Itaú Colombia appointed Jorge Villa as its new President and Chief Executive Officer effective 21 March 2025, bringing to a close the tenure of Baruc Sáez and elevating a long-serving internal candidate to the institution's top role. The appointment was announced via a press release from the wider Itaú group, which also disclosed changes to the executive committee of its banking operations in the region, signalling a broader reconfiguration of leadership across the Latin American franchise.
Villa was promoted from his position as Vice President of Corporate Banking at Itaú Colombia, where he had accumulated deep relationships across the country's corporate and institutional client base. His selection from within the organisation rather than through an external search reflects the bank's preference for continuity of strategy and client relationships at the top of the house, and avoids the disruption that can accompany the appointment of an executive unfamiliar with the institution's existing business and culture.
A CAREER ROOTED IN COLOMBIAN BANKING
Jorge Villa brings more than 27 years of experience in the financial sector to the chief executive role, a tenure that spans multiple economic cycles and the significant structural changes that have reshaped Colombian banking over the past three decades. He joined Itaú Colombia in 2011, giving him more than fourteen years of direct experience within the institution's own history in the market. That depth of institutional knowledge is expected to provide a stable foundation as the bank navigates what remains a competitive and evolving landscape in Colombian retail and corporate finance.
His background in corporate banking is particularly relevant given the importance of large and mid-sized corporate relationships to Itaú Colombia's revenue mix. As Vice President of Corporate Banking, Villa would have been responsible for managing and growing the bank's book of business with Colombian companies, managing credit risk, and overseeing the origination of loans and capital markets transactions. Those skills translate directly into the strategic priorities of a chief executive tasked with driving sustainable revenue growth in a market where competition among both domestic and international banks is intense.
LEADERSHIP TRANSITION AND STRATEGIC CONTINUITY
Baruc Sáez had led Itaú Colombia through a period of expansion and consolidation, and his departure sets the stage for Villa to put his own stamp on the bank's direction. In transitions of this kind, institutional investors and clients typically look for signals of strategic continuity rather than radical change, particularly where the incoming chief executive is drawn from inside the organisation. Villa's familiarity with Itaú Colombia's client base, credit culture, and operational structure means he is well positioned to provide that continuity while also implementing any refinements he believes are appropriate.
Itaú Colombia forms part of the broader Itaú Unibanco group, which operates across multiple Latin American markets from its Brazilian base. The Colombia franchise operates in one of the region's more dynamic economies, where a growing middle class and an expanding formal sector have supported credit growth across retail, SME, and corporate segments. Villa inherits a platform that is already established in the market, and his task will be to deepen its competitive positioning, manage risk prudently, and deliver returns consistent with the group's expectations for its regional operations.