Banco de Bogotá: who is Alejandro Figueroa, the man who spent 50 years in the entity – Financial Sector – Economy

Upon leaving the presidency of Banco de Bogotá, Alejandro Figueroa Jaramillo, whom many classify as an entire institution, ends up as the architect of a transformation since 1988, when he assumed the reins of the entity. However, as he once told EL TIEMPO, transformation “never ends. By the time you feel satisfied, you are not challenging yourself enough. Throughout my career as president of the bank, this has always been my philosophy”.

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Figueroa Jaramillo culminates this stage as the banker with the longest experience in the country, and during that time he strengthened the entity as a universal bank that works with companies, consumers and the Government; He made risk management one of his greatest efforts, since, as he often says, “it is the heart of managing a bank.” In addition, led the entity to consolidate with the acquisition of other entities including several outside the country; strengthened the organization in the digital universe; toit secured its social impact in rural areas and through financial education.

Something that can only be achieved with hard work and dedication, and he is a tireless, dedicated worker. Five decades at the bank are a clear example of this, say those who know him.

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“A person who is very respectful of the institutional framework and with whom it is very easy to reason. You knew that when you asked for an appointment it was to discuss a relevant topic. The meetings were very short because he has always been very careful with his words, he liked to get to the point. He is a highly respected banker for his seriousness and knowledge,” says Gerardo Hernández, who has known the president of Banco de Bogotá since he was the secretary of the board of directors of Banco de la República. a relationship that was closer when he was Financial Superintendent, and even more now when he is also part of his collaborators, as Legal Vice President in the entity.

At this stage, Hernández maintains that he has managed to learn another facet of the banker.
He says that he is “an incredible human being attentive to his collaborators and all the details of the entity” and that one of his philosophies is based on never asking others for something that one does not do, therefore, his work discipline, kindness and ability to discuss complex issues are an example.

Colleagues from the financial sector recognize the work that this banker has done for the sector in general and respect him a lot, also for his human quality, his principles, as a great banker and because he cares a lot about people.

“He is a man who is very devoted to his daughters and his family. Quite measured and austere in his words, ”says an official from the Financial Superintendence, who told EL TIEMPO that every week he was seen in meetings at the entity with all the teams at all levels.

“No other bank president did that with such intensity and discipline. The others always go to the supermarket office. That is why we said that we should give him an office card to make it easier for him to enter the Super and life ”, precisely the source that he preferred to keep his name in reserve.

Luis Carlos Sarmiento Gutiérrez, president of Grupo Aval, says, for his part: “Alejo has been a great teacher and advisor to me, but above all a friend, during the last 35 years that I have had the honor of knowing him. We have worked as a team, consolidating its long-term vision with the permanent changes required by a sector as dynamic as financial services. On my behalf, and on behalf of the 70,000 shareholders of Grupo Aval, I have nothing but gratitude for your dedication and leadership.”

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acknowledgments

Figueroa Jaramillo’s efforts have undoubtedly borne fruit not only in terms of the bank’s financial results or its modernization itself. Throughout the last decades, this work has allowed him to reap numerous awards and recognitions from publications such as The Banker (of the Financial Times), Global Finance, Latin Finance and Euromoney, who have considered Banco de Bogotá the best in Colombia, and have recognized it as the best digital transformation project worldwide.

Recognitions that have not been exempt from obstacles, since in the case of three and a half decades, several crises were present, including international ones, in 1985, between 1999 and 2000, that of 2008 and 2009, and more recently, those that followed the pandemic .

Of course, he completes an itinerary that he did not travel alone. He did it together with the thousands of employees of the institution and with Luis Carlos Sarmiento Angulo, who had become a shareholder in 1981, when Figueroa was already working there. In 1988, a year after Figueroa was named president, Sarmiento became the largest shareholder.

For Figueroa, A key team member was Juan María Robledo, Executive Vice President until the time of his death in 2020, whom he always thought of as “my partner and friend, my great support in managing this institution during all these years.”.

Figueroa has also highlighted the role of Luis Carlos Sarmiento Gutiérrez, president of Grupo Aval, in promoting the different purchases of entities. Five years after his arrival at the bank, in 1992, acquisitions of other entities began, such as Banco de Comercio; in 2006, Megabanco and in 2010 the leap to Central America was made with the BAC Credomatic. Three years later he reinforced BAC with the acquisition of BBVA Panama and El Reformador in Guatemala and later added Multibank Panama.

Of the periods of crisis, Figueroa considers that the most difficult was that of the 1980s. By then, the situation of the balance of change and the government’s debt came together. The need for the large banks to refinance their debts arose, a task that was accomplished in nearly three years. The complexity of this task was summed up by himself in that “the banks were told that as long as the government did not refinance, they would not refinance us, and they told the government that as long as they did not fix their problem, they would not refinance it either.” When recalling all those difficult moments, he concluded: “I have been touched by all the financial crises in the country since the 1980s, I don’t know if this is a privilege.”

In the midst of all this trajectory, the emergence of the Internet and the digital interaction of the entire planet occurred in the world. Businesses from all sectors began to take advantage of these new tools, and Figueroa led Banco de Bogotá to be a pioneer in the country in the sale of 100% digital financial products, the same as those offered in branches, in a process that began in July 2017.

Undoubtedly, the departure of Figueroa Jaramillo leaves a huge void among his thousands of collaborators with whom, despite his seriousness and management style, will miss the moments in which they will share their experience.

Gerardo Hernández remembers, for example, that he really enjoyed the short lunches at the bank where he recalled what he called “municipal history”, which was nothing different from his extensive experience of various financial crises, boom times and his time in the National Planning Department (DNP) and as Vice Minister of Development.

“At those lunches, the chicken a la Figueroa became famous, which could not be missing from the table, because he only eats chicken,” he commented.

Professional and labor trajectory of the bank of the five decades

Alejandro Figueroa Jaramillo is currently the most experienced banker in Colombia, not in vain he completed a career of more than five decades in the financial sector where he has held various positions in different entities.

He finished his high school studies in 1958, at the Lyceum of the University of Antioquia. He is a Civil Engineer graduated from the School of Mines of the National University of Antioquia, which he entered when he was 18 years old. He also has a master’s degree in economics from Harvard University.

Antioqueño, born on September 20, 1941, began his career at an early age. Before entering the financial sector, he was linked to the National Planning Department (DNP), he was Vice Minister of Economic Development and Mines during the government of Misael Pastrana, at the beginning of the 70s.

In 1973 he joined the Banco de Bogotá as an assistant to the president at that time, José Mejía Salazar. However, during his career he has also held various positions, including executive vice president and vice president of finance before assuming the reins of the entity in 1988 until the announcement of his retirement this Friday.

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