English
English usually refers to:
* English language
* English people
English may also refer to:
Peoples, culture, and language
* ''English'', an adjective for something of, from, or related to England
** English national ide ...
: ''Bank of
Bogotá
Bogotá (, also , , ), officially Bogotá, Distrito Capital, abbreviated Bogotá, D.C., and formerly known as Santa Fe de Bogotá (; ) during the Spanish period and between 1991 and 2000, is the capital city of Colombia, and one of the larges ...
'') is the first commercial bank established in
Colombia
Colombia (, ; ), officially the Republic of Colombia, is a country in South America with insular regions in North America—near Nicaragua's Caribbean coast—as well as in the Pacific Ocean. The Colombian mainland is bordered by the Car ...
.
Overview
Founded in 1870, Banco de Bogotá is the oldest
commercial banking
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit.
It can also refer to a bank, or a division of a large bank, which deals with cor ...
institution in Colombia, and operates through approximately 650 branches, five corporate service centers and a banking attention center in the country. On a national level, it also operates through subsidiaries: Corporacion Financiera Colombiana S.A., an investment bank; Almacenes Generales de Deposito Almaviva S.A., a products supply logistics company; Sociedad Fiduciaria Bogotá Fidubogotá S.A. and Fiduciaria del Comercio Fiducomercio S.A., trust and portfolio investment companies; Leasing Bogotá S.A., a leasing company; Valores Bogotá S.A., a provider of brokerage services; and Fondos de Pensiones y Cesantias Porvenir, a pensions and suspensions administrator. It also owns bank
subsidiaries
A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a sa ...
in
Panama
Panama ( , ; es, link=no, Panamá ), officially the Republic of Panama ( es, República de Panamá), is a transcontinental country spanning the southern part of North America and the northern part of South America. It is bordered by Cos ...
and the
Bahamas
The Bahamas (), officially the Commonwealth of The Bahamas, is an island country within the Lucayan Archipelago of the West Indies in the Atlantic Ocean, North Atlantic. It takes up 97% of the Lucayan Archipelago's land area and is home to ...
. In the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
, Banco de Bogotá operates two agencies, one in New York City, New York, and one in
Miami, Florida
Miami ( ), officially the City of Miami, known as "the 305", "The Magic City", and "Gateway to the Americas", is a East Coast of the United States, coastal metropolis and the County seat, county seat of Miami-Dade County, Florida, Miami-Dade C ...
.
Grupo Aval
Grupo Aval is a Colombian holding company engaged in a wide variety of financial activities, including banking, telecommunications and real estate; in Colombia and Central America. Grupo Aval is controlled by Luis Carlos Sarmiento (estimated net ...
, a
holding company
A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
which is one of the largest and most influential financial entities in Colombia, owns a majority of the Bank's outstanding voting shares.
Its actual president is Alejandro Figueroa who has been in this position since 1989.
Software implementation
On June 20, 2006,
Fidelity
Fidelity is the quality of faithfulness or loyalty. Its original meaning regarded duty in a broader sense than the related concept of ''fealty''. Both derive from the Latin word ''fidēlis'', meaning "faithful or loyal". In the City of London f ...
National Information Services (FIS), Inc. announced the successful implementation of its
retail
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and t ...
lending
In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that de ...
software
Software is a set of computer programs and associated documentation and data. This is in contrast to hardware, from which the system is built and which actually performs the work.
At the lowest programming level, executable code consists ...
package, Advanced Lending Solution (ALS) – Servicing Manager at Banco de Bogotá. The efforts of the bank's technical consultants and FIS experts enabled Banco de Bogotá to be the first financial institution in its market to introduce a new personal loan product, Prestamo Personal Libre Destino.
Banco de Bogotá has utilized FIS' deposits, savings,
financial management
Financial management is the business function concerned with profitability, expenses, cash and credit, so that the "organization may have the means to carry out its objective as satisfactorily as possible;"
the latter often defined as maximizin ...
and architecture to support its
retail banking
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
operations since 1988. Following a change in local banking regulations in the fourth quarter of 2005, the bank needed to upgrade its lending system quickly to launch a new consumer loan product into the market. Banco de Bogotá introduced the new product in February, ahead of its competitors, and captured a significant share of the market.
The bank selected FIS' ALS-Servicing Manager, a customizable
loan
In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that d ...
processing application that supports customer and account servicing requirements for the life of the loan. The Banco de Bogotá team quickly adjusted the features for the Prestamo Personal Libre Destino, using ALS-Servicing Manager's
real-time
Real-time or real time describes various operations in computing or other processes that must guarantee response times within a specified time (deadline), usually a relatively short time. A real-time process is generally one that happens in defined ...
product parameter facility, to select processing options that addressed interest accruals, late charges and payment posting options. The Bank expected to attract 3,000 new customers a month with this new personal loan product. It is also planning a follow-up phase, which will utilize ALS-Servicing Manager for a new
line of credit
A line of credit is a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds. A line of credit takes se ...
product and add additional inquiry transaction functionality for the teller system.
Regulation
Banco de Bogotá is supervised by the Colombian Superintendency of Banking, which is primarily responsible for the regulation and supervision of Colombian financial institutions, including their foreign offices, subsidiaries, and
affiliates
In the broadcasting industry (particularly in North America, and even more in the United States), a network affiliate or affiliated station is a local broadcaster, owned by a company other than the owner of the network, which carries some or al ...
. The Superintendency issues and promulgates supervisory regulations concerning accounting requirements,
asset quality Asset quality is an evaluation of asset to measure the credit risk associated with it.
Description
Asset quality is related to the left-hand side of the bank balance sheet. Bank managers are concerned with the quality of their loans since that pro ...
,
management
Management (or managing) is the administration of an organization, whether it is a business, a nonprofit organization, or a government body. It is the art and science of managing resources of the business.
Management includes the activities o ...
, operations,
capital
Capital may refer to:
Common uses
* Capital city, a municipality of primary status
** List of national capital cities
* Capital letter, an upper-case letter Economics and social sciences
* Capital (economics), the durable produced goods used f ...
adequacy, loan classification and loan loss provision standards. In addition, the Superintendency monitors compliance by financial institutions with applicable laws and regulations and may order preventive measures and impose sanctions on financial institutions.Robert Dev. Frierson, 'Orders Issued Under International Banking Act - Banco de Bogotá S.A. applies to
Federal Reserve Board
The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the mon ...
to establish an agency in Miami, Florida'. ''Federal Reserve Bulletin'', August 2001
Gallery
File:BancodeBogota_1870.jpg, Logo 1870
File:Banco de Bogota 1969.png, Logo 1969