We work in different business units that offer products to individuals to achieve their objectives with ESG criteria. Our product solutions for this sector include People Banking and SUFI.
We work in different business units that offer products to individuals to achieve their objectives with ESG criteria. Our product solutions for this sector include People Banking and SUFI.
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Know Your Customer
In Grupo Bancolombia, we have adopted and implemented a Risk Management System for Money Laundering and Financing of Terrorism (SARLAFT), which complies with the regulations of the financial sector (Organic Statute of the Financial System or EOSF), other instructions issued by the Financial Superintendence of Colombia, including the FATF1 recommendations and the best international standards.
Our policies, controls, and procedures have been designed and implemented under a risk-based and due diligence approach that seeks to prevent elements outside the law from using our entity:
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Improvement in the knowledge of our clients and their operations.
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Segmentation of customers, products, channels and jurisdictions.
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Transaction monitoring.
This includes improving our knowledge about our customers and their operations, client segmentation, product, channel, and jurisdiction segmentation, and transaction monitoring–resulting–when applicable, in reporting suspicious transactions to the competent authorities. In addition, behavior procedures and rules related to implementing all SARLAFT control mechanisms and instruments are included in the SARLAFT Handbook, and Code of Ethics approved by our Board of Directors which is mandatory for all Bancolombia collaborators.
ESG Involvement
We share Environmental, Social, and Corporate Governance (ESG) knowledge and practices with our clients through various social media channels. We teach ESG and sustainability with our own and third-party content; thus, we have impacted one million people on our Facebook, LinkedIn, TikTok, and Instagram social media channels. See the 2021 ESG Customer Involvement report.
In 2021, we impacted 10,835,364 individual clients, equivalent to 7.35% of this segment’s total clients
Exclusions
As part of our business vision, Grupo Bancolombia does not finance companies or projects involved in the production, marketing, or use of products, substances, and activities included in our exclusion policy.
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Green/ESG Credit Products
In Grupo Bancolombia, we developed solutions that contribute to promoting projects that seek to generate a positive environmental impact through the following products:
Affordable Housing Loans
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Bancolombia has supported financing Public Housing projects with solutions specific to the sector to ensure more people can access housing and reduce the country’s housing deficit. During 2020, disbursements worth COP 644 billion were made.
Since 2016, we have launched a special rate loan to promote buying housing projects built with sustainability criteria financed by Bancolombia.
Our clients receive a 65-basis point discount on the financing rate for the first 7 years of the loan and then a 30-basis point discount for the remainder of the bond’s life cycle.
In 2021, 964 clients benefited (129% more than in 2020), amounting to COP 106 billion disbursed (60% more than the previous year).
Our strategic consumer loan unit provides financing for sustainable micro-mobility products such as scooters, electric bicycles and motorcycles, energy-efficient household appliances, and electric, hybrid, and gas-powered vehicles.
We are also committed to sustainability in the territories in which we operate; thus, we offer different sustainable products in our subsidiaries in Panama, El Salvador, and Guatemala.
