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Colombia's Credifinanciera eyes digital bank launch before 2019-end

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Colombia's Credifinanciera eyes digital bank launch before 2019-end

Colombian financial services provider Créditos y Ahorro Credifinanciera SA Compañía de Financiamiento, or Credifinanciera, is working to secure regulatory approval to launch a digital bank before the end of 2019, President Carlos Iván Vargas said in an interview with La República.

The company plans to launch Banco Credifinanciera, maintaining the group's brand, once it completes its acquisition of Banco ProCredit Colombia SA, a deal which recently garnered approval from financial regulator SFC.

Banco Credifinanciera will offer digital savings and checking accounts, in addition to other products that are not currently offered by Credifinanciera. This will make it easier for the company to become a full-fledged bank focusing on niche segments, the executive noted.

"The commitment to the future is going to be fundamentally the digital part," Iván Vargas said, adding that the company plans to boost loan origination once Banco Credifinanciera is operational.

Credifinanciera was formerly known as ZIP SA Compañía de Financiamiento before it changed its name in July 2012. The company was founded in 2007 and is based in Bogotá.