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Bancolombia to spend 400B pesos to improve tech, security in 2018

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Bancolombia to spend 400B pesos to improve tech, security in 2018

Bancolombia SA plans to spend some 400 billion Colombian pesos in 2018 to improve its operations, service, security, product design and digitization.

In a March 15 statement, Bancolombia said that it will invest about 320 billion pesos of the total on "new projects and experiences" in Colombia, while the balance will go to its operations in Panama, El Salvador and Guatemala.

"We have been adapting to an economic reality, and that is why we increasingly work from innovation to improve the experience [customers] have with the entity," Bancolombia President and CEO Juan Carlos Mora said in the statement, noting that 8 of every 10 transactions at Bancolombia are digital.

Bancolombia's consolidated net income for full year 2017 totaled about 2.615 trillion pesos, down 9% from the previous year. The group expects a better performance in 2018, mainly during the second half.

The group also said that it is pleased with its international development, especially in Panama, where its subsidiary Banistmo SA operates.

"Banco Agromercantil de Guatemala SA is the most recent acquisition of Bancolombia in Central America, but all our operations in the region are going very well and currently contribute about 30% of the profits of the Bancolombia Group," Mora noted according to a El Capital Financiero report.

As of March 14, US$1 was equivalent to 2,841.30 Colombian pesos.