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As part of the deal, Scotiabank takes board seats and a partial interest in Davivienda.

The Colombian government agreed to purchase 3 million hectares of land from ranchers to boost its agrarian reform in the framework of the Peace Agreement. But this task will most probably be passed to the next governments.

The same day, Mineros also filed with the Colombian Superintendence of Finance a preliminary prospectus in respect of a concurrent public offering in Colombia of common shares for gross proceeds of up to $10 million USD.

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.

Citibank operations in Colombian include 500,000 customers, 47 branches, and 424 self-service access points in Colombia.

"Fintech investments are on the rise in Latin America, growing 31%, in terms of dollars, and 81%, in terms of deal count, in 2016."

"It was critical to implement a solution that went beyond regulatory requirements," said Luis Santiago Perdomo Maldonado, CEO of Banco Colpatria.

Best known in Colombia for its Jumbo brand of hypermarkets, the company's large regional presence highlights its financial stability.