Best bank: Davivienda
Davivienda is Colombia’s best bank, recognised for the scale and consistency with which it has executed its universal banking strategy while also advancing digital transformation and financial inclusion in Colombia.
A defining feature of Davivienda’s performance is its digital reach. With a digital adoption at 92%, the bank has built one of the most scalable platforms in the region. DaviPlata has evolved towards a neobank model, driving financial inclusion through low-cost services and nano-credit. The platform processes over 189 million quarterly transactions and holds significant low-value deposits, highlighting its role in broadening access to the financial system.
This digital capability is matched by investment in infrastructure, including cloud migration, advanced analytics and cybersecurity, which has improved efficiency and customer experience across channels. More than two-thirds of monetary transactions are now conducted digitally, reflecting both customer adoption and platform reliability.
For corporate and SME clients, Davivienda has strengthened its regional proposition through the integration of Scotiabank operations in Central America, enhancing payments, trade finance and capital markets capabilities. API-led connectivity and expanded instant payments have improved transaction efficiency and deepened client relationships.
Davivienda’s combination of regional scale, disciplined capital management and market-leading digital penetration sets it apart in Colombia, positioning the bank for sustainable long-term growth.
Best bank for sustainable finance: Davivienda
Davivienda distinguished itself this year for the depth and coherence of its sustainable finance strategy. Central to this is its commitment to mobilise COP110 trillion ($32.9 billion) in sustainable finance between 2020 and 2030, a goal aligned with its overarching framework, the World is Our Home, and underpinned by a detailed sustainable taxonomy guiding lending and investment decisions. These initiatives ensured sustainability was not ringfenced but consistently applied across portfolios and supported clients’ transition to a low-carbon, more inclusive economy.
A defining initiative over the review period saw the bank partner with the IFC to develop a multi-country climate adaptation and resilience financing framework covering Colombia and Central America. This initiative is grounded in sophisticated risk analysis, including geospatial tools and national climate plans, enabling the bank to assess portfolio exposure and prioritise financing towards vulnerable sectors and regions.
The bank has also demonstrated leadership in capital markets. Its issuance of a $50 million biodiversity bond (the first of its kind in Colombia and only the second globally) channels funding into conservation, sustainable agriculture and circular economy projects. Meanwhile, its COP300 billion sustainability-linked bond, focused on social housing, ties environmental performance to improved access to affordable housing, illustrating a practical ‘just transition’ in action.
Alongside financing, Davivienda invests in capability building. Training initiatives and client engagement programmes, including technical support for sustainable construction and SME development, are expanding the reach and impact of its strategy.
Together, these efforts show a bank combining ambition, innovation and execution, positioning Davivienda as a clear leader in sustainable finance in Colombia.
Best investment bank: Goldman Sachs
Goldman Sachs is Colombia’s best investment bank in recognition of the breadth and sophistication of its activity in what remained a volatile market environment. Building on the establishment of its Bogotá representative office in 2020, the bank has developed an on-the-ground team covering sovereign and corporate clients across multiple sectors and products, underpinning its growing franchise in the country.
During 2025, Goldman Sachs distinguished itself by leading many of Colombia’s most complex and high-profile transactions across debt capital markets, derivatives and M&A. The firm played a central role in financings totalling over $11.7 billion for Colombian issuers, including landmark transactions such as Grupo Nutresa’s $2 billion inaugural bond – the largest corporate issuance in the country’s history.
Its sovereign and sub-sovereign work was equally notable. Goldman Sachs acted on Colombia’s $3.8 billion dual-tranche bond, the largest issuance in the country’s history, and on an innovative $9.3 billion total return swap that enabled the sovereign to repurchase debt at a discount and reduce its outstanding obligations.
The bank also supported Bogotá’s return to the international market with a COP-denominated green bond – the largest such issuance by a city in the Americas – demonstrating its structuring capability in local currency markets.
In M&A, Goldman Sachs advised on more than $2 billion of transactions, including Sacyr’s $1.6 billion sale of toll road assets, reinforcing its advisory credentials in infrastructure and telecoms.
Across debt, derivatives and advisory, Goldman Sachs combined execution strength with innovative structuring to deliver outcomes for clients, cementing its position as the leading investment banking franchise in Colombia.
Best investment bank for M&A: Santander
Santander is Colombia’s leading M&A adviser through a combination of persistent deal activity and disciplined execution. Rather than appearing sporadically on marquee transactions, the bank demonstrated consistent coverage across multiple high-profile situations.
Central to Santander’s differentiation is its ability to pair strategic advisory with execution accuracy. The bank designs transaction processes aligned with client objectives, navigates multi-stakeholder environments and maintains momentum through negotiations, delivering credible routes to closing.
This approach was evident in four major M&A transactions in 2025: ContourGlobal’s divestment of an asset in line with its 2040 net-zero strategy; Actis’s $1.6 billion-plus toll road deal, one of Colombia’s most significant infrastructure transactions in five years; Uno Corp’s cross-border Primax acquisition spanning Peru, Ecuador and Colombia – the largest downstream M&A deal in South America in 2025, which also included acquisition financing; and advising Inversiones Cuscatlán Centroamérica on a $1.4 billion transaction involving Grupo Cibest, the controlling shareholder of Bancolombia, Colombia’s largest bank. These deals exemplified the cross-border execution and integrated financing capabilities that reinforce the franchise.
Santander consistently combined advisory with capital solutions where required, providing acquisition financing alongside M&A advice without diluting its advisory focus. The bank’s track record in 2025 demonstrates both scale and repeatability in a competitive market. More importantly, its role extended beyond participation to shaping outcomes.
Taken together, Santander’s sustained deal flow, integrated proposition and strong execution discipline make it a clear leader in Colombian M&A, capable of delivering complex, cross-border transactions with consistency and strategic impact.
Best for research: Davivienda
Davivienda is Colombia’s best bank for research in recognition of the consistency and market impact of its Visión Davivienda platform. Built to serve a broad client base – from corporates and investors to policymakers – the platform combines macroeconomic insight with detailed sector, company and asset-class analysis, delivering research that is both accessible and decision oriented.
A strength, displayed over the review period, is the bank’s disciplined production model. Outputs are issued on a predictable schedule, supported by internally developed forecasting frameworks and subject to rigorous validation processes. This approach has helped establish Visión Davivienda as a trusted source of timely intelligence, reflected in significant annual subscriptions and strong engagement across both digital and in-person channels. Webinars alone attract tens of thousands of views per session, while flagship publications such as ‘El Libro’ draw large national audiences.
Furthermore, coverage is both deep and broad. The research team maintains continuous analysis of Colombia’s macroeconomic environment, seven core sectors and two dozen listed companies, alongside regular recommendations across fixed income, equities and foreign exchange. The development of proprietary indicators (including measures of investor expectations, consumer confidence and real-time spending trends) further differentiates the offering by addressing data gaps in the local market.
Crucially, Davivienda’s research demonstrates clear influence. Its macroeconomic forecasts have proven accuracy, including top rankings from Colombia’s central bank for inflation projections. These outputs feed directly into client decisions, shaping portfolio allocation, hedging strategies and market positioning, while also reinforcing the bank’s credibility among institutional investors.
By pairing technical rigour with strong delivery, Visión Davivienda has set a standard for research in Colombia, combining analytical depth with tangible client impact.
Best bank for SMEs: Banco de Bogotá
Banco de Bogotá’s review period involved a deep digital transformation, the expansion of tailored financial services and a clear strategic focus on enabling business growth in challenging market conditions. Against a backdrop of tighter monetary policy and slower credit demand, the bank continued to strengthen its lending capabilities and expand access to finance for business clients, making it Colombia’s best bank for SMEs
A key differentiator has been its rapid digitalisation of SME banking journeys, with the bank onboarding thousands of new SME clients through improved digital channels. The rollout of mobile and online capabilities, including credit card payments through PSE and digital onboarding tools, simplified day-to-day financial management for small businesses, reducing friction and enabling real-time decision making.
Banco de Bogotá has also focused on improving credit delivery for SMEs. Automated approval processes have reduced response times from days to minutes, while digital promissory notes and signature tools have supported faster disbursements and improved operational efficiency.
Solutions such as CupoÁgil BDB and embedded finance integrations allow SMEs to access working capital and financial products directly within their business ecosystems, strengthening cashflow management and enhancing scalability.
Beyond lending, the bank invested in comprehensive transaction and treasury capabilities. Its upgraded corporate platform offers integrated reporting, payment automation and enhanced security features. Meanwhile, API-driven cash management solutions have facilitated payments and collections at scale, helping SMEs optimise liquidity and streamline operations.
Crucially, Banco de Bogotá’s SME proposition is embedded within its broader sustainable finance strategy. Its social portfolio reached COP15.2 billion ($4.5 million), supporting SMEs and reinforcing the bank’s role in driving inclusive economic growth.
Taken together, these initiatives highlight a bank that is not only expanding access to finance but fundamentally reshaping the SME banking experience in Colombia.
Best bank for large corporates: Citi
Citi Colombia stands out as the leading corporate bank in the country, combining a deep local presence with the reach and capabilities of a global network. Established in 1916, it remains one of the few international corporate and investment banks in Colombia, offering clients seamless access to global markets, liquidity and expertise across transaction services, capital markets and advisory.
The bank’s strength is particularly evident in core corporate banking services, where it ranks first in local and international custody and foreign exchange, and plays a leading role in payments and collections for corporate clients.
Citi’s differentiation lies in its ability to deliver complex, high-impact transactions. During the review period, it played a central role in some of the most significant deals in Colombia’s financial history. These include the government’s $9.3 billion liability management exercise – the largest of its kind in the country – and a €4.1 billion sovereign bond issuance that marked Colombia’s return to European markets after nearly a decade, attracting exceptional investor demand.
The bank has also demonstrated leadership in corporate financing. Landmark transactions for clients such as Grupo Nutresa, including a $2 billion inaugural bond and subsequent $1 billion reopening, set new benchmarks for Colombian issuers, while advisory roles across sectors highlight Citi’s breadth of expertise.
Alongside its core franchise, Citi continues to innovate, structuring ESG-linked solutions and directing social finance towards SMEs, reinforcing its broader impact on Colombia’s economy. This combination of market leadership and transaction secures its position as Colombia’s best bank for corporates.
