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...