Banco de Bogota has completed the acquisition of the retail banking business of Banco Itau Colombia, paying approximately COP$1.64 trillion to take control of the operation from Itau Chile's Colombian subsidiary, Banco Itau Colombia in a deal that had first been announced in December 2025. The transaction, which closed on 31 July 2026, transferred a portfolio of about 267,000 customers with nearly COP$6.45 trillion in consumer and mortgage loans and about COP$4.80 trillion in deposits.
The buyers, Banco de Bogota S.A. and Banco de Bogota Panama, acquired the retail portfolio following authorisation from Colombia's Financial Superintendence. The completion transfers the retail activities that Itau operated in Colombia to Banco de Bogota.
STRUCTURE OF THE TRANSACTION
The purchase price of approximately COP$1.64 trillion was based on the book value of the assets and liabilities transferred, subject to customary adjustments as set out in the transaction documents.
Under the deal, Banco de Bogota takes on the retail banking activities that Itau operated in Colombia, absorbing the associated customer relationships, deposits and loans into its own franchise.
"This transaction does not represent an exit from the Colombian market, but rather a reallocation of capital toward the businesses in which we have scale, regional capabilities, and a differentiated value proposition," said André Gailey, CEO of Itau Chile.
COMPLETION AFTER REGULATORY GREEN LIGHT
Completion followed the fulfilment of all applicable conditions, including authorisation from the Financial Superintendence of Colombia.
The deal had been announced on 22 December 2025, meaning that closing came roughly seven months later.
Banco de Bogota said the migration of Itau's retail customers would run from 5pm on 31 July to midnight on 1 August, with customers able to access their products through its app from 2 August.
Itau Chile called the completion a key milestone in Itau Colombia's strategic transformation. Itau Chile said the retail business operated at a limited scale, which structurally constrained its profitability.
Itau Chile said Itau Colombia would now concentrate on corporate banking, treasury and its specialised subsidiaries, and expects an extraordinary after-tax impact of about COP$561.7 billion from the transaction, mainly from restructuring costs and the unwinding of hedges.
Itau Chile said the transaction will reduce Itau Colombia's risk-weighted assets by approximately COP$3.8 trillion.
Bank news that matters, every weekday.
Follow The Global Banker on LinkedIn