Latin America's best bank for SMEs 2019: Bancolombia
Awards for Excellence 2019
The region’s best bank for small and medium-sized enterprises is Bancolombia.
It is unsurprising that the award goes to a bank in Colombia given that the sector is so important to the financial system – 99% of all companies are SMEs and they generate more than 80% of Colombia’s employment and around 50% of GDP.
There are more than three million registered SMEs in the country; Bancolombia banks 1.6 million of them.
In total in 2018, the bank grew SME deposits by 11.3%, loans by 5.7% and net earnings by 11.6%. The bank now has 36% of all SME loans in the country.
Under the leadership of Maria Bibiana Botero, director of SME strategy at Bancolombia, the bank has evolved its segmentation of SMEs to better match products and services, developing, for example, a dedicated banking app for SME customers.