JP Morgan Financial Corporation in Colobia

Bogota/ The big businesses in the financial sector that the covid could not stop
The entity, which now enters this segment of the Colombian financial business, completing about 28, received the approval of the Superfinanciera through Resolution 1091 of December 4, but released only 20 days later.

While Colombians were getting ready to celebrate Christmas on December 24, the shareholders of JP Morgan Corporacion Financiera, meeting in an extraordinary meeting, gave the go-ahead to the reform of the entity’s bylaws with a view to its conversion into bank, a process that began in March 2019 and culminated in the approval of the Financial Superintendency, as anticipated on December .

The decision to become a bank was made by the shareholders of JP Morgan in March 2019, but it was finalized once the directives of the financial corporation filed their intention with the Superfinancial, with which the process began firmly.

In its approval resolution, the financial system oversight and control officer indicated that the decision was taken after the JP Morgan directives in Colombia “submitted the feasibility study that demonstrates the convenience of the operation and the reasons that support it. ”

But, in addition, he specified that they also accredited the requirements established by the Colombian regulations for the issuance of the operating permit there are 73 procedures underway before the Financial Superintendency that await the study and approval of the authority to enter to compete in this sector that is in full transformation and adaptation.

Of these requests, five are to give life to the same number of entities: two banks, one insurance company, a Specialized Company in Electronic Deposit and Payments (Sedpe) and a financing company.

But, in addition, 15 financial entities abroad are asking for a clue in Colombia to have their representative office; Four other establishments with operations in the country request the blessing of the Superfinanciera to consummate their merger and three more will carry out operations for the transfer of assets, liabilities and contracts.

Other procedures that are carried out before the market authority have to do with the constitution of a securities rating company, 21 entities that will negotiate shares among themselves, while 14 more will change owners in the coming weeks.

Reviewer overview

JP Morgan Financial Corporation Begins its Conversion to Bank - /10


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