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| Additional information |
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| Banco de Bogotá |
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Overview:
We are Colombia´s pioneer provider of financial services at home and abroad. We offer integral solutions through our subsidiaries in Colombia:
* Almaviva, for logistics operations
* Leasing Bogota, for administration and advice in handling assets and funds
* Fiduciaria Bogota, for consumer finance
* Valores Bogota, for securities trading.
We also have Agencies in New York and Miami, and two subsidiary banks, in Panama and the Bahamas. Our service model has enabled us to attend to the needs of over two million clients.
With 138 years of operating experience, constant internal renewals and modernisation, training and commitment from our staff, Banco de Bogota is a modern and dynamic organisation, a leader in the financial market in Colombia, always contributing to the economic, social and cultural development of this country.
Our offer of service outside Colombia is equally attractive. We deliver the best solutions for international corporate banking and Premium personal banking in Colombia, with an exclusive promise of value in services, and a sound and efficient administration.
One of our central characteristics is a philosophy of continuous improvement among our 9,000-plus staff, our processes and activities in our business. This means that the advantages and benefits we offer match what our clients need and value more closely every day. As a result, we offer them services through an exclusive model, in the following segments:
* Personal
* Premium
* SME
* Microfinance
* Official
* Social
* Corporate
* Business
* Institutional
We are part of AVAL, Colombia´s largest financial group. We have 734 service points in over 180 towns and cities, and more than 2,000 ATMs in the ATG network.
All this, and the strong spirit of enterprise that we have shown throughout our long history, make us a Bank which is always on the go, committed, proactive and inventive – a Better Bank. |
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History:
Banco de Bogotá opened its doors on November 15, 1870, as the first bank in Colombia. Its capital was $500,000. It was authorised to issue its own banknotes. The founding Chief Executive was Salomon Koppel.
The Bank flourished and spread across the country through mergers with banks in the provinces, and by 1928 was operating in Huila, Tolima, Cauca, Santander, Norte de Santander, Boyaca, Risaralda and Antioquia, and had taken over Banco Central de Colombia, Bogotá.
In 1938 the Bank pioneered the warehouse bond scheme of financing in Colombia, with the incorporation of ALMAVIVA S.A.
In 1945, the Bank celebrated its 75th birthday with the issue of 153,000 shares and by 1947 served the public from 105 branches.
A new Head Office was inaugurated in 1959. In that year also its investment banking arm Corporacion Financiera Colombiana (CFC) was incorporated as the vehicle for investments in large and medium businesses in the real sector.
By 1967 the Bank had 214 offices, and had set up an office in Panama - the first Colombian bank to operate outside the country. The office was made into an independent subsidiary in 1970.
In April 1968 Banco de Bogotá merged with Banco de los Andes, and the following year it organized the Credibanco credit card system under a franchise from Bank of America.
When celebrating its 100th birthday in November 1970, Banco de Bogotá was Colombia´s leading bank.
In 1971, with the growth in demand for credit cards the Bank joined other banks using the Credibanco credit card system to form an association, ASCREDIBANCO.
In 1974 Banco de Bogotá opened an office in New York, and three years later incorporated Banco de Bogotá Trust Company, later First Bank of the Americas. Meanwhile in Colombia, it incorporated a subsidiary in industrial and agricultural development banking, INDUFINANCIERA , in 1976.
In 1977 the Directors approved an investment in the Panamá-based international export promotion bank BLADEX .
In 1978 Banco de Bogotá Nassau Ltd was incorporated in the Bahamas, as a subsidiary of Banco de Bogotá Panamá S:A.; and in 1980 Banco de Bogotá International Corporation started business in Miami.
In 1984 the Bank went through an image-enhancing programme to emphasise its professionalism, efficiency, soundness, dynamism and prestige.
In 1987 the Bank came to form part of the Organizaciòn Luis Carlos Sarmiento Angulo Group to underpin its future development in the banking sectopr.
With the changes introduced into the Banking Law (Law 45/1990) the Bank set up new subsidiaries in Colombia – a trust company, Fiduciaria Bogotá, a leasing company Leasing Porvenir (now Leasing Bogotá S.A.) and a pensions and severance fund management company, Porvenir.
In 1991 the Bank acquired 76% of Banco del Comercio and then, in December 1992 the two banks merged, bringing new subsidiaries into the group: the stockbrokers Cia. De Bolsa del Comercio (now Valores Bogotá S.A.) and the trust company Fiducomercio; there was also a bank (Banco del Comercio, Panamá) which was later turned into a leasing company, now known as Leasing Bogotá S.A. Panama.
In 1997 the Bank sold its investment in First Bank of the Americas to Commercial Bank of New York.
At the end of 1998 the Bank bought 24.95% of a finance company CORFIANDES, and CFC bought 98.98% of another finance company CORFISANTANDER. In February of that year merged with INDUFINANCIERA, and a month later with CORFIANDES and CORFISANTANDER.
In 1998 the Bank acquired 27.87% of LAS VILLAS savings and loan operation, which was then merged with another such operation AHORRAMAS in 2000 and continued trading under the name AV VILLAS.
In June 2001 the US Federal Reserve approved an application to make Banco de Bogotá International Corporation into an Agency for operations in Florida, and the conversion was completed later that year. Banco de Bogotá was effectively the sole owner of Banco de Bogotá International Corporation, through BanBogotá Inc.
In 2003 the Bank and subsidiaries Fiducomercio and Fiduciaria Bogota bought a further 11.67% of Porvenir from the Provida Internacional Group.
On November 12, 2004 the Bank spun off its equity interest in AV Villas in order to comply with Law 546/1999, which allowed banks five years to divest their capital interests in former savings and loan companies.
On December 30, 2005 CORFIVALLE absorbed CFC to complete a merger which had started that March. The new operation, called Corficolombiana, was the leader of the investment banking sector.
On April 18, 2006 Corficolombiana held an EGM to approve the assignment of assets and liabilities worth some COP1.7 billion to Banco de Bogota. The operation was completed on June 2 of that year.
On June 21, 2006 the Bank acquired 94.99%of Megabanco in order to implement a policy of penetration of low-income groups. This acquisition had a strategic and a social purpose in national economic and social consolidation. The merger was formalised on November 7.
On June 19, 2007, the authorities accepted the Bank´s application for the merger of Fiducomercio and Fidubogota (Letter 931) and the operation was formalised on June 29.
The Bank today
The Bank now operates nationwide, offering a full range of electronic products and services and an active gateway (www.bancodebogota.com) for 24-hour service anywhere in the world every day of the year.
The Bank also has operations abroad through correspondents worldwide and its own subsidiaries and agencies in Panama. Nassau, Miami and New York. |
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