Spanish

Bogotá – To support the growth and development of small and medium-sized businesses in Colombia, Citi extended USD 50 million in social financing to Banco de Occidente to fund the working capital needs of SMEs.

The loan supports Citi's Social Finance goal to expand access to basic services and economic opportunities for 15 million low-income households, 10 million of them women-led, in emerging markets by 2025, and supports Citi's goal to finance and facilitate USD 1 trillion in sustainable finance by 2030. The transaction also marks Citi's second social loan to a Colombian financial institution through its Trade and Working Capital Solutions platform in less than two months.

"At Citi, we are convinced of the financial inclusion of small and medium-sized entrepreneurs in Colombia. In the last year, we have disbursed USD 100 million to financial institutions to stimulate the growth of SMEs, which are a main driver of the economy. We are proud to be our clients' preferred partner in generating innovative and sustainable solutions with a country-wide impact," commented Elizabeth Rey, Citi's Country Officer in Colombia.

"Banco de Occidente is committed to progress and sustainable transformation in this country, with an understanding of the role businesses play in social development. We support and assist businesses and SMEs, not only by financing their projects but also through strategic advising at every stage for all their needs," remarked Iván Mauricio Ricardo, Vice President of Business Banking at Banco de Occidente.

Citi closed 50 social finance deals between 2022 and 2023, channeling USD 3 billion toward expanded access to basic infrastructure services for underserved communities in Latin America and the Caribbean.

Banco de Occidente is a strategic business partner that provides tailor-made financial solutions and a robust value proposition for the companies that generate progress and development in this country. It cultivates profitable long-term relationships by offering its clients comprehensive support that enhances their competitiveness and sustainability.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

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Media contact: Adriana.paulinne.sanchez@citi.com

About Banco de Occidente

Banco de Occidente, part of Grupo Aval Acciones y Valores, was founded in Cali in 1965. Since then, it has maintained a commitment to Colombia's development, enjoying the trust of the community, clients and shareholders. For more information, please visit: