Sustainability Model

At Bancolombia Group we have defined the Sustainability Model that includes our policies of purchases, human rights, climate change, financing, investment, relationships with stakeholders and our social and environmental goals.

Our Model


We are one of the most sustainable banks in the world

We are one of the most sustainable banks in the world
With a score of 85 out of 100 and a 98 percentil, we were ratified as one of the most sustainable banks in the world in the Dow Jones Global Sustainability Index, a global indicator that measures the sustainable performance of companies in economic, social and environmental matters. Since 1999, this measurement is a benchmark for foreign investors that include the management of sustainability as one of its criteria for decision making.
Being one point behind the leader in the Banks category, we obtained the silver medal in the Sustainability Yearbook presented by Robeco SAM.

4710 companies were assessed in the SAM Corporate Sustainability Assessment.
In this way, we show our commitment to work for a community with a prosperous economy, a healthy environment and an inclusive society.

Sustainability Policies

As part of our corporate strategy, in Bancolombia we apply several Sustainability Policies:

Sustainable Procurement
Human rights
Climate change
Environmental Management Policy
Controversial issues on financing and investment
Responsible investmen
Stakeholders relationships

Dialogue with our stakeholders

Organizations have a great challenge in how they relate to their stakeholders and involve them on relevant issues to guide corporate strategies and ensure a sustainable future for all. 

At Bancolombia we ensure that the relationship with our employees, clients, suppliers, shareholders, investors, autorithies, mass media and communities, allows us ti understand their interests and expectations 

Today we have different communication channels for our stakeholders, and specifically a web site where we explain what each of our material issues consist of and where each stakeholder can feedback us to carry out joint work. 

We also have a virtual site where our stakeholders can enter by clicking here. On this site we explain what each of our relevant topics consist of and open a permanent dialogue. 

If you have any question about this, you can mail us to

Stakeholders Information
Mass media Press Site
Authorities and guilds Press site
Clients and others 2019
All our stakeholders Annual management reports

For Bancolombia Group it is very important to know the expectations that stakeholders have about our management; their priorities and needs to offer them long-term value. In our organization we not only care about getting results, but particularly in how we generate this shared value, how we grow hand in hand with our shareholders, investors, employees, customers and suppliers; of how we are profitable, always understanding our social role. The interactions we do with every stakeholder, are conducted through classroom spaces, media and interpersonal relations, which has enabled us to further strengthen relations based on trust.

We also have a virtual site where our stakeholders can enter by clicking here. On this site we explain what each of our relevant topics consist of and open a permanent dialogue.

In 2017 we developed the dialogue process that we carried out with employees, customers and suppliers, in accordance with the Global Reporting Initiative (GRI) standard. This allowed us to communicate progress on issues relevant to our stakeholders and report on our performance in the economic, environmental and social fields. According to our stakeholders relationship policy, the dialogues take place every two years, for this reason in 2019 a new dialogue will be held.

Dialogue with stakeholders

Enter here to know the results of the dialogue with our stakeholders. You can find:

  • Methodology
  • Scope and objectives
  • Dialogue results
  • General key findings
  • Conclusions

Materiality matrix

As a result of the dialogue with our stakeholders, upon which the sustainability annual report was designed, at Bancolombia Group we created our Materiality Matrix.

Further information in this regard


We have established our corporate sustainability targets to support our business strategy and our sustainability management commitments :

In 2019 we developed a dialogue process  with employees, customers and suppliers, in accordance with the Global Reporting Initiative (GRI) standard. This allowed us to communicate progress on issues relevant to our stakeholders and report on our performance in the economic, environmental and social fields. 
In 2020 we present the new material issues that are part of our corporate purpose that seeks to promote the sustainable economic development to achieve the wellness of everyone. To achieve this purpose we define 3 material issues: Strengthen the competitiveness of productive fabric, Build cities and communities more sustainable and encourage the financial inclution.  

According to our stakeholders relationship policy, the dialogues take place every two years, for this reason in 2021 a new dialogue will be held. 

Impact valuation Grupo Bancolombia

The VAS (Value Added Statement to Society ) allows us to value the impacts derived from our operations (or monetization of our externalities, which might be either negative and cause costs to society or positive and generate benefits to society) which are not reflected in current KPIs. We want to go further in our progress report, and disclosure our real impact while we work to generate well-being and promote a sustainable development.

For more information about Bancolombia´s value added to society and the measurenments we have done click here.

Sustainable Finance

At Bancolombia, we work proactively in an environment that is constantly changing and facing important environmental, social and economic challenges. Committed to incorporating ESG (Environment, Social and Governance) variables into our corporate strategy, we have redefined our purpose with the goal of promoting sustainable economic development to achieve the wellbeing of all. We have thus chosen three action fronts in which we believe that we can fulfill said purpose and measure our results:

  • Strengthen the competitiveness of the productive fabric in the countries where we are present
  • Build sustainable cities and communities
  • Encourage financial inclusion

This commitment comprises our activities in all of our business segments: Corporate, Companies, and SMEs banking, Personal banking, Government and Institutions banking, Investment Banking, Asset Management, Private Banking, among others, and includes processes of due diligence, engagement, knowledge of clients and finance through innovative products for sustainable solutions.

In addition, we have a specific business unit for sustainable financing that incorporates aspects such as:

  • Specialized technical visits to the client with our commercial team: where accompanied by internal technical experts or allies of our organization, we carry out visits and identify opportunities for sustainable and efficient projects for our clients.
  • Identification of the new environmental regulation: we are keeping update to the environmental legislation of which our clients can be subject in their operations, and we develop articles and specialized training on the standards to our clients and our commercial team, to accompany in the implementation of the plans that are required in its fulfillment.
  • Analysis of environmental and social risks: from our organization we perform environmental and social risk analysis in some projects for which it is required according to our policies, once identified the requirements that our customers must meet, we generate financing opportunities related to compliance with these criteria.
  • Training and courses for our commercial team: we created virtual training courses in the identification of sustainable projects, seeking to optimally identify the opportunities for efficiency in the management of resources. Likewise, we carry out face-to-face training activities with all our commercial team.
  • We participate in fairs and academic events: we participate in fairs and sustainability events, presenting our sustainable business strategy, sharing with our clients and stakeholder’s technical knowledge and providing advice for the identification of sustainable projects.
  • Innovation and development of sustainable financial services: day by day, we are evaluating the financing mechanisms of projects through multilateral funds, we seek international cooperation alliances for our customers, we evaluate and propose special lines with development banks and own resources, we make technical cooperation alliances seeking to create sustainable financial products.

1. Operating Segments 

1.1 Personal and Business Banking

The business strategy seeks to meet the financial needs of customers based on personalized attention, a friendly and close attitude and the creation of added value, to ensure quality in the service and promote business growth and the development of the countries where we operate.

Our sales force established a segmentation strategy that encompass different channels and value propositions to offer specialized services to people, independent businesses, SMEs and companies. People are thus classified into recurring (payroll accounts), plus, preferential, and privates; SMEs and independent businesses are classified according to their annual income of up to COP 13.000 million, and companies up to COP 100.000 million. The corporate and government sales force focuses on companies with over COP 100.000 million of annual income and on economic sectors e.g. government, health and education, financial services, natural resources, infrastructure, transport, agroindustry, manufacturing, commerce and non-financial services.

This segment is responsible for Bancolombia’s operations regarding its own credit portfolio, liquidity and distribution of treasury products and services to its customers in Colombia.

1.2 Fiduciary Services

This segment provides trust and asset management services to customers. The main products offered include money market accounts, investment and pension funds, private equity funds, trust payments, custody services and corporate trust funds.

1.3 Stockbroker

Provides brokerage, investment advisory and private banking services to individuals and institutions through Valores Bancolombia S.A. Stockbroker. In addition to that, it sells and distributes participatory securities, futures, currencies, fixed income securities, investment funds and structured investment products.

1.4 Asset Management

Bancolombia's Asset Management business unit was created in 2012 to offer a new value proposition and better investment solutions to customers, by establishing a synergy between Valores Bancolombia and Fiduciaria Bancolombia which combined the experience and professionalism in portfolios management.
This business unit generates solutions for the management of mutual investment funds and individually mandated Delegated Portfolios, helping over one million clients to achieve their investment goals by managing over COP 35.8 trillion of assets in the capital market in 2019.

2. ESG Integration in Corporate and Investment Banking  

Our Corporate Banking business unit includes International Banking, Investment Banking, Corporate Banking, SMEs and Companies Banking, and Government and Institutional banking.

2.1 Due Diligence / Customer Knowledge:

2.1.1 Due Diligence Process.

Grupo Bancolombia has adopted and implemented a Risk Management System for Money Laundering and Terrorism Financing (SARLAFT), which complies with the regulations of the financial sector ("Organic Statute of the Financial System" or "OSFS"), other issued instructions by the Financial Superintendence of Colombia, as well as the FATF1 recommendations and the best international standards.
The policies, controls and procedures of Bancolombia have been designed and implemented under a risk-based approach and are based on due diligence that seeks to prevent the use of our entity by criminal elements. This includes among other things: improved knowledge of our customers and their operations, customer segmentation, products, channels and jurisdictions and transaction monitoring, resulting when applicable, in the suspicious transactions notification to the corresponding authorities. The conduct procedures and rules related to the implementation of all control mechanisms and SARLAFT instruments are included in the SARLAFT Manual and in the Ethics Code approved by our Board of Directors and they are mandatory for all Bancolombia employees.

2.1.2 Environmental and Social Risk Analysis in Financing

In addition to promoting sustainability in the businesses it finances, Grupo Bancolombia has adhered to the Equator Principles of the World Bank, it is part of the United Nations Environment Program - UNEP-FI, of the Responsible Banking Principles, of the Business Ambition for 1.5°C initiative, of the Dow Jones Sustainability Index, has an alliance with World Wildlife Fund - WWF and actively participates in the Green Protocol of the Colombian national government. It has also committed to the principles of environmental and social sustainability and does so by applying the standards defined by the "International Financial Corporation - IFC", or others that are applicable to it.

2.2 ESG Customer Engagement:

We interact and share with our clients ESG knowledge and practices through different mechanisms, generating a differentiated experience.

  • Knowledge Transfer: Media Engagement

    Our clients can find valuable knowledge, best practices guidelines and trend analysis to incorporate ESG criteria into their daily activities on the following websites:

    In total, on 2019 we share with our customers 45 articles and 3 podcasts about ESG topics reaching 46.374 of them.

  • Direct ESG involvement

    We directly support our clients in the incorporation of ESG practices in their businesses strategies and operations by conducting one on one site visits, massive participation events, advisory for projects together with technology and consulting firms and other different services.

    In 2019, we impacted around 2.000 clients with knowledge of topics like sustainable finance, benefits and trends in sustainability, cleaner production, energy efficiency, renewable energy and sustainable building by participating in 27 events for clients throughout the country (Medellin, Urabá, Manizales, Pereira, Villavicencio, Neiva, Ibagué, Girardot, Honda, Guamo, Villa de Leyva Barranquilla, Bucaramanga) and conducting 240 technical visits to clients.
    Regarding sustainable building, in alliance with the International Finance Corporation, IFC, we have conducted 22 events and 231 direct assistance activities to clients since 2017. This resulted in 55 EDGE initial design certified projects, representing 42% of the certified projects in Colombia, and 15 projects with final EDGE certification. We have thus contributed to the construction of 671,152 certified square meters equivalent to 6,298 new housing units and 3,540 tonnes of CO2 equivalent avoided emissions.

Engagement Metrics

As a result of our work, in 2019 we impacted 48.374 clients from our Corporate and Investment Banking segments that represent 28,65% of all corporate clients.
For more information on the published ESG content and generated impacts follow the link:

2.3 Exclusions:

As part of our corporate vision, Grupo Bancolombia does not finance companies or projects related to the production, marketing or use of the products, substances and activities included in our exclusion list:

2.4 ESG Products

2.4.1 Green/ESG Credit Lines

Bancolombia Green Credit Line

As a response to the global environmental challenges, in 2014 we launched the “Sustainable Credit Line” (previously “Green Credit Line”), a specific credit line oriented towards supporting our clients on their investments in adoption of technologies or projects that generate a positive environmental impact by optimizing the use of resources (reduced water, energy or fuel consumption or reduced generation of waste). In order to incentivize these types of projects this line has preferential rates and repayment periods compared to traditional credit or leasing options.

Through the Sustainable Credit Line, we finance projects related to energy efficiency, renewable energy, cleaner production, sustainable building and mobility for clients from independent businesses to corporates, via credit or leasing:

  • Energy efficiency projects: any type of project that reduces the amount of energy consumed per unit of finished product by at least a 10%.
  • Renewable energy generation: projects that generate electricity or heat from renewable sources e.g. solar, wind, biomass, among others.
  • Cleaner production: any project that optimizes industrial processes reducing the amount of generated waste, emissions or consumption of resources, maximizing productivity by a better material use and efficient processes implementation.
  • Sustainable building: construction projects built according to sustainable building guidelines and parameters under a recognized certification or standard.
  • Sustainable mobility: Any project that involves the acquisition of vehicles for the transportation of goods or passengers, mass public transport systems and company fleets or vehicles for individuals powered by electric, hybrid or dedicated natural gas engines.

Features of the sustainable credit line:

  • Beneficiaries: Public and private sector customers, from independent businesses to corporates.
  • Term: Up to 84 months with a grace period of up to 2 years; Renewable energy projects up to 180 months; sustainable building up to 120 months.
  • Maximum amount per operation: $10.000 million COP and for sustainable building $30.000 million COP.
  • Indexing: DTF or IBR

Note: This line is also available in dollars (USD) with the corresponding Libor indexing. Minimum amount per operation is USD 500.000. Energy efficiency project must generate energy savings of at least 10%. This line is not applicable for sustainable buildings.

A form shall be completed in order to apply for this credit line, which shall be assessed by the sustainability division team. This form shall be digitally submitted to:

Santiago Abraham Montoya T.

Antioquia and Center Regions

Luisa Carolina Angarita V.

South and Bogotá regions

Juan Sebastian Estrada Carmona

Caribbean region

Follow the link to learn more about projects financed on 2019:


Special credit line that merges benefits from the Sustainable Credit Line and Finagro financing (Agrofacil) aimed at customers who are part of the agricultural production chain: producers, processors, traders and support services for agricultural production, which require financing for investment projects that generate positive impacts on the environment.

Agro Lines:

Financial solutions that seek to accompany the cash flow needs of our agricultural clients according to their productive activity, and that have environmental and social benefits. They have terms, grace periods, depreciation plan and payment plans customized according to each productive activity.

  • Hass Avocado
  • Poultry farming
  • Cocoa
  • Coffee
  • Sugar Cane
  • Cattle raising
  • Tahiti lime
  • Oil Palm

Special development bank credit lines

These are commercial credit lines for companies where Bancolombia, through leasing or credit operations, acts as a financial intermediary for some second-tier banks, such as FINAGRO, BANCOLDEX and FINDETER, granting our clients development credits under very favorable financial conditions and that are focused on sustainability issues. The lines in force during the year 2019 were:


  • Offset rate credit line for sustainable infrastructure.
  • Water and basic sanitation offset rate credit line.
  • Renewable Energies and Environmental Impact Special Line.


  • Energy efficiency for hotels and hospitals.
  • Sustainable Development and Energy Efficiency.


  • A toda maquina (“Full gas” credit line for agriculture).

High Impact Entrepreneurship

A specialized business unit that supports entrepreneurs on the following fronts or fundamental pillars:

1. Financing based on differential risk analysis: credit card, checking account, and overdraft.

2. Bancolombia Ventures: risk capital fund of Bancolombia, where investments are made in startups that are related to the bank's investment thesis.

3. Connecting the entrepreneur with the entrepreneurship ecosystem

4. Strengthen the entrepreneur through mentorship programs

We consider to be high impact entrepreneurship businesses those that have:

  • Innovative business model: meets the needs of their customers better than other market players, and this is reflected in more sales, more users or more traction.
  • Scalable business model (preferably technology-based ventures or startups)
  • Team of founders or entrepreneur: that has an interdisciplinary team with an executive capacity.
  • Minimum 6 months of recurring sales and maximum 6 years of operation.

Renting Colombia

Through Renting Colombia, we finance vehicles powered by electric, hybrid and natural gas engines. In addition, we have an integral Information System called CENTURY, that allows improvements in vehicle fleet management and clients´ logistics operations generating savings in fuel use of up to 20% by driving optimization.

Renting Colombia


Likewise, for our operations in Panama with Banistmo we have developed a sustainable products portfolio which includes sustainable construction, renewable energy, and private sustainable funds.

El Salvador:

At Banco Agrícola in El Salvador, we have a leasing line called Cupo Verde, which is a special credit line that has a quota of 40 Million dollars, and a differential rate, for projects of Energy Efficiency, Renewable Energy, and Cleaner Production.

Main Features:

  • Energy Efficiency: Max 1 million USD per transaction and max term 60 months.
  • Renewable Energy: Max 5 million USD per transaction and max term 120 months.
  • Cleaner production: Max 150.000 USD per transaction and max term 60 months.

2.4.2 Green/ESG Fixed Income Products

Green Bonds

Since 2016 we have been implementing our sustainable funding strategy. To date we have had made three green and sustainable bonds issuances for a total amount of 1.3 trillion pesos in Colombia and a gender bond issuance in Banistmo for $ 50 million USD.
Green, sustainable and gender bonds are debt securities that are issued to generate capital specifically to support projects with environmental and / or social benefits in: renewable energy, energy efficiency, sustainable waste management, sustainable construction, clean transportation, affordable housing, social infrastructure, job creation, affordable basic infrastructure, gender equality, among others. For these issuances, investors not only assess the standard financial features but also the specific environmental and social objectives of the projects intended to be financed.
These issuances have been made in the secondary and primary markets, with international buyers such as IFC and the Inter-American Development Bank (IADB). In accordance with the Green & Sustainable Bond Principles standard, the status of the three issuances in Colombia as of December 31, 2019, is presented below. Banistmo’s gender issuance status is also presented.

Third issuance: Sustainable Bond

On 19th July 2019 Bancolombia issue its first sustainable bond for COP 657 billion, which is the third issuance it has done with sustainability criteria. This bond was issued in the secondary market and acquired completely by the IDB. 63% of resources were compromised to green projects on renewable energy, sustainable building and cleaner production. The other 37% corresponds to social projects focused on social housing and sanitation. 100% of resources from the bond have been assigned and disbursed.

Third issuance figures:

  • COP 657 billion disbursed.
  • 26 projects in 8 regions in Colombia.
  • 18 green projects and 18 social projects.
  • Average amount per project: COP 25 billion.
  • Average term per transaction: 7 years.
  • SDGs impacted with this issuance: SDG 11 Sustainable cities and communities; SDG 9 Industry, Innovation and Infrastructure; SDG 7 Affordable and Clean Energy; SDG 6 Clean Water and Sanitation; SDG 4 Quality Education; SDG 3 Health and Wellbeing.

Second Issuance: green bond

On 18th July 2018 Bancolombia made its second issuance of a green bond for COP 350 billion. This issuance was made in the primary market and was over demanded by 2.8 times. 90% of projects financed through this issuance correspond to sustainable building projects and the other 10% to renewable energy projects. 100% of the resources have been assigned and disbursed.

Second issuance figures:

  • COP 350 billion disbursed.
  • 8 projects in 7 regions and 8 municipalities in Colombia.
  • Average amount per project: COP 37 billion.
  • Average term per transaction: 5 years.
  • Impact of projects financed by the green bond: 187 GWh of renewable energy generated annually, with 55,000 tons of CO2 emissions avoided per year.

First issuance: Green Bond

In 2016 Bancolombia made its first issuance of green bonds for COP 300 billion, making it the first Colombian private bank to make this type of issuance.
From this issuance, 60% of projects are small scale run-of-river hydropower plants without dams and with installed capacities of 20MW or less. The remaining 40% are LEED certified sustainable building projects.

First issuance figures:

  • COP 300 billion disbursed.
  • 9 projects in 3 provinces and 8 municipalities in Colombia.
  • Average amount per project: COP 43 billion.
  • Average term per transaction: 8 years.
  • Impact of projects financed by the green bond: 283 GWh of renewable energy generated annually, with 83,600 tons of CO2 emissions avoided per year.

Gender bond issuance in Banistmo

As a part of its growth strategy and its commitment to long term sustainability, Banistmo is adopting a holistic approach to gender equity promotion, adopting internal policies and integrating it as part of its operations.
To support its growth strategy in the medium term in the segment of SMEs lead by women and to support the Impulsa program, Banistmo issue its first social bond in 2019 with an integral approach (100% of resources) on increasing the resources available for SMEs lead by women. This bond was issued privately with a term of up to 5 years.
This issuance seeks to contribute to Sustainable Development Goals number 5 Gender Equality, 8 Decent work and economic growth, 9 Industry Innovation and Infrastructure and, 10 Reduced Inequalities.

Green bond issuance structuring for clients

Bancolombia has developed the required internal capacity to support our clients in their own green bonds issuance, offering advice on bond structuring and managing in the capital market. During 2018, Bancolombia supported the first green bonds issuance from a Colombian private company worth COP 140 billion for renewable energy projects.

2.4.3 Green / Sustainable Infrastructure Financing

Credit for sustainable infrastructure

We currently have structured financing through credit and financial leasing operations, for infrastructure projects with positive environmental and social impacts.
The financing of Green Infrastructure includes the financing of solar farms in non-interconnected areas, small hydroelectric plants, and energy efficiency projects in public lighting.

Green / Sustainable Infrastructure Financing figures

3.0 ESG Integration in Personal Banking  

Our business units of Personal Banking include, Personal banking and SUFI

3.1 Due Diligence / Customer Knowledge:

Grupo Bancolombia has adopted and implemented a Risk Management System for Money Laundering and Terrorism Financing (SARLAFT), which complies with the regulations of the financial sector ("Organic Statute of the Financial System" or "OSFS"), other issued instructions by the Financial Superintendence of Colombia, as well as the FATF1 recommendations and the best international standards.
The policies, controls and procedures of Bancolombia have been designed and implemented under a risk-based approach and are based on due diligence that seeks to prevent the use of our entity by criminal elements. This includes among other things: improved knowledge of our customers and their operations, customer segmentation, products, channels and jurisdictions and transaction monitoring, resulting when applicable, in the suspicious transactions notification to the corresponding authorities. The conduct procedures and rules related to the implementation of all control mechanisms and SARLAFT instruments are included in the SARLAFT Manual and in the Ethics Code approved by our Board of Directors and they are mandatory for all Bancolombia employees.

3.2 ESG Customer Engagement:

We interact and share with our customers ESG knowledge and best practices through diverse mechanisms generating a differential experience.

The School of Sustainability: Knowledge Engagement

The School of Sustainability is a virtual space developed in 2018 to create awareness and educate our users and clients about the importance of sustainability and the risks and opportunities of our acting as human beings on a daily basis.

In 2019, we launched a new concept, known as: "El poder de los Centennials", which gave continuity to The School of Sustainability. This project seeks to inspire our stakeholders around the sustainability of the planet through different formats and connecting points of knowledge and transformation, highlighting in an entertaining and close way, the role played by people, companies or communities that carry out sustainable practices.
It starred business leaders from several of the largest organizations in Colombia and young centennials ready to make and be the change demonstrating that barriers and stereotypes can be broken. Together they shared experiences and knowledge, reaching important agreements towards sustainability which are being followed up to ensure compliance.
With this initiative, we managed to impact nearly 37 million people in the Colombian territory through national and pay television, radio, promos in cinemas and digital media such as social networks and platform that hosted the content. In total, the 6 chapters obtained a total of 3,853,080 views, making it one of the most successful campaigns in Bancolombia history.

Social Network Engagement

Via our social networks we get closer to people and generate discussions on ESG and sustainability topics. With our own or shared content, we bring closer sustainability to people's daily lives, seeking to generate a positive impact and a change in collective thinking. In total, we managed to impact 7.6 million people through our networks on Facebook, Twitter, LinkedIn and Instagram.

In total, in 2019 we shared 19 articles and 3 podcasts on ESG topics, reaching an audience of 9,792 clients.

Engagement Metrics

In 2019, we managed to impact 7,200,517 personal clients equivalent to 64.6% of the total clients in this segment.
For more information on the published ESG content and the impact generated follow the link.

3.3 Exclusions:

As part of our corporate vision, Grupo Bancolombia does not finance companies or projects related to the production, marketing or use of the products, substances and activities included in our exclusion list:

3.4 Green/ESG credit products

Affordable Housing Credit Line

To guarantee that more people access housing and to reduce Colombia’s housing deficit, Bancolombia has supported Social Interest Housing (Vivienda de interés social-VIS) projects via financing developed specifically for this segment. In 2019, the amount of approvals for this type of initiatives grew by 109%. Additionally, we made available the possibility of financing the construction of this type of housing (VIS and VIP - of priority interest) in public lots with government subsidies, which let us develop 1,310 housing units in Huila.

Sustainable Housing Credit

On 2016 we launched a loan with preferential rates to promote the purchase of housing projects that have been built with sustainability criteria and whose financing was made by Bancolombia. The customer gets a 65 basis points discount in the financing rate during the first 7 years of the loan and then continues with a benefit of 30 basis points for the rest of the life cycle of the obligation. In 2019, 163 clients benefited for a total of COP 35,219 million disbursed.
Projects that have the benefit of the sustainable housing loan are prioritized on Bancolombia's offer web portal and are differentiated with a symbol that represents that they are sustainable constructions, for more information, see:


Through this strategic business unit for consumer credit at third-party channels, we provide financing to people for sustainable micro-mobility products such as bicycles, scooters and electric bikes and motorcycles, low-consumption appliances and electric, hybrid and gas-dedicated vehicles.

Sustainable Financing in other regions


  • Banistmo Natura Credit Card
    • The credit card Visa Banistmo Natura is the only credit card in Panamá that contributes to the Panama’s Canal basin conservation, which is a highly environmental important area on the country. This card supports environment-friendly actions carried out by Fundación Natura, as follows:
    • Per dollar purchased in stores at a national level and abroad 1 point is accrued, which may be donated to Fundación Natura or redeemed in more than 40 stores at a national level.
    • Clients contribute $1.00, $3.00 and $5.00 USD through recurring charges to their credit card.
    • Clients can obtain a donation certificate for the contributions given to Fundación Natura which is tax deductible.
    • Automatically contributes the entire first year annuity upon card activation on cardholder’s behalf.
    • Permanent discounts in participating stores
  • Banikids
    • Banikids is a savings account for children that contributes to the sea turtle conservation
    • project in the coastal communities of Cambutal and Punta Chame.

4.0 ESG Integration in Asset Management / Wealth Management  

In Bancolombia we have an Asset Management and Wealth Management business unit with teams specialized in the development of solutions for investment management. Bancolombia, as a signatory of PRI (Principles for Responsible Investment) since 2014, has the commitment to integrate ESG criteria in its investment decisions, this commitment includes, among other businesses, Asset Management and Wealth Management business unit.

More information in:

4.1 Responsible Investment Policy:

In BANCOLOMBIA we manage significant financial resources for our own investment portfolio, for third parties through delegated management contracts and through collective investment funds. By our financial activity we can invest directly in companies and other admissible investment vehicles for those portfolios; we also advise our clients in their own investment decisions. The creation of this policy comes because as an organization we are aware that Environmental, Social and Governance variables are fundamental for a successful development of business activities, since they can guarantee a better generation of value for our stakeholders.

More information in:

4.2 ESG Investment Products

ESG Delegated Portfolio

Investment strategies that have an ESG emphasis seek the generation of long-term competitive returns for our clients, respecting the risk parameters established for each investment objective, trying to exceed the profitability of their reference portfolios through the incorporation of sustainability factors to the investment process and the selection of assets with the best ESG ratings relative to their industries.

ESG delegated portfolios is an innovative investment product offered to our Bancolombia’ s Asset Management and Wealth Management clients with a global diversified investment strategy, which allows investments in fixed income and equity securities, both in local and foreign currency. It is offered under income generation, capital appreciation and aggressive capital appreciation investment objectives with and specific ESG score objective.

Renta Sostenible Global Fund

Seeking to democratize investments with ESG criteria in the Colombian market, Valores Bancolombia launched the Renta Sostenible Global Fund, which provides its clients with an investment alternative with a minimum investment amount of $ 50,000 Colombian pesos with a high risk profile whose purpose is capital growth in a long-term horizon. It invests in fixed income, variable income securities and other investment alternatives, with an emphasis on the international market and that comply with defined environmental, social and corporate governance criteria (ESG).

In this way, investments with sustainability criteria are not only available to companies, but to anyone who wishes to align their objectives with their values.

Other ESG investment products

Emissions trading

Through the signing of the Paris Agreement, in Colombia a new carbon market is rising. During 2016 the technological platform to transact in the market for carbon credits was created. Since the Carbon tax implementation on 2017 and possibility of emissions offset, the market is changing its dynamic. Through our brokerage Valores Bancolombia S.A. - Comisionista de bolsa, we have an expert team available for advising our customers in transactions on such market.

ESG Assets Under Management figures:

ESG Investment Products for Asset Management

ESG Investment Products for Wealth Management

ESG Investment Products for the Retail Market

Human rights

”Promote, Respect and Repair”

  • The Universal Declaration Of Human Rights Of The United Nations
  • The International Covenant On Civil And Political Rights
  • The International Covenant On Economic, Social And Cultural Rights
  • The United Nations Convention On The Rights Of Child
  • The Declaration Of The International Labor Organization On Fundamental Principles And Rights At Work
  • The International Labour Organization International Tripartite Declaration Concernig Multinational Enterprises And Social Policy
  • The Organization For Cooperation And The Guidelines For Multinational Enterpriseses Economical Development (OCDE)
  • Equator Principles
  • El CEO Wáter Mandate
  • Principles For Responsable Investment
  • Bussines for Peace

For Grupo Bancolombia, respecting human rights is an integral part of responsible and sustainable business behavior, and for this reason it constantly works to align its strategies and policies, and has always been working with our employees, customers, vendors and society, always holding as our fundamental principle that the bond with the people with whom we interact should always preserve the value of human dignity as its central focus. Thus, it follows, we do not in any way endorse any kind of discrimination with regard to color, gender, race, language, religion, economic or social condition, political or philosophical opinion, national or social origin, or of any other nature; as such discrimination might violate one's inalienable right to equal treatment and opportunities in the different activities that people practice in the organization.

Since 2013, we have publicly declared our commitment to "protection, respect and reparation of human rights" in all activities and relationships with third parties associated with them, as well as with all the relationship groups and in all the geographical areas where we operate. We recognize human rights as the fundamental axis of our business actions, aligning responsible and sustainable policies and strategies.

Marco Ruggie and the Guiding Principles on Business and Human Rights endorsed by the UN Human Rights Council wereThe framework of action that we incorporated into the organization was. Additionally, we articulate them with other voluntary commitments that we acquire as Principles of Ecuador, Business for Peace, Mandate for water, Carbon Disclosure Project that address contexts, climate protection, fight against corruption and water resource management and peacebuilding.


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Human Rights and Business 

Due diligence process

With the purpose of preventing and mitigating the negative impacts that could result from the violation of human rights, the Grupo Bancolombia has been working on the definition of strategies to cover its own operations, those derived from them, and those of its stakeholders  with impact on the Group. The Human Rights Compliance Assessment (HRCA_quick check) has been completed every year, a tool designed by the Human Rights & Business program of the Danish Institute for Human Rights, this allows, through a self-assessment, to identify possible events and where they might occur.

However, in order to have a Risk Management System in Human Rights based on the same methodologies applied by the company for the other types of risk, it has begun with the design of a new model, whose main inputs are the result of the HRCA and the framework of good practices given by the ISO:26000 "Guide on Social Responsibility"; this model was approved by the Risk Technical Committee, considering the elements that Grupo Bancolombia takes into account for risk management. In this first approach to the implementation of the new model, a Map of Inherent Risks was obtained, which is in permanent update considering that the action plans evolve according to the internal and external environment.

In the measurement methodology, the rating of the risks is given by expert criteria, according to the impact it could generate if the event materializes and the probability of it occurring, on a scale of 1 to 5. As the respective controls become associated, the residual risk assessments will be defined. In 2019, a new risk matrix was obtained, which is called the residual risk matrix and its respective heat map, which shows the risks to be prioritized, their categorization and controls to be implemented.


We design an internal model based on the HRCA and that includes as a good practices’ framework indications given by the ISO26000 "Guide on Social Responsibility". This clearly establishes the elements that the Grupo Bancolombia considers for the risk identification associated with the violation of Human Rights and has already been approved by the Technical Risk Committee. The result has been the organization's Inherent Risk Map and the Residual Risk Map; This review is also carried out for the year 2019.​

To date, we have managed to assess 100% of the operations in Colombia and the percentage of operational sites where inherent risks were identified higher than acceptable is 33% (5 out of 15); of the 15 risks identified. 

Heat map inherent risks 2019

residual risks

Heat map residual risks 2019​

inherent risks

With respect to the risk to which we are exposed to investing in companies that violate human rights, we were the first company in Colombia to embrace the PRI and we established a Responsible Investment Policy by means of which we have committed to include the Sustainability Requirements (including Human Rights) in every investment made by the bank, aimed at controlling and mitigating this risk. Additional due diligence should be performed when investing in the more controversial sectors.

In Panama, El Salvador and Guatemala we decided to build the Human Rights risk assessment in depth on each region, in order to recognize focuses to manage depending on the environment and dynamics of the country and its risks in human rights.  ​

In front of the results on 2019 in the residual risk phase, we identified just one moderate residual risk, which is the one to finance projects or invest in companies that do not comply with legal regulations on social, environmental or human rights issues, due to negligence, failure to do due diligence or because the vendor hides information, which could expose the bank to possible lawsuits, fines, sanctions and affect the bank's reputation. For this, we have been applying the Social and Environmental Risk and Controversial Issues Policies in financing, refusing to provide financing if violations are detected, and/or in the event that due diligence has not been managed from the human rights standpoint.​

In 2019, 3 sectors with the highest exposure to violating Human Rights were identified; Currently, within the environmental clauses that we incorporate, the contractual conditions that are intended to safeguard and protect human rights within the operations that we finance are determined. ​

Projects NOT financed for having any violation of human rights in different sectors of the economy ​

The impact on Human Rights from the financing of projects that have a higher risk of vulnerability is analyzed through due diligence, through the evaluation of Environmental and Social Risks that for 2019 was applied to 147 projects, of which 27 were conceptualized with Environmental and Social Unfavourability; Of these, we detail the ones we found (5) that may be vulnerable to human rights:​

Unfinanced number of projects for Violating Human Rights

Violated Human Rights


Iron and steel


Community rights



Rights of de employees and contractors to work i a healthy and safe environment



Environmental and social license to operate








Below are some cases of evaluations focused on human rights carried out in 2019: ​

Concept of Environmental and Social Favorability ARAS (Energy Transmission Lines):​

General description:​

The project consists of the construction, installation and operation of transmission lines for electrical energy in a single circuit with a capacity of 32 MW at 110 kV and a length of 26.3 km and a total of 60 retention, suspension and terminal towers. . The lines are between the San Andrés de Cuerquia / Santa Inés substations and the Yarumal II substation; energy generated at PCH San Andrés. The Transmission lines will be located in the municipalities of San Andrés de Cuerquia, San José de la Montaña, Santa Rosa de Osos, Angostura and Yarumal, in the department of Antioquia.​

Conclusions focused on human rights and concept:​

It has a Social Management Plan whose purpose is to maintain harmonious relationships with the community and the various interest groups. The Social Management Plan has, among others, information management and community participation programs, management for the acquisition of easements, management for hiring unskilled local labor, management for education and training for the community, strengthening community organizations and preventive archeology program.​

It presents the Manual of the Management System of Health and Safety at Work, aimed at the prevention and care of incidents and accidents at work in each workplace, particularly against electrical risk, risk of heights and physical risks. Therefore, an ENVIRONMENTAL FAVORABILITY Concept is issued.​

Concept of Environmental and Social Favorability Conditional ARAS (Hotel Infrastructure Project)​

General description:​

It consists of an urban project, which will have a natural park, a large area that will act as a green lung for leisure activities and sports areas. It has an artificial lake of 12,732 m2 which will have a special treatment as if it were a natural lake. The project will be divided into 5 stages; the first, the hotel complex will be developed: Rooms and suites, swimming pools, parking area, beach club, facilities and support areas, the hotel will have 180 rooms in a three-story building plus a mezzanine. In stage 2, 26 single-family houses will be developed. In stage 3, 2 single-family houses, 9 town-houses and 9 3-storey towers plus a mezzanine (2 apartments per floor) will be developed. In stage 4, 2 Town - Houses and 8 towers with 3 floors plus a mezzanine (2 apartments per floor) will be developed. For this stage, common areas such as swimming pools, surface courts, social lounges will be developed. In stage 5, 4 Town - Houses and 4 towers with 3 floors plus a mezzanine (2 apartments per floor) will be developed. It is located in the vicinity of Hacienda Porto Nao on Isla Barú, jurisdiction of the Cartagena de Indias District.​

Conclusions focused on human rights and concept.​

Once the technical documentation of the project, contained in the Environmental Management Plan, has been evaluated, it is identified that it has a Workplace Health and Safety Management Manual, in which the controls associated with occupational incidents and accidents are identified.​

From the social point of view, in a meeting held with Architecture and Concrete on February 25, the presence of ethnic minorities within the project's area of ​​influence was reported. In this meeting, the agreements reached and protocolized with the Ararca community were reported, from which, a schedule for compliance with the agreements was established, which will be monitored through codenant.​

However, in view of the consultation carried out with the Santa Ana Community, although the prior consultation process was carried out, the agreements were not formalized as there is no representative to make decisions for this community. The foregoing makes it necessary to carry out an effective follow-up and monitoring of the social management of our client in his quest to formalize the agreements. Therefore, a CONDITIONED ENVIRONMENTAL FAVORABILITY concept is issued, upon sending the Action Plan to successfully complete the negotiation of agreements with the community of Santa Ana.​

Concept of Environmental and Social Favorability ARAS (Mining Project)​

General description​

The project consists of mining and economic exploitation of an underground gold deposit and its concessionaires. The mining operation is designed to extract around 2.6 million tons / year, for an average annual production of 410,000 oz of gold in polymetallic concentrates. The mining area has an extension of 162 ha to be intervened for the construction of roads, portals, tunnels, camps, beneficiation plants, surplus storage tanks and support infrastructure. Mineral processing is carried out at the Processing Plant in an area of 7 ha. The project is in the municipality of California, department of Santander.​

Respectful Supply Chain of Human Rights 

Since 2009 we have been working with our suppliers and strategic partners to continuously improve our mutual performance from the environmental, social and ethical standpoints.
Since 2015 we have been added sustainability clause agreements with our suppliers and service providers, covering respect for human rights, compliance with all environmental, legal, occupational health and safety, corporate social responsibility, climate change and corporate governance rules and regulations. During 2016 and 2017 we continue with the inclusion of clauses on respect for Human rights in all new contracts and renewals with suppliers and contractors, as well as in service orders.

We continue with the implementation of the new methodology to measure the performance in sustainability of our supply chain, through the tool "Measure what's Important" of Sistema B that allows them to measure their economic, social, environmental and corporate governance performance, to identify opportunities for improvement and we can accompany them in the implementation of best practices; in addition to the opportunities they represent for our partners in reducing risks and understanding their positive impacts on society, our organization obtains a very clear mapping of the sustainability performance of our supply chain and the impact we are having on society through this relationship group.

Also, we have a Suppliers Development Model to conduct audits for assessing the social and environmental risks that incorporate Human Rights criteria. Additionally, we have clauses that consider the respect and encouragement of HHRR in the contracts with our suppliers and contractors, who are governed by our Code of Ethics, evaluated by the guidelines of our Sustainable Procurement Policy and our HHRR Policy.

In 2019, 108 suppliers were evaluated by measures of importance, allowing them to know their economic, social, environmental and corporate impact, which includes human rights issues. Bancolombia obtains a detailed mapping of the sustainability performance of our supply chain and the impact on society, identifying where it can potentiate actions with suppliers to improve the benefits they bring to society.

Human rights and our employees 

We have implemented an independent Ethics Line intended to make possible for different groups to report any type of breach of the codes of conduct, ethics, and good governance, including potential violation of human rights.

Cases reported are subject to investigation and, according to the findings, an action plan is executed according to the reports received by the employees through the ethics line and the coexistence committee. In 2019, zero (0) cases of effective violation of human rights were reported.

Events of discrimination and corrective measures adopted. 406.1.

Complaints about discriminatory behaviors or actions that may be affecting and/or violating Human Right



Total number of cases filed through our formal channels



cases received for being for finding them substantiated



Verified cases in which there was any action that could violate Human Rights



Verified cases in which there was no proof of violation of Human Rights



Cases still under investigation



Cases faced with an action plan



Cases proven to effectively violate any Human Rights



Proven cases of workplace harassment



Number of discrimination incidents



Human Rights and our employees:​
We have different instruments to allow our Groups of interest to report any violations of Human Rights, discriminatory behaviors, improper actions or conflicts of interest. Based on the findings, an action plan is implemented.​
The Ethical Line is the most used mechanism by our Groups of interest. The Coexistence Committee is used by our employees and it operates according to national regulations for the investigation of workplace harassment complaints.​
According to the reports received through these two mechanisms. No cases (0) of effective violation of Human Rights or discrimination incidents occurred​ in 2019.​
Every single case is subject to investigation under strict parameters of neutrality and confidentiality.

  • Respect for diversity and inclusion.
  • Reasonable adjustments to ensure inclusion.
  • And encouraging multiculturalism.

At Bancolombia Group we base all our actions on Human Rights and the sound treatment to our employees. Therefore, we have developed the following strategies:

  • Wellbeing programs.
  • Talent Innovative Management.
  • "Bancolombia for Everyone".
  • Implementation of career plans.
  • Collective Agreements.

For further details click here.

Respect for economic rights

At Bancolombia Group our priority is to respect, in all our actions and alliances, the economic rights, as follows:

  • Corporate Governance Model: We have a set of practices of transparency, ethics, corporate governance, internal control and risks that allow us ensuring a Good Corporate Governance Model, that generates trust to all our stakeholders and that guarantees the sustainability of businesses in all the countries where we are present according to our Code of Ethics that since year 2013 considers explicitly the respect for Human Rights as an action guideline.

In the same line, in March, 2014 we became the first company in Colombia to subscribe the Principles of Responsible Investment of the United Nations, by having a Responsible Investment Policy, since as institutional investors we have the duty to focus our action toward the generation of value in the long term to our beneficiaries and be consistent with the economic rights. In such trust function, we estimate that the environmental, social and corporate governance issues might affect the yield of investment portfolios and recognize that the application of said policy helps us to act accordingly to the broadest purposes of the society.

  • Zero Fraud Tolerance: This policy is focused to the immediate action in the event of fraud, unlawful practices and asset laundering, which implies to investigate and report any fraud behavior or related with wrongful action from our collaborators, strategic allies and suppliers. This policy does not have any distinction as to the amount since the simple fact of having a fraud conduct carries the highest seriousness to our organization.

Promotion and Respect for Communities’ Rights 

At Bancolombia Group we understand that our commitment with human rights goes beyond our economic role to be agents of social development, concerned to generate capacities and transformations in the long term, as well as a positive impact in the communities by supporting in an overall manner the life cycle of the people and its improvement in quality of life​.

Respect and promotion of the Right to Enjoy a Healthy Environment 

At Bancolombia Group we are aware of the right of every human being to enjoy a healthy environment. Thus, we work to generate a balance between the quality of the environment and the living standards in order to become more sustainable through time. With such purpose, we have created the Environmental Management System, an Environmental Management Policy and the Corporate Ecoefficiency Program that allow us to identify the direct and indirect impacts of our activity on the environment to promote the prevention, mitigation, correction and compensation thereof.

Likewise, in our organization:

  • We frame our action in the respect for the legal environmental framework.
  • We participate in the Environmental Committee of ANDI (Colombian National Association of Entrepreneurs), which allow us to be updated in regulations and contribute to create new environmental standards.
  • We have an Environmental Committee that gathers every month to discuss legal technical issues, both of Colombia and of other jurisdictions where we are present.
  • We monitor the legal environmental requirements applicable to our activities, our clients and suppliers, through the interdisciplinary team of experts, both internal and external, as to legal environmental matters; such experts, by analyzing said requirements, their implications and commitments undertaken voluntarily, generate action plans and controls necessary to ensure their compliance.
  • We have a Climate Change Policy and a Climate Change Strategy the purpose of which is to assess the direct consequences of such phenomenon in our business to take the corrective measures, consider how the indirect effect might influence our operation and develop opportunities for us and for our clients.

Impact and social innovation

Through our Foundation we aim to eliminate the gap between rural and urban areas, making the countryside an innovative and attractive territory for its people, a driver for our countries’ sustainable development through pertinent quality education, promotion of associativity, productivity and formalization of rural entrepreneurs, and transferring of our knowledge in favor of their growth. To achieve this, we focus on 3 main strategic lines: Education, Rural Development, and Impact Investment; all supported by our corporate volunteer program and connected with different business units at the Bank that focus on student loans, investment management in Education, financial inclusion and bankization, financial education, and services for rural entrepreneurs. Our Foundation works hand in hand with business units so that the bank becomes a strategic partner of communities, for the long-term.

Business Benefits and Social KPIs.


Emerging Risks

Due to Emerging Risks are topics of public interest and global concern, Grupo Bancolombia has been working on identification and management processes for the risks, as well as the effects that these could lead to the organization and our interest groups: shareholders, costumers, regulators, suppliers and users, seeking thereby for the best administration and management strategies, proving once again that we are a responsible, reliable and sustainable bank.

That is why we offer to the public this page for consultation, hoping that it will be useful for the intended purposes.

Emerging Risks 2019 

Emerging Risks 2018 

Emerging Risks 2017 

Emerging Risks 2016 

For more information

Currently, some organizations and interest groups issue information about the principal Emerging Risks in according to global trends and different bussines activities. Some of these reports can be review in next links:





Here we present measuring progress of strategic goals according to the three material issues selected as the most relevant for our relationship groups.

Ethical Bank

At Bancolombia Group we have an economic dimension  oriented towards become an increasingly sustainable organization.


Our organization contains several aspects that make up the environmental dimension.