Colombia’s financial regulator, Superfinanciera, has approved Banco de Bogotá’s plan to acquire the retail banking operations of Itaú in the country. The agreement, initially announced in late 2025, will allow Banco de Bogotá to expand its customer base by over 270,000 clients. This acquisition signifies a consolidation within Colombia’s banking sector. Superfinanciera’s approval was a key step in finalizing the transaction. Banco de Bogotá anticipates the integration of Itaú’s retail clients will strengthen its market position. Further details regarding the transition process for Itaú customers are expected to be released in the coming months. The move reflects a broader trend of larger banks absorbing smaller institutions to achieve economies of scale.