Citi closed US$50 Million Social Loan for Banco de Bogotá to Finance Colombian SMEs

Bogotá – Citi and Banco de Bogotá announced the former’s structuring of a $50 million social loan for Banco de Bogotá to finance the working capital needs of small and medium-sized businesses in the country.

This is the first social funding that Citi has provided to a Colombian financial institution via its Trade and Working Capital Solution platform in its Services business. The loan demonstrates Citi’s commitment to financial inclusion and to supporting the growth and development of Colombian SMEs by giving them access to the working capital they need for raw materials, processing and operational expenses, services, maintenance and other general logistical costs. 

"Citi has operated in Colombia for 108 years with a clear vision of facilitating economic growth and development, and for the last 20 years with a Social Finance business strategy. Small and mid-sized businesses are the drivers of the national and regional economy and represent the livelihood of millions of families. We are proud to offer our clients innovative and sustainable solutions for expanding financing options for this population to develop its businesses, promote its empowerment and maximize its multiplier effect in communities,” remarked Elizabeth Rey, Citi Country Office in Colombia.

This transaction supports Citi's Social Finance goal to enable access to basic services and economic opportunities for 15 million low-income households, including 10 million women, in emerging markets. It also supports Citi’s goal to finance and facilitate $1 trillion in sustainable finance by 2030. Between 2022 and 2023, Citi closed 50 social finance transactions worth USD ~3 billion to expand access to basic services in underserved communities in Latin America and the Caribbean. 

For its part, Banco de Bogotá has a robust strategy focused on building a solid entrepreneurial framework in Colombia and helping companies strengthen their businesses. Its $5.4 billion portfolio has leveraged the businesses of approximately 25,000 SMEs.

"The credit Citi has provided will allow us to strengthen our commitment to Colombia’s economic development. SMEs are the pillar of our economy, and this partnership helps channel resources into that strategic segment. Our strategy goes beyond financing to help SMEs grow their businesses and develop strategic skills. Banco de Bogotá works tirelessly to build solid client relationships that promote business and contribute to the social and economic progress of our country,” commented César Prado Villegas, president of Banco de Bogotá.

In recent years, Banco de Bogotá has pursued growth in a segment that plays a key role in national development: SMEs. The bank has adapted its value proposition to the needs of small and mid-sized businesses, offering products with competitive rates, immediate access and digital options. As part of its strategy, it also focuses on non-financial benefits that are essential to business development, including partnerships for strengthening human resources management, cybersecurity, data management and financial training.  

Through these initiatives, Banco de Bogotá cultivates sustainable client relationships with personalized financing, experiences and benefits that empower knowledge. 

About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi  

Media contact: Adriana.paulinne.sanchez@citi.com 

About Banco de Bogotá 
Banco de Bogotá is Colombia’s first bank, founded in 1870. A Grupo Aval affiliate, it offers banking services in 1,020 municipalities around the country and serves 92.6% of the national territory.  Global Finance named it Best Bank in Colombia in 2024 in recognition of its positive performance and innovative products and services. Thanks to its business model’s integration of ESG criteria and the steps it has taken to promote a low-carbon economy and contribute to social well-being, Banco de Bogotá won the title of Best ESG Bank in Colombia in Euromoney’s Awards for Excellence 2024. It is also a proponent of Responsible Banking Principles, the Net Zero Banking Alliance, and Asobancaria’s Green and Social Protocols.

For more information, visit www.bancodebogota.com | X:@BancodeBogota | LinkedIn: www.linkedin.com/company/banco-de-bogota/ | YouTube: www.youtube.com/@BancodeBogota | Facebook: www.facebook.com/BancodeBogota/

Media contacts: marinemorera@fabiolamorera.co  | jessicalizarazo@fabiolamorera.co | monicaparra@fabiolamorera.co