Banco de Bogotá is prepared to onboard more than 250,000 retail banking customers from Itaú, according to Juan Carlos Echeverry, the bank’s newly appointed president.
Echeverry stated that clients will be able to activate their products at the Colombian lender from day one, marking a critical operational milestone in the transfer of Itaú’s retail book.
The scale of the migration is substantial.
As of March this year, Itaú’s retail banking division in Colombia served approximately 270,000 clients.
The absorption of this customer base represents a significant expansion for Banco de Bogotá, which is positioning itself to capture a larger share of the domestic retail market as Itaú exits the segment.
This development underscores the ongoing restructuring of Colombia’s financial sector, where foreign banks are increasingly divesting local retail operations to focus on corporate or wholesale banking.