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

The ratings of the development bank, which Fitch terms as an “integral arm of the state,” remain aligned with the ratings of Colombia.

Fitch Ratings based its view on Bancolombia’s improved operating efficiency and “solid performance in 2016.”

On Sept. 11, 2015, Bancolombia announced an agreement to acquire an additional 20% stake in Banco Agromercantil de Guatemala which would bring the bank’s share of Banco Agromercantil de Guatemala’s equity to 60%. Once the transaction is approved by regulators in both...