Banco de Bogota S.A. (Panama)

Banco de Bogota S.A. is a financial institution located in Panama City. It was established on November 15, 1870, making it the first financial institution in the country. The bank had an initial capital of $500,000 and the authority to issue banknotes. Its first Director-General was Mr. Salomon Koppel. Over the years, Banco de Bogota has expanded its operations and services. In 1938, it founded ALMAVIVA, a company that pioneered the warehousing business in the country. By 1945, the bank had reached its 75th anniversary and increased its capital through the issuance of 153,000 shares. It had 105 branches by 1947. In 1959, Banco de Bogota inaugurated its new headquarters and incorporated the Corporacion Financiera Colombiana, a subsidiary that allowed the bank to invest in medium and large-sized companies in the real sector. In 1967, Banco de Bogota became the first Colombian bank to establish operations in Panama by opening an office. This office was later converted into a subsidiary in 1970. In 1968, Banco de Bogota merged with Banco de los Andes. The bank introduced the CREDIBANCO credit card system in Colombia in 1969, in partnership with the Bank of America. On November 15, 1970, Banco de Bogota celebrated its 100th anniversary, solidifying its position as a pioneer in Colombian banking. In 1974, the bank established an office in New York, which was complemented by the creation of Banco de Bogota Trust Company in 1977, later renamed First Bank of the Americas. In 1977, Banco de Bogota's Board of Directors approved its participation as a shareholder in Banco Latinoamericano de Exportacion (BLADEX), headquartered in Panama City. Banco de Bogota expanded its presence internationally by incorporating Banco de Bogota NASSAU LIMITED in the Bahamas as a subsidiary of Banco de Bogota Panama S.A. in 1978. In 1980, Banco de Bogota INTERNATIONAL CORPORATION was created in Miami. In 1984, the bank implemented a new institutional image, projecting values of professionalism, efficiency, solidity, dynamism, and prestige. In 1987, Banco de Bogota became part of the group of companies owned by the Luis Carlos Sarmiento Angulo Organization, further consolidating its development and projection within the financial system. In 1991, Banco de Bogota acquired 76% of Banco del Comercio and subsequently merged with it in December 1992. This merger added new subsidiaries to its group, including Compania de Bolsa del Comercio (now Valores Bogota S.A.), Fiducomercio, and Banco del Comercio Panama (now Leasing Bogota S.A. Panama). In 1997, Banco de Bogota sold its investment in First Bank of the Americas to Comercial Bank of New York. With the creation of Grupo Aval in 1998, Banco de Bogota became part of the country's most important financial group. In June 2001, the Federal Reserve approved the conversion of Banco de Bogota International Corporation into an agency established in the state of Florida, United States. Banco de Bogota Colombia indirectly owned 100% of Banco de Bogota International Corporation through its subsidiary Banbogota INC. On June 21, 2006, Banco de Bogota acquired 94.99% of the shares of Banco de Credito y Desarrollo Social Megabanco. This acquisition aimed to strengthen the bank's presence in the credit market for low-income individuals, contributing to the economic and social development of the country. The merger between Banco de Bogota and Megabanco was formalized on November 7, 2006. On October 23, 2009, Valores Bogota S.A., Valores Popular S.A., Valores de Occidente S.A., and Casa de Bolsa S.A. merged to form Casa de Bolsa S.A. On December 9, 2010, Banco de Bogota, through its subsidiary Leasing Bogota Panama, acquired BAC Credomatic Inc., a Central American conglomerate that provides financial services in Costa Rica, El Salvador, Nicaragua, Honduras, Guatemala, Panama, Mexico, the Bahamas, and the Cayman Islands. Currently, Banco de Bogota covers the entire national territory and continues to expand its international operations with subsidiaries and branches in Panama, Miami, and New York. It also offers its clients numerous banking options through support from various banks worldwide.