Economic growth, improving security and macroeconomic stability in the past decade have helped the Colombian banking sector expand. An expanding middle class in need of financial services has also seen banking penetration rise, while financial products such as credit cards and mortgages have shown double-digit growth rates during recent years.
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Articles & Analysis | Low rural penetration and new technology show growth potential from The Report: Colombia 2014
Interviews & Viewpoints | OBG talks to Luis Carlos Sarmiento Gutiérrez, CEO, Grupo Aval from The Report: Colombia 2014
About 69% of Colombians use at least one financial product. How can that figure be increased?
Since the 1990s Colombia’s insurance sector has grown faster than overall GDP, driven by personal lines and social security. The industry recorded 11.3% growth in assets to end 2013 with $21.4bn, up from $19.2bn in 2012, while total written premiums reached $9.45bn, an 18% increase compared to the previous year, which had ended with $8bn. Investments held by the sector also rose from $13.7bn...
Chapter | Capital Markets from The Report: Colombia 2014
In recent years the Colombian Stock Exchange (Bolsa de Valores de Colombia, BVC) has made significant efforts to increase investment options and expand the capital markets, including the creation of the Colombian Global Market (Mercado Global Colombiano, MGC) and the derivatives market, incorporation into the Integrated Latin American Market (Mercado Integrado Latinoamericano, MILA), and the...
The past decade has seen the Colombian banking sector expand against a backdrop of economic growth, improved security and macroeconomic stability. An emerging middle class in need of financial services has fuelled the rise in banking penetration. Although accessing financing has often been a struggle for low-income households and micro-businesses, a fresh influx of microcredit and mobile...
Despite instability associated with the global mining and hydrocarbons sectors, Colombia displays stable economic growth amidst a regional slowdown, in large part a result of economic liberalisation, free trade agreements and entry to a variety of trade blocs. After recording 6.6% growth in 2011 and 4% in 2012, Colombia saw a slowdown in the first half of 2013, but the economy regained momentum by the end of the year.