The president of Grupo Aval, one of Colombia’s biggest banking groups, has said his company is prepared to face the eventual backlash of the European crisis.
Luis Carlos Sarmiento said that lessons have been learnt from 1989 and 2000 and he does not rule out the possibilities that the country will be affected in some way.
“In terms of backlashes, we are not worried because we are solid and have a good portfolio,” said Sarmiento. He added that because the company is managed with professionalism it will “not be caught off guard.”
The banking magnate said that many are interested in investing in Colombia’s financial sector giving the example of Banco de Bogota which issued bonds worth $500 million but there was demand of $3 billion.
In terms of economic growth, Sarmiento said that the Colombian economy could register growth of 5.5% for 2011 but that there may be a decrease for this year.
