The market was generally calm, volatility decreased, and in Colombia, trading volumes decreased as a result of the start of the longest holiday of the year.
The renegotiation of the North American Free Trade Agreement appears to be nearing a satisfactory conclusion for all parties, according to Robert Lighthizer, the United States Trade Representative. This caused a positive reaction in the Mexican peso.
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For the foreign exchange market, the surprise in the March data and the expectation of a more restrictive monetary policy for a longer period have strengthened one of the currency's main structural supports: the carry channel. This feature continues to give the Colombian peso significant appeal, particularly in an environment where the global dollar has lost some momentum, but the selection process within Latin America has become more demanding.
Find an executive summary of the most relevant aspects discussed at the 2026 Annual General Meetings. This report focuses on the business management milestones during the year, the ESG progress reported in the supporting material, and the final approval of statutory reforms, profit distribution (dividend) projects, and share buyback program authorizations by the General Meetings.
The financial results for Q4 2025 and the full year 2025 were impacted by corporate events such as the consolidation of Davivienda Group, the sale of Multibank by Grupo Aval, and the divestment of Banistmo by Grupo Cibest. Furthermore, while economic growth showed resilience, the monetary and regulatory environment remained challenging. In the fourth quarter of 25, we rated the reports of 5 issuers as having “positive results” (31%), 7 as having “neutral results” (44%), and 4 as having “negative results” (25%).
