In Colombia, the financial sector stands out for its high dynamics, being one of the main drivers of the country’s economic growth during 2023, especially in the insurance sector.
(Read more: Which sectors received the most bank financing in 2023)
According to the Typification Report: Colombian banking in 2023 carried out by the Banking and Financial Entities Association (Asobancaria), it is relevant to highlight thethe progress achieved by this industry in recent years with the expansion of the offer of financial products and services, as well as advances in the adoption of digital technologies and efforts to promote financial inclusion and deepening and the updating of regulations for the sector.
These achievements, the study says, are the result of a favorable environment which promotes efficiency, competition and modernization in the financial sector.
On the other hand, the participation of financial conglomerates under the supervision of the Superfinanciera was not subject to changes, since The same 13 previously identified remainof which seven have their holding company based in Colombia and the other six in different countries abroad.
(Read more: Why some consumers prefer to use cash)
Finance
(See: ‘Insurance education can help reactivate the economy’: Acoas)
It is also important to highlight the importance that financial conglomerates have acquired in foreign markets given their growth and stability.
This has allowed them to maintain their activities in other Central and South American countries, such as, for example, in El Salvador and Panama, where Colombian banking subsidiaries represented 37.4% and 18.9%, respectively, of the total assets of the banking system.
Additionally, it is observed that in 2023 the indicator of total assets of the banking system belonging to the three largest banks in each country was 53% for Colombia, exceeding the level of Ecuador 52.5%, reaching 1,297 for 2023. However, this value represents the third lowest level compared to other countries in the region, with Mexico being the most competitive with an index of 1,089.
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