In a statement, the bank declared that “as of November 8, the Superintendency of Banks of Panama authorized the start of operations as a local bank.”

In Panama, Bancolombia will focus on corporate banking, credit products and investments specific to this sector.

Carlos Raúl Yepes, President of Bancolombia, recalled “the process that we started in 1973 with the international banking license in Panama and in 1998 in Puerto Rico, followed by our arrival to capital market in 1995 upon listing our shares on the New York Stock Exchange and then our acquisition of Banco Agricola in 2007, bringing us now in 2012 to receive the license to assist Panamanian businessmen and women with their financing and investment needs.”

Thus the company strengthens its presence in Panama, just as the Colombian financial group Davivienda did recently with its rebranding in the country.