DRM Test 2 - 79

comfortable with the expansion, returning
the outlook on Davivienda’s Baa3 rating to
stable in July.
the colombian bank’s earnings and
asset quality were “largely unaffected” by
the integration, it noted.
Learning on the job
enhancing earnings has clearly been the
main driver of expansion for the colombian
banks but the process has also brought
unexpected benefits, according to market
participants.
Both figueroa and Yepes say their banks
have learnt valuable lessons from their new
international subsidiaries.
Bancolombia, for example, reaped
substantial rewards from the decision
to keep local management in place and
maintain local elements to its strategy
following the purchase of Banco agrícola
— its first major foreign banking acquisition
— in 2006.
“We had a great surprise when we
bought Banco agrícola,” Yepes tells
LatinFinance. “it was a more efficient bank
in its market than Bancolombia was in
colombia.
“So we looked at what they did well in

Taking off
Colombian exports to Central
America ($m)
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
1991 1995 1999 2003 2007 2011
Source: Ministry Commerce, Industry,
Tourism Colombia

As Colombia’s
trade with Central
American nations
has increased, so
has the importance
of banking links.
Colombia signed
a free trade agreement with El Salvador, Guatemala
and Honduras in

August 2007, which
came into effect in
2009 and 2010. It
reached an agreement with Costa
Rica in May 2013,
and it is in negotiations with Panama,
which began in
March 2010

terms of process, technology and products,
and we applied what we learnt across the
organization, in all jurisdictions.”
Similarly, figueroa says the decision by
Banco de Bogotá’s parent Grupo aval to buy
Bac credomatic in 2010 proved beneficial
to both parties.
“We and Bac credomatic have learnt
much from the acquisition,” he says.
“Bac has learnt from our structure and
our expertise in corporate lending. and we
have learnt from them a lot about consumer
banking and especially credit cards. now
we have a vice-president responsible for
credit cards.”
Grupo aval paid $1.9 billion for the
central american lender, which at the time
had $7.7 billion in assets and operations
in costa Rica, el Salvador, Guatemala,
Honduras, nicaragua, mexico and the US.
Banco de Bogotá’s chief financial officer,
maría luisa Rojas, adds that the experience
of incorporating such a large operation
means Banco de Bogotá is well placed to
integrate its latest purchases.
“the acquisition of Bac was much more
complicated than those we are integrating
now,” she says. “it was much bigger.”
in July, Banco de Bogotá announced an

September/October 2013 - l atinfina nce.com 79



http://www.msf.com http://www.msf.com http://www.LATINFINANCE.COM

DRM Test 2

Table of Contents for the Digital Edition of DRM Test 2

Latin Finance - September/October 2013
Contents
Front notes
People news
Debt news
Equity news
M&A news
After the storm
Advantage Mexico
Treading water
New structures
Mexico
Regaining the Initiative
Deficit Ahead
Building up
Switching Course
Brazil
Work in progress
Extreme makeover
Mind the gap
Brazilian life insurance
Andean
Breaking the fall
Reaching out
Market movers
Paraguay
Smoothing the cycles
Thinking big
Parting Shot
DRM Test 2 - Latin Finance - September/October 2013
DRM Test 2 - Cover2
DRM Test 2 - Contents
DRM Test 2 - 2
DRM Test 2 - 3
DRM Test 2 - Front notes
DRM Test 2 - 5
DRM Test 2 - People news
DRM Test 2 - 7
DRM Test 2 - Debt news
DRM Test 2 - 9
DRM Test 2 - Equity news
DRM Test 2 - 11
DRM Test 2 - M&A news
DRM Test 2 - 13
DRM Test 2 - 14
DRM Test 2 - 15
DRM Test 2 - 16
DRM Test 2 - 17
DRM Test 2 - 18
DRM Test 2 - 19
DRM Test 2 - 20
DRM Test 2 - 21
DRM Test 2 - 22
DRM Test 2 - 23
DRM Test 2 - After the storm
DRM Test 2 - 25
DRM Test 2 - Advantage Mexico
DRM Test 2 - 27
DRM Test 2 - Treading water
DRM Test 2 - 29
DRM Test 2 - 30
DRM Test 2 - New structures
DRM Test 2 - 32
DRM Test 2 - 33
DRM Test 2 - 34
DRM Test 2 - 35
DRM Test 2 - 36
DRM Test 2 - 37
DRM Test 2 - 38
DRM Test 2 - 39
DRM Test 2 - 40
DRM Test 2 - Mexico
DRM Test 2 - Regaining the Initiative
DRM Test 2 - 43
DRM Test 2 - Deficit Ahead
DRM Test 2 - 45
DRM Test 2 - Building up
DRM Test 2 - 47
DRM Test 2 - 48
DRM Test 2 - 49
DRM Test 2 - 50
DRM Test 2 - 51
DRM Test 2 - Switching Course
DRM Test 2 - 53
DRM Test 2 - 54
DRM Test 2 - 55
DRM Test 2 - 56
DRM Test 2 - Brazil
DRM Test 2 - Work in progress
DRM Test 2 - 59
DRM Test 2 - 60
DRM Test 2 - 61
DRM Test 2 - Extreme makeover
DRM Test 2 - 63
DRM Test 2 - 64
DRM Test 2 - 65
DRM Test 2 - 66
DRM Test 2 - Mind the gap
DRM Test 2 - 68
DRM Test 2 - 69
DRM Test 2 - Brazilian life insurance
DRM Test 2 - 71
DRM Test 2 - 72
DRM Test 2 - Andean
DRM Test 2 - Breaking the fall
DRM Test 2 - 75
DRM Test 2 - 76
DRM Test 2 - Reaching out
DRM Test 2 - 78
DRM Test 2 - 79
DRM Test 2 - 80
DRM Test 2 - 81
DRM Test 2 - Market movers
DRM Test 2 - Paraguay
DRM Test 2 - Smoothing the cycles
DRM Test 2 - 85
DRM Test 2 - Thinking big
DRM Test 2 - 87
DRM Test 2 - Parting Shot
DRM Test 2 - Cover3
DRM Test 2 - Cover4
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