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Banco de Comercio Exterior de Colombia S.A. (BANCOLDEX)

Outlook

The stable outlook on BANCOLDEX reflects the outlook on Colombia. As long as the government maintains its support of the bank, the ratings and outlook should parallel those on the government.

The nurturing of SMEs is important to the sovereign, and Standard & Poor's Ratings Services expects BANCOLDEX to retain its role as Colombia's primary financier of these enterprises. We anticipate that the sovereign's support will continue at least over the medium term. In the long term, even as the Colombian economy develops, BANCOLDEX should continue to play a significant role as an instrument of public policy and evolve into an institution similar to state-owned development banks in highly industrialized countries. We expect that the bank will successfully manage the transition toward becoming a multibank with a wider range of services and clients.

Profile

BANCOLDEX is among the largest financial institutions in Colombia, based on asset size and equity. As of Dec. 31, 2008, the bank had assets of Colombian pesos (COP)6.2 trillion, net loans of COP5.5 trillion, liabilities of COP4.9 trillion, and equity of COP1.3 trillion. BANCOLDEX is the largest provider of rediscount funding for SMEs in Colombia, making it a pivotal part of the country's development strategy (see table 1).

Table 1 Banco de Comercio Exterior de Colombia S.A./Financial Statistics

  • --

    Year ended Dec. 31--

Mil. COP Assets

2008 6,193,406

2007 4,840,352

2006 3,373,776

2005 3,683,792

2004 4,093,933

% change Loans % change Certificates of deposit % change Total equity % change Adjusted common equity % change Adjusted total equity % change Revenues % change Non-interest expense % change Net operating income before loan loss provisions % change Loss provisions % change

28.0 5,527,485 27.5 1,068,659 63.0 1,302,250 2.4 1,302,250 2.4 1,428,254 4.8 205,110 44.9 40,022 29.6 145,605 68.3 80,109 78.0

43.5 4,333,851 55.4 655,720 49.8 1,272,078 3.8 1,272,078 3.8 1,362,408 2.5 141,562 23.9 30,893 (6,853.1) 86,490 23.1 45,013

(8.4) 2,788,016 (11.6) 437,590 (55.7) 1,224,999 1.6 1,224,999 1.6 1,328,930 1.8 114,294 9.0 (457) (102.5) 70,243 16.0 32,761

(10.0) 3,153,908 (13.6) 986,878 (31.8) 1,206,009 0.7 1,206,009 0.7 1,305,948 (0.3) 104,856 12.8 17,992 17.1 60,559 27.6 25,311 153.0

(3.3) 3,650,329 (1.2) 1,448,070 (13.6) 1,197,877 0.3 1,197,877 0.3 1,309,267 (0.0) 92,920 (6.3) 15,366 179.5 47,443 (26.8) 10,006 (63.6)

37.4

29.4

www.standardandpoors.com/ratingsdirect

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