Financial Services

The banking sector has already begun to show signs of improvement in line with macro economic indicators. Measures taken by the national government and the Central Bank of Colombia appear to have enabled the sector to weather the storm, and improving economic conditions should pave the way for a positive performance from the financial sector. Despite the slow evolution of equities trading, Colombia’s capital markets appear to be moving in the right direction with regard to corporate debt, and the expansion of derivatives, Venture Capital and private equity markets. Moreover, regulators continue to engage closely with their counterparts to foment the further development of the Latin American Integrated Market, meaning the regional market will likely continue to gain prominence. The insurance sector in Colombia looks set to maintain its positive trajectory over the medium term, with GDP forecast to expand, and a population increasingly willing to purchase new insurance products. Also, the growth of insurtech will likely be a decisive shift for both customers and providers, giving customers a better experience and broader choice of products, and firms the ability to tap into artificial intelligence and data analytics to boost sales. This chapter contains interviews with David Bojanini, CEO, Grupo SURA; Juan Pablo Córdoba, President, Colombian Securities Exchange; and Javier Díaz Fajardo, President, Bancóldex.