Colombia to allow foreign bank branches in 2013

Author: Danielle Myles | Published: 19 Mar 2012

Allowing foreign banks to set up branches in Colombia heads a series of reforms planned for 2013 which will liberalise the country’s financial sector and give foreigners improved market access.
The changes coincide with international banks’ increased appetite for the country, which received an investment grade rating last year, and will align its financial sector with regional and international standards.
The most important change lifts the thirty-year ban on foreign bank branches. It takes effect in July 2013 and stems from the Colombia-US Free Trade Agreement (FTA) which, after a five-year delay, was approved by the US Congress last October.
The process for US branch establishment is specified...