Yepes, 46, has extensive experience in legal and corporate issues as well as banking and is aware, as are all the Bancolombia executives and employees, that confidence and strength are a bank's main assets on any market. Far more, that is, than the millions of pesos it holds in its vaults.

That is why, if we listed Yepes' main concerns in his first months as chairman of Colombia's leading financial conglomerate, it could be said that he has been busy strengthening the client's trust in the institution.

"The financial sector is seen as cold and distant," says Yepes. "I want our relationship with the customer to be defined by four words – closeness, warmth, inclusion and respect."

In the first shareholders' meeting chaired by Yepes, in which the management report presented included a 17.8% increase in net profits in 2010, it was announced that the bank would stop charging fees for its clients' withdrawals and e-banking transactions. The plan was called 'Cero Pesos' (Zero Pesos) and the only intention was to maintain customer trust and avoid any negative effects on the bank's indicators.

A spokesperson for the bank said that Yepes' instructions were clear, in that "our customers are important actors in banking and satisfying their needs is a priority on which the sustainable strategy for the growth and internationalisation of the business is based."

In fact, this new approach to customers is part of Yepes' innovative vision for Colombian banking. "We don't innovate very well in the financial sector," he explains. "But innovation is not just about technology; we also have to innovate in products, channels and in every angle of our business."

Considerable Strength

Bancolombia was established through the integration in 1998 of Banco Industrial Colombiano (BIC), which absorbed Banco de la Colombia, which itself had been acquired by Grupo Empresarial Antioqueño, its main shareholder.

Then in July 2005, Bancolombia joined and combined assets, liabilities, business and culture with the housing and savings corporation Conavi and the financial corporation Corfinsura. Having strengthened its assets and with its increased market presence, Bancolombia started a process of consolidation and growth that has led to it establishing itself as the country's leading bank and head of a financial conglomerate that includes more than 10 specialist institutions.

Once of the most recent outcomes of this consolidation was revealed in April 2011, when Bancolombia received the highest rating for its debt by the international ratings agency BRC Investor Services – BRC1+ for its short-term debt and Triple A for its long-term debt.

In other words, the deposits and investments committed by the bank hold no risk and this is key to maintaining confidence.

Based on these ratings, in 2010, Bancolombia successfully placed $640 million worth of bonds on the international market and is now preparing a new placement on the world markets with a $1 bn offer in one or several batches (depending on market conditions) with up to 10-year maturity.

The issuing of bonds was authorised by the Management Board on the 25th of April and the placement terms were approved on the 28th of May. And if the recent experience of other institutions with similar offers and other placements by Bancolombia are taken into account, the signs suggest that these bonds will sell like hotcakes, as the international community recognises its strength and experience as a bank.

International Expansion

Bancolombia is by far the country's biggest bank and revenue in 2010 came to around $6.5 billion. The bank's assets at the end of 2010 came to around $4.3 billion and grew by 12.2% with a solvency rate of 18%, especially thanks to the increase in the bank's reserves.

Bancolombia, whose shares have been listed on the New York Stock Exchange (as ADRs) since 1995, has around 900 branches in Colombia and abroad and a network of 2,669 automatic cash machines.

With these strengths and its business knowledge, Bancolombia has already ventured into the Central American market. "It's clear that internationalisation is one of the drivers behind our strategy," says Yepes. The profits of one its acquisitions, El Salvador's Banco Agrícola, increased by 59% in 2010. Meanwhile, Bancolombia also has operations in Puerto Rico and Panama. "We're looking for companies that are leaders, that are well run and generate value."

Some of Bancolombia's subsidiaries – Renting Bancolombia, which deals in operative vehicle rental, fund management company Fiduciaria Bancolombia and brokering agency Valores Bancolombia – also have operations outside Colombia; the first two in Peru and the third in Panama. Valores Bancolombia is also planning to launch Valores Perú, which is in the process of being authorised. These countries and many others in the region present considerable potential for the growth of the bank's business.

As the Bancolombia chairman looks into the future, he sees a bank and a group that have the resources, experience and knowledge of business required to grow both at home and abroad. Without forgetting that they also have the most valuable assets in banking: CONFIDENCE AND STRENGTH.