Company Overview

Grupo Aval Acciones y Valores S.A. is a Colombian financial holding company and one of the largest diversified financial services groups in Latin America. The company operates primarily in the banking, pensions and asset management, and payments and infrastructure industries, serving retail, corporate, and institutional customers. Its core revenue drivers are interest income from commercial and consumer banking, fees from financial services, pension fund administration, and dividends from strategic infrastructure investments.

The group is uniquely positioned through its controlling ownership of several of Colombia’s leading banks and financial institutions, giving it a dominant share of the domestic financial system while also maintaining a growing regional presence in Central America. Grupo Aval was founded in 1994 by Luis Carlos Sarmiento Angulo as a vehicle to consolidate major Colombian banking assets. Over time, it evolved into a multi-bank holding structure and expanded internationally through acquisitions, most notably in Central America during the 2010s.

Business Operations

Grupo Aval generates revenue through four principal banking subsidiaries—Banco de Bogotá, Banco de Occidente, Banco Popular, and Banco AV Villas—which together provide commercial banking, consumer lending, credit cards, mortgages, and treasury services. In addition, the group owns Porvenir, one of Colombia’s largest private pension and severance fund managers, and Corficolombiana, its investment banking and infrastructure arm, which contributes income through advisory services, proprietary investments, and concessions.

International operations are primarily conducted through BAC Holding International Corp., a leading Central American banking group with operations across multiple countries, providing retail and corporate banking, credit cards, and digital financial services. The group also controls ATH, a major electronic payments and ATM network in Colombia. Revenue is diversified across net interest income, fees and commissions, pension management fees, and returns from infrastructure and energy-related assets held through Corficolombiana.

Strategic Position & Investments

Grupo Aval’s strategy emphasizes stable cash flow generation, risk diversification, and long-term value creation through disciplined capital allocation. Growth initiatives focus on digital transformation across its banking subsidiaries, expansion of fee-based services, and strengthening regional operations in Central America. The group has also prioritized financial inclusion and operational efficiency through shared services and technology platforms across its banks.

Major investments are concentrated in financial services and infrastructure. Through Corficolombiana, Grupo Aval holds significant stakes in toll roads, airports, energy, and gas distribution projects, positioning the group as a key private-sector participant in Colombia’s infrastructure development. The acquisition and ongoing development of BAC Holding International Corp. remains its most significant international investment, providing geographic diversification and exposure to faster-growing Central American markets.

Geographic Footprint

Grupo Aval is headquartered in Colombia, where it maintains a nationwide presence through extensive branch, ATM, and digital networks operated by its banking subsidiaries. The domestic market remains the core of its earnings, with leading market shares in loans, deposits, and pension fund administration.

Internationally, the group has a strong footprint in Central America, with operations in Costa Rica, Guatemala, El Salvador, Honduras, Nicaragua, and Panama through BAC Holding International Corp. While its activities are concentrated in the Americas, these operations give Grupo Aval regional influence in retail and commercial banking across multiple emerging markets.

Leadership & Governance

Grupo Aval is controlled by the Sarmiento family and follows a governance model centered on conservative risk management, long-term investment horizons, and centralized strategic oversight combined with operational autonomy at the subsidiary level. The leadership philosophy emphasizes financial stability, regulatory compliance, and sustainable growth across economic cycles.

Key executives include:

• Luis Carlos Sarmiento Angulo – Founder and Chairman
• María Lorena Gutiérrez Botero – President and Chief Executive Officer
• Diego Fernando Garcés – Chief Financial Officer
• Alejandro Eder Garcés – President, Corficolombiana
• Hernando J. Gómez Restrepo – President, Banco de Bogotá

The executive team oversees strategy, capital allocation, and governance across all subsidiaries while coordinating group-wide initiatives in technology, risk management, and sustainability.