited. Banco de Occidente is a component of Grupo Aval's commercial banking operations in Colombia. It was noted as one of the top five banks in Colombia by profit in 2024. As of June 30, 2024, total assets were $17.471 billion. $0.12 billion (2024 profits)
Banco GNB Sudameris - A commercial bank operating in Colombia. Further detailed profile information from the provided sources is limited. Banco GNB Sudameris is listed among the largest banks in Colombia by assets. It was mentioned as having profits in 2024. As of June 30, 2024, total assets were $12.700 billion. $67 million (2024 profits)
Scotiabank Colpatria - The Colombian subsidiary of the Canadian multinational bank, Scotiabank. Scotiabank is a Canadian multinational banking and financial services company. Scotiabank Colpatria operates in Colombia, offering a range of products and services including personal and commercial banking, wealth management, corporate and investment banking. Scotiabank entered the Colombian market in 2012 by acquiring a majority stake in Colpatria and later added Citibank Colombia's portfolio. The Pacheco family, founders of Colpatria, retain a significant stake. Scotiabank is one of Canada's "Big Five" banks and has a significant international presence. Scotiabank Colpatria has received awards for its focus on commercial and corporate banking, social responsibility, and financial inclusion. In late 2023, Scotiabank announced a global strategy to seek higher returns from developed markets, leading to discussions about the potential sale of its retail business in Latin America, with Davivienda reportedly considering acquiring assets in Colombia and Central America. Scotiabank Colpatria reported a loss in 2024. As of June 30, 2024, total assets were $9.594 billion. Scotiabank's total assets globally were CA$1.41 trillion in 2024. -$40 million (2024 profits - loss)
Banco Agrario de Colombia - A state-owned bank in Colombia with a focus on the agricultural sector. Further detailed profile information from the provided sources is limited. Banco Agrario de Colombia is listed among the largest banks in Colombia by assets. It focuses on providing financial services to the agricultural sector. The bank posted profits in 2024. As of June 30, 2024, total assets were $8.914 billion. $94 million (2024 profits)
Itaú Colombia S.A. - A major bank in Colombia and part of the larger Itaú Unibanco Group, the largest bank in Brazil and Latin America. Formerly Itaú CorpBanca Colombia, Itaú Colombia serves customers through branches and ATMs in Colombia and has a subsidiary in Panama. It is part of the Itaú Unibanco Group. It offers various banking products and services. Itaú Unibanco is a dominant force in the Latin American banking sector. Itaú Colombia has a notable gross loans market share in Colombia. The bank reported profits in 2024. Itaú Colombia has a gross loans market share of 3.0% and serves 347,000 customers through 64 branches and 116 ATMs. As of June 30, 2024, total assets were $7.465 billion. $17 million (2024 profits)

Note: The ranking is primarily based on available revenue data for 2024. Where direct revenue figures for the Colombian operations were not available, the ranking considers reported profits and asset size as indicators of market presence and potential revenue.

References