Many of Latin America's high-net-worth individuals are repatriating their funds and an increasing number of foreign investors are targeting the region, thanks to its rapidly expanding economy. With such demand for local product providers, domestic firms are finding themselves having to pit their specialist knowledge against the international reach of large foreign banks, making competition tough.

Once renowned as one of the most dangerous countries on the planet, Colombia has tackled much of its drug-related problems and boasts one of the best-performing economies in Latin America, which is attracting international investment and in turn creating myriad opportunities for the country's banks.

Colombia's finance minister, Juan Carlos Echeverry, has every reason to be enthusiastic about his country's future but he is careful not to be complacent, knowing only too well that an economic boom can lead to bust.

The negative perceptions of Colombia that have dogged the country over the past few decades are finally being shed, causing global companies to take note of its role as an up-and-coming IT hub for Latin America.

Other countries may be dogged by recession, but José Darío Uribe, governor of the Central Bank of Colombia, says the country's financial sector is undergoing a transformation.

Hindered by years of armed conflict and governmental infighting, Colombia has launched a long-awaited infrastructure development programme, set to pump $24bn into its ailing transport network and, in turn, stimulate healthy competition among its banks as they bid to provide funding. Writer John Rumsey

With bank lending drying up last year, many Latin American corporates turned to the bond market to strengthen their cash positions. The resulting boom has instilled a sense of confidence in the region, with firms in Brazil, Mexico and Colombia leading the way. Writer Jason Mitchell

While the Western world has been struggling through the global financial crisis, Latin America has shown a remarkable resilience to the upheaval. Two countries in particular - Colombia and Peru - are showing particularly impressive growth, and look set to become important emerging economies. Writer Jason Mitchell