Brazilian banking giant Itaú Unibanco has finalized the sale of its personal banking operations in Colombia to local lender Banco de Bogotá.
The transaction transfers approximately 267,000 retail customers to the Colombian bank, marking a significant shift in the competitive landscape of the country’s financial sector.
The deal represents a strategic consolidation for Itaú, which is streamlining its Latin American footprint by exiting smaller retail markets to focus on core operations.
For Banco de Bogotá, the acquisition is a major growth catalyst.
Juan Carlos Echeverry, the bank’s newly appointed president, previously confirmed that the institution was prepared to onboard more than 250,000 retail banking customers from Itaú.
The integration of these accounts will immediately boost Banco de Bogotá’s deposit base and customer reach, strengthening its position against other domestic competitors.