Banco de Bogotá (

English English usually refers to: * English language * English people English may also refer to: Culture, language and peoples * ''English'', an adjective for something of, from, or related to England * ''English'', an Amish ter ...

: ''Bank of

Bogotá Bogotá (, also , , ), officially Bogotá, Distrito Capital, abbreviated Bogotá, D.C., and formerly known as Santa Fe de Bogotá (; ) during the Spanish Imperial period and between 1991 and 2000, is the capital city, capital and largest city ...

'') is the first commercial bank established in

Colombia Colombia, officially the Republic of Colombia, is a country primarily located in South America with Insular region of Colombia, insular regions in North America. The Colombian mainland is bordered by the Caribbean Sea to the north, Venezuel ...

Overview

Founded in 1870, Banco de Bogotá is the oldest

commercial banking A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

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 completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidiary company. Unl ...

Panama Panama, officially the Republic of Panama, is a country in Latin America at the southern end of Central America, bordering South America. It is bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean Sea to the north, and ...

and the

Bahamas The Bahamas, officially the Commonwealth of The Bahamas, is an archipelagic and island country within the Lucayan Archipelago of the Atlantic Ocean. It contains 97 per cent of the archipelago's land area and 88 per cent of its population. ...

. In the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

, Banco de Bogotá operates two agencies, one in New York City, New York, and one in

Miami, Florida Miami is a East Coast of the United States, coastal city in the U.S. state of Florida and the county seat of Miami-Dade County, Florida, Miami-Dade County in South Florida. It is the core of the Miami metropolitan area, which, with a populat ...

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 ne ...

, a

holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...

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 , meaning "faithful or loyal". In the City of London financial m ...

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 the sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholes ...

lending In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money. The document evidencing the debt ( ...

software Software consists of computer programs that instruct the Execution (computing), execution of a computer. Software also includes design documents and specifications. The history of software is closely tied to the development of digital comput ...

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 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 (corporate ...

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 tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money. The document evidencing the deb ...

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, realtime, or real time may refer to: Computing * Real-time computing, hardware and software systems subject to a specified time constraint * Real-time clock, a computer clock that keeps track of the current time * Real-time Control Syst ...

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 financial institution ...

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 pr ...

management Management (or managing) is the administration of organizations, whether businesses, nonprofit organizations, or a Government agency, government bodies through business administration, Nonprofit studies, nonprofit management, or the political s ...

, operations,

capital Capital and its variations may refer to: Common uses * Capital city, a municipality of primary status ** Capital region, a metropolitan region containing the capital ** List of national capitals * Capital letter, an upper-case letter Econom ...

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 mo ...

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

Notes

{{DEFAULTSORT:Banco De Bogota Banks of Colombia Companies based in Bogotá Companies listed on the Colombia Stock Exchange Banks established in 1870 Privately held companies of Colombia Colombian brands