Bancolombia
As the country’s largest bank, Bancolombia has built up a 22% overall market share without sacrificing its ability to provide a flexible service to its customers.
The bank ended 2005 with more than four million debit cardholders, with a market share in leasing close to 50%, in addition to having the country’s largest portfolio of assets under management. The group’s net income remains sufficient to support this growth, while preserving the bank’s position as a well-capitalised institution.
Last year, the bank finalised a three-way merger with Corfisura and Conavi. The incorporation of the residential mortgage activity of Conavi offers the means to help shape the development of Colombia’s housing market. Bancolombia has about 500,000 insurance customers and the presence of fund manager Suvalor in the group will give a significant boost to its assets under management business.
“As of March 2006, Bancolombia implemented a new commercial strategy in the mortgage segment, based on 1% monthly fixed-rate 10-year mortgages,” says chairman Jorge Redoño Saldarriaga. “This new strategy has changed the perspective of the mortgage market, showing growth figures not seen since 1996. A clear example of this can be observed in the increase of Bancolombia’s monthly loan approvals and disbursements, which have more than doubled since the launch of this product.”
