|This article needs additional citations for verification. (April 2013)|
|Traded as||BVC: CORFICOLCF|
|Key people||José Elias Melo Acosta, (CEO)|
|Revenue||US$330.0 million (2012)|
|Net income||US$ 66.2 Million (2012)|
|Parent||Banco de Bogotá|
Corficolombiana is a private company dealing in financial solutions, with its customers being some of the largest corporations in Colombia. Its primary mission is to provide the necessary capital to promote the creation, growth, reorganisation, merger and expansion of any type of business.
History of Corficolombiana
Headquartered in Bogotá, Corficolombiana was the first Colombian financial institution. Founded in 1959, it has continued to grow and now offers a wide range of financial services. It has nine offices in Bogotá, and five regional offices located in Cali, Medellín, Bucaramanga, Barranquilla and Santa Fe de Bogotá.
Corficolombiana offers three specialized services: credit, investments and financial intermediation, offering its clients a consultant's office, financing, investment, security and yield optimization.
In 1999, Corficolombiana merged with three other financial corporations, La Corporación Financiera de los Andes (Financial Corporation of the Andes), La Corporación Financiera Santander (Santander Financial Corporation) and Indufinanciera. The purpose of the merger was to pool resources and to create an efficient financial infrastructure.
By late 2005 Corficolombiana S.A. initiated a merger with La Corporacion Financiera del Valle (Corfivalle).
History of Corfivalle
Corfivalle (La Corporación Financiera del Valle) began on April 27, 1961, when more than one hundred investors met at the Cali Chamber of Commerce and signed Articles of Incorporation. The articles were approved October 2, 1961, by the Office of Banking Supervision. On November 27, the Articles of Incorporation were released to the public and the corporation opened its doors to business that same day, having a supervisor and nine employees on the payroll, with offices in Cali and Bogotá. Also in 1961, Corfivalle opened its International Department, and received its first Letter of Credit from a foreign bank in order to finance the purchase of new equipment.
In 1980, the Colombian government released its control on interest rates, leading to a significant business boom. 1981, Corfivalle looked to create within the financial system a new type of financial interest involved in the robust capital market, as well as the acquisition of resources necessary to assure the development of the most productive sectors of the economy.
In 1984, Corfivalle opened an office in Medellín, and a second office in Bogotá.
In 1992, the Apex Holding Company was created to for participation in the stock market. This company included the IFC of the World Bank, and the Mexican Stock Market, each with 20% of the shares, while Corfivalle maintained 60%.
In 1994, Cofivalle Finance Bahamas Limited was established. This allowed Corfaville to expand its business and to remain one of Colombia's key financial institutions.
Since 2006, Corfivalle is a trademark of Corficolombiana S.A.
|This article relies too much on references to primary sources. (August 2008)|
- Corficolombiana official website (Spanish)