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O’Neill has some short-term experience with the IDB, serving as acting U.S. director for a five-month stint in 2008 during his time working for the U.S. Treasury.

“The importance of BBVA’s work in digital banking across the region cannot be overstated,” wrote the publication.

As the economy matures and the country becomes more globalized, many Colombians are looking abroad for the sake of diversifying investments, lifestyles, and simply to become more global citizens.

Bancoldex's "ratings and outlook should move in, line with any potential change in Colombia's ratings," said Fitch.

Scotiabank is the first Canadian bank to win the top award. Bancolombia beat out last year's winner Banco de Bogotá in the Colombian category.

Though the bank's liabilities are not explicitly guaranteed by the government, Banagrario maintains a “key role” in developing national agricultural policy.

"We are able to simplify the underwriting process by automating manual processes, thereby increasing operational efficiency," said Valentina Sierra Toro of SURA.

"We have learned from our clients that responsible debt is crucial to enabling them to grow their operations consistently," said Esteban Velasco, cofounder of Sempli.

The technology tool allows policyholders to interface with company staff through video calls on WhatsApp to streamline their claims.

Sura ranked fourth, moving up from 8th in the 2017, while cement maker Cementos Argos rounded out the top five.