PANAMA CITY, December 27 (PBI) – Itaú Colombia S.A. has announced a strategic restructuring of its regional operations, shifting its focus exclusively toward corporate and institutional banking in both Colombia and Panama. As part of this realignment, the bank has reached an agreement to sell its retail banking (Banca Minorista) assets and liabilities to Banco de Bogotá and its subsidiary, Banco de Bogotá Panamá.

The transaction remains subject to regulatory approval from the Financial Superintendency of Colombia (SFC). Once finalized, the deal will effectively exit Itaú from the consumer banking market in these jurisdictions to prioritize high-value corporate services.

Strategic Pivot to Corporate and Investment Banking

The move is designed to streamline operations under the Itaú Corporate banner, which encompasses legal entities, treasury operations, and specialized financial services. Despite the sale of its retail portfolio, the bank confirmed it will maintain its brokerage and fiduciary arms—Itaú Comisionista de Bolsa and Itaú Fiduciaria—as well as its private banking and collective investment fund (FIC) offerings.

In Panama, Itaú (Panamá) S.A. will continue to operate under its International License. As a 100% subsidiary of Itaú Colombia S.A., the Panamanian unit will focus on providing banking services to non-resident individuals and corporations, maintaining its role as a strategic offshore hub.

Banco de Bogotá Bolsters Regional Presence

In a parallel announcement, Banco de Bogotá and its Panamanian subsidiary confirmed they have issued a purchase order accepting Itaú’s irrevocable offer. The acquisition of the retail portfolio is set to be executed according to the Organic Statute of the Colombian Financial System.

The final purchase price will be calculated at the time of closing based on the book value of the transferred assets and liabilities. For Banco de Bogotá, the move represents a significant expansion of its consumer base and reinforces its competitive position in the Panamanian and Colombian retail markets.

Operational Continuity for Clients

Itaú has emphasized that all banking channels—both physical and digital—will remain fully operational throughout the transition process.

“Customers are not required to perform any additional paperwork at this time,” the bank stated, noting that all retail clients will be notified well in advance as the migration to Banco de Bogotá progresses. The bank reiterated its commitment to supporting business owners and corporate partners through specialized advisory services and local and international financial solutions.

Market Positioning

Itaú Colombia remains a major player in the regional financial landscape, backed by a global network with assets exceeding USD 533 billion and a presence in 18 countries. By narrowing its scope in Colombia and Panama, the institution aims to leverage its digital agility and corporate expertise to serve the complex financial needs of large-scale enterprises and high-net-worth investors.