In conversation
Francisco Baquerizo describes the flood of regulations impacting Colombian consumer banking – and how Citibank is adapting its operating model within the country.
GC Magazine: Can you tell us a little bit about the challenges facing the financial sector in Colombia?
Francisco Baquerizo (FB): This is a very active jurisdiction for producing regulation. Laws and decrees are constantly being issued, so that poses a big challenge to companies in different sectors – pharmaceutical, construction services, financial, health. You have to have a lot of capability to adapt to these changes; you need resources to implement changes in 15 days or in one month, and to have a profitable business and ensure that you are not assuming more risks due to those changes.
