Banker Luis Carlos Sarmiento Angulo Leaves the Aval Group

Luis Carlos Sarmiento Angulo, a prominent banker and one of Colombia’s wealthiest individuals, has stepped down from his role at the Aval Group. At the age of 91, he has handed over control of the country’s leading banking conglomerate to his son, Luis Carlos Sarmiento Gutierrez.

The Aval Group, under the Sarmiento family’s ownership, includes major financial institutions such as the Bank of Bogota, Popular Bank, Bank of Occidente, and Bank AV Villas. This conglomerate also has interests in pension funds, marking its significance in Colombia’s financial landscape.

In a board meeting of Aval Group on March 20, the respected Colombian businessman announced his resignation, stating he was tired and wanted rest and a personal change. The 91-year-old banker voiced his wish for younger individuals, better suited to today’s world, to lead the financial empire he founded in Colombia 50 years ago.

A life dedicated to the company

Born on January 27, 1933, in Bogota, Sarmiento Angulo is recognized as the mastermind behind one of Colombia’s most important financial empires. The origins of his business career date back to the 1950s, when he founded Conconcreto Construction.

Through this company, Sarmiento Angulo played a crucial role in developing Colombia’s infrastructure. His firm was instrumental in building roads, bridges, and landmark buildings across the country. In the real estate sector, his company built about 40,000 homes in Bogota, particularly in the Las Villas and Villa del Prado neighborhoods.

Sarmiento Angulo made his most notable impact in the financial sector. Starting in the 1970s, he launched his initial ventures in banking, and by 1998, he had established the Aval Group. This conglomerate encompasses several of Colombia’s leading banks. For over 25 years, he has guided this conglomerate through swift expansion, branching out into insurance, pensions, leasing, and other financial services.

Industry experts attribute Luis Carlos Sarmiento’s success to his strategic insight and knack for spotting profitable investments. His practical mindset and dedication to excellence have helped him build a financial empire that goes beyond national boundaries, playing a key role in boosting Colombia’s economy.

However, in such a long professional life there has also been room for controversy. Of these, the most important was his involvement in the Odebrecht scandal in Colombia. In fact, in August of last year, it was learned that the US justice system imposed a fine of US$80 million on Aval Group, which admitted having participated in a bribery network to obtain benefits for the concession of the highway known as Route of the Sun II, in association with Odebrecht.

The moment of withdrawal

“After deep reflection, I have decided to retire from the position of Chairman of the Board of Directors of Aval Group, a position I have held since its foundation (…), in which I have had, for all this time, a complete, permanent, and timely control of all our companies, which has allowed me to actively direct their performance,” explained Sarmiento Angulo yesterday, before Aval Group’s shareholders.

Likewise, he requested that his son, Luis Carlos Sarmiento Gutierrez, who is currently the president of Aval Group, be his replacement as the head of the Board of Directors. In addition, it was also established that Maria Lorena Gutierrez would be his replacement. Until now, Gutierrez held the presidency of another of the group’s important companies, the financial solutions expert Corficolombiana.

With assets over US$31 billion and a client base of around 18 million in several countries, Sarmiento Angulo is among the three richest men in Colombia, leading the ranking at various times. He currently occupies the bronze position on the podium, with a personal fortune estimated at US$7.3 billion.