Foreign Banks Eyeing Colombia

According to a report by Bloomberg, major global and regional banks, both commercial and investment, are looking to increase their stakes and presence in Colombia. Among them, Brasil’s Itaú is said to be purchasing Chilean Corpbanca SA, which recently purchased the majority interest in Colombia’s Grupo Helm’s retail operations.

Even with Colombia’s falling peso and petroleum based drag on the economy, it is considered a good bet, especially compared to many neighbors in Latin America. Swiss UBS is said to be moving into the market, though bank officials would not comment on plans, and US based JP Morgan is said to be increasing its current investment banking workforce in Bogotá.

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