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Shelton will oversee a strategy of growth to raise the Bogota-based bank's presence in Colombia and target the corporate banking sector.

Colombia's local-currency bonds brought 5.8% returns in August, the highest of 31 emerging markets tracked by Bloomberg.

"We continue to see an influx of competitors, which is a sign of the Colombia's enduring appeal," says Axel Brohm of Swiss Re.

The ratings agency gave a BBB- rating to Corpbanca Colombia's viability rating, as well as its long-term local and foreign currency issuer default ratings (IDR).

"If you can find a way to streamline the whole process while providing the same level of security, that’s a win/win," says Eric Crabtree of Unisys.

The downgrades for two of Colombia's largest banks come just weeks after a series of negative ratings actions throughout the nation.

Rafael Mejía López has been a Colombian Mercantile Exchange board member for more than 10 years and will join after serving as head of the Colombian Agricultural Society.

“We are committed to investing in Colombia, a strategic market that represents huge potential,” said Gustavo Marín of First Data.

The move into Colombia is part of Kennedy's larger push into Latin America, and its Bogotá practice will focus on claims, coverage, and corporate law for the insurance world.

Isabella Muñoz, executive director of Colcapital, has seen private equity in Colombia go from nothing in 2005 to nearly $10 billion USD now among her organization's 99 members.