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The parametric insurance policies cover higher-than-expected rain and drought during the periods of the year when coffee beans are young and most susceptible to weather shocks.

"We have taken the issue of cybersecurity very seriously," said Asobancaria President Santiago Castro.

This figure represents an 11% uptick in the number of new entrants to the system compared to the 999,000 people who secured financial products for the first time in 2016.

The bond aims to attract international finance to the region and "meet the growing demand of clients in local currencies," said IDB Invest.

Bladex reported profits of $16.6 million USD in the quarter — up from the first quarter, but a drop from the $17.5 million USD in the second quarter of 2017.

The demand shows "the confidence of the market in Itaú,” said Derek Sassoo of Banco Itaú Colombia.

Bancolombia topped the rankings in 2017, but fell one spot to second place in this year's Merco report.

Ongoing progress to adopt Basel III standards in Colombia should improve both the credit profiles and capital adequacy of banks, said Fitch Ratings

Applications are being accepted through June 11 from organizations that have launched a project, product, or service with “proven social impact.”

Colombia’s Commerce Minister María Lorena Gutiérrez said last week that the issuance could be later be extended by another $35 million USD.