ABN AMRO Bank N.V. (“ABN AMRO”) will have access to the Colombian market through the partnership with Bancolombia Group (“Bancolombia”)
- On the 15th of February, ABN AMRO and Bancolombia sealed an alliance.
- Bancolombia is a full service financial conglomerate incorporated in Colombia that offers a wide range of banking products and services to a diversified individual and corporate customer base of more than 10 million customers. Bancolombia delivers its products and services via its regional network comprised of: Colombia’s largest non-government owned banking network, El Salvador’s leading financial conglomerate (Banagricola S.A.), off-shore banking subsidiaries in Panama, Cayman and Puerto Rico and finally Banistmo Panama, leaving us as the biggest player in Panama´s financial market. Together, Bancolombia and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, among others.
- The alliance will enable ABN AMRO’s institutional clients (Corporates and Financial Institutions) in Europe and elsewhere to access products of Bancolombia (equities, bonds both local and international, fx and derivatives) through ABN AMRO and in some cases via Bancolombia directly and for those active locally in Colombia, they can be serviced by Bancolombia with the support of ABN AMRO.
- Customers in Colombia also have access to the same type of products offered by ABN AMRO offshore.
ABN AMRO sealed its alliance with Bancolombia, the leading financial institution in Colombia, allowing institutional clients (Corporates and Financial Institutions) of both, to access capital market and banking services.
This new alliance includes several business fronts: one is a referral contract with Bancolombia, which allows the approach of institutional and corporate clients between entities, in order to complement the product offering in each geography. The other front is a Correspondent Contract (Contrato de Corresponsalía) between ABN AMRO and Valores Bancolombia, so that ABN AMRO can offer its European products to selected Colombian institutional clients.
Thus, Bancolombia will offer banking and capital market products (equities, bonds, currencies, derivatives, foreign subsidiaries emissions) to institutional clients of ABN AMRO, increasing its international coverage. For its part, ABN AMRO may offer the same type of products to its institutional and corporate clients in Colombia.
This new product offering through the offices of ABN AMRO in Amsterdam and New York, cities from where coverage for Latin America takes place. On the other hand, the European bank said the Colombian market, according to its internal assessment is catalogued with high growth potential.
"This partnership will allow us to serve our institutional clients in the same way we serve them in Holland, as we see in Bancolombia a bank similar to us, a bank with tradition and a strong presence in the market. It is a strategic partner for us in the region." said Cecilio Alvarez, Head of Sales Financial Institutions for Latin America Capital Markets Solutions at ABN AMRO.
Meanwhile Pablo Caicedo, vice president of International Business Bancolombia said that "through this agreement we will reach an important group of international clients who, under other conditions, would not have access to the strengths of the Bancolombia Group. At the same time we are complementing our portfolio of products and services face the local market, all in the company of ABN AMRO, a strategic ally that shares our corporate values"