In September 2010 José Alejandro Cortés Osorio announced his decision of retirement, effective as of March 27, 2011, from the position as President of Sociedades Bolívar S.A. , today Grupo Bolívar S.A. For over 55 years of being the head of Grupo Bolivar, he duly oriented the group of Companies by leading them to have broad national and international recognition, not only because of their business outcomes but also because of the principles and values inspiring them.
As a result of this decision, the Board of Directors appointed Miguel Cortés Kotal as President of the Company on January 2011. Mr. Cortés Kotal is an economist from Stanford University, with an MBA from the School of Business of Harvard Business School, Boston (U.S.A.). He worked in the U.S. for Price Waterhouse Coopers and worked as certified public accountant in San Francisco, California. In Colombia, he joined the Grupo Bolivar companies since 1994. In 2006, he retired to create Inversiones Nogal Limitada, although he remained as a member of the Board of Directors of Sociedades Bolívar S.A. He served as Business Vice-President of Sociedades Bolivar S.A. since January 2010.
Colvida S.A. joins Grupo Bolívar.
In April 2011, Riesgo e Inversiones Bolivar S.A.S., a subsidiary company of Sociedades Bolivar S.A., acquired 50% of the shares of Compañía de Seguros de Vida Colvida S.A. in Ecuador. It should be noted that the remaining 50% of this insurance company was already held by other companies of Grupo Bolivar; therefore, with this operation, it became part of the set of companies encompassing the Business Group.
Listing before the RNVE of Banco Davivienda S.A.’s stock.
In 2011, Banco Davivienda S.A. listed its stock before the National Registry of Securities and Issuers (Registro Nacional de Valores y Emisores – RNVE), upon which it became qualified to trade them before the Colombian Stock Market (Bolsa de Valores de Colombia- BVC), thus strengthening the supply of shares from the financial sector offered in the stock market.
Davivienda Internacional.
The Federal Reserve of the United States of America approved the conversion of Bancafé International, until then an affiliate of Banco Davivienda S.A. based in Miami, into an international branch of Banco Davivienda, called Davivienda Internacional.
Acquisition of ING’s assets in Latin America.
In December 2011 Sociedades Bolívar S.A., today Grupo Bolívar S.A., along with Compañía de Seguros Bolívar S.A., concluded negotiations with Grupo de Inversiones Suramericana S.A. to act as co-investors in the acquisition of ING’s assets in Latin America.
