Grupo Aval Acciones y Valores S.A. (AVAL): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de la banque colombienne, Grupo Aval Acciones y Valores S.A. (Aval) se dresse au carrefour des transformations politiques, économiques et technologiques complexes. Cette analyse complète du pilon dévoile le réseau complexe de facteurs externes qui façonnent les décisions stratégiques d'Aval, révélant comment la banque navigue dans les environnements réglementaires contestants, les perturbations technologiques et l'évolution des attentes sociétales. Des politiques gouvernementales à l'innovation numérique, découvrez les forces multiformes qui conduisent l'une des institutions financières les plus importantes de la Colombie et son parcours remarquable à travers un écosystème financier mondial de plus en plus interconnecté.

Grupo Aval Acciones y Valores S.A. (AVAL) - Analyse du pilon: facteurs politiques

Les réglementations du secteur bancaire du gouvernement colombien ont un impact sur les stratégies opérationnelles d'Aval

La surintendance de la finance de la Colombie s'applique Résolution 033 de 2022, qui oblige les exigences de l'adéquation des capitaux strictes pour les institutions financières. En 2024, les banques doivent maintenir un ratio d'adéquation du capital minimal de 9%.

Exigence réglementaire	Seuil minimum	Statut de conformité d'Aval
Ratio d'adéquation des capitaux	9%	11.2%
Ratio de couverture de liquidité	100%	135%

La stabilité politique en Colombie influence le climat d'investissement du secteur financier

L'indice de stabilité politique de la Colombie en 2024 -0.3 sur une échelle de -2,5 à 2,5, indiquant une prévisibilité politique modérée.

• Investissement direct étranger dans le secteur financier colombien: 2,1 milliards de dollars en 2023
• Indice des risques politiques: 4,2 sur 10
• Efficacité de la gouvernance centile: 54,8%

Les politiques économiques gouvernementales affectant le secteur bancaire et des services financiers

La Banque centrale de Colombie a maintenu son taux d'intérêt de référence à 13.25% En janvier 2024, un impact direct sur la rentabilité du secteur bancaire.

Politique économique	Taux actuel	Impact sur Aval
Taux d'intérêt de référence	13.25%	Augmentation de la marge d'intérêt net
Cible d'inflation	3% ± 1%	Environnement de prêt stable

Changements potentiels dans les réglementations fiscales pour les institutions financières

Le gouvernement colombien a proposé un taux d'imposition des sociétés de 35% Pour les institutions financières en 2024, par rapport aux 33% précédents.

• Taux d'imposition des sociétés proposé pour le secteur financier: 35%
• Estimation du fardeau fiscal supplémentaire pour AVAL: 45,6 millions de dollars
• Taxe sur les services financiers numériques: 4% sur le revenu brut

Grupo Aval Acciones y Valores S.A. (AVAL) - Analyse du pilon: facteurs économiques

La croissance du PIB de la Colombie et la reprise économique

Le taux de croissance du PIB de la Colombie en 2023 était de 1,2%, avec une croissance projetée de 2,3% pour 2024. La performance du secteur bancaire est directement liée à ces indicateurs économiques.

Indicateur économique	Valeur 2023	2024 projection
Taux de croissance du PIB	1.2%	2.3%
Valeur totale du PIB	343,5 milliards de dollars	351,7 milliards de dollars

Fluctuations des taux d'intérêt

Le taux d'intérêt de référence de la Banque centrale de Colombie en janvier 2024 est de 13,25%, contre 14,25% en septembre 2023.

Période	Taux d'intérêt
Septembre 2023	14.25%
Janvier 2024	13.25%

Taux d'inflation

Le taux d'inflation de la Colombie en 2023 était de 9,53%, avec un objectif de 3% ± 1 point de pourcentage par la banque centrale.

Métrique de l'inflation	Valeur 2023	Cible 2024
Taux d'inflation annuel	9.53%	3% ± 1%

Tendances d'investissement étranger

L'investissement étranger direct en Colombie a atteint 15,9 milliards de dollars en 2023, les services financiers atteignant environ 2,7 milliards de dollars.

Catégorie d'investissement	Valeur 2023
Investissement total direct étranger	15,9 milliards de dollars
Investissement des services financiers	2,7 milliards de dollars

Grupo Aval Acciones y Valores S.A. (AVAL) - Analyse du pilon: facteurs sociaux

Adoption croissante des banques numériques parmi la population colombienne

Depuis 2023, 72.4% des adultes colombiens utilisent des plateformes bancaires numériques. La pénétration des banques mobiles atteint 65.3% de la population, avec une croissance significative des centres urbains.

Métrique bancaire numérique	Pourcentage	Taux de croissance
Utilisateurs de la banque mobile	65.3%	18,6% en glissement annuel
Utilisateurs de la banque en ligne	72.4%	15,2% en glissement annuel
Volume de transaction numérique	58.7%	22,1% en glissement annuel

Changements démographiques vers les consommateurs bancaires plus jeunes et avertis de la technologie

Colombien Population Demographics Show 56.3% des consommateurs bancaires ont moins de 35 ans, avec 43.7% être des consommateurs numériques d'abord.

Groupe d'âge	Pourcentage d'utilisateurs bancaires	Engagement numérique
18-24 ans	22.4%	91.2%
25-35 ans	33.9%	87.5%
36-45 ans	24.6%	65.3%

Demande croissante d'inclusion financière dans les zones rurales et urbaines

Les taux d'inclusion financière en Colombie ont atteint 68.9% en 2023, avec des zones urbaines à 82.3% et les zones rurales à 45.6%.

Type de région	Taux d'inclusion financière	Accès bancaire
Zones urbaines	82.3%	94.5%
Zones rurales	45.6%	52.1%
Moyenne nationale	68.9%	76.4%

Changer les préférences des consommateurs pour les expériences bancaires personnalisées

La demande des consommateurs pour les services bancaires personnalisés montre 64.7% préférence pour les solutions financières personnalisées, avec 58.3% valoriser les recommandations axées sur l'IA.

Préférence de personnalisation	Pourcentage	Segment des consommateurs
Solutions financières personnalisées	64.7%	Consommateurs avertis de la technologie
Recommandations basées sur l'IA	58.3%	Utilisateurs de la banque numérique
Offres de produits personnalisés	62.1%	Jeunes professionnels

Grupo Aval Acciones y Valores S.A. (AVAL) - Analyse du pilon: facteurs technologiques

Transformation numérique rapide dans le secteur des services financiers

Grupo Aval a investi 127,6 millions de dollars dans les initiatives de transformation numérique en 2023. Les transactions bancaires numériques ont augmenté de 42,3% par rapport à l'année précédente, atteignant 156 millions de transactions numériques par an.

Métrique de transformation numérique	Valeur 2023
Investissement numérique	127,6 millions de dollars
Transactions numériques	156 millions
Croissance des transactions numériques	42.3%

Investissement dans les plates-formes bancaires fintech et numériques

Grupo Aval a alloué 45,2 millions de dollars spécifiquement pour le développement de la plate-forme fintech en 2023. La banque a lancé 7 nouveaux produits bancaires numériques et intégré 3 applications de banque mobile avancées.

Catégorie d'investissement fintech	2023 statistiques
Investissement de plate-forme fintech	45,2 millions de dollars
Nouveaux produits bancaires numériques	7 produits
Applications bancaires mobiles	3 applications

Défis de cybersécurité et développement des infrastructures technologiques

L'investissement en cybersécurité a atteint 22,7 millions de dollars en 2023. La banque a mis en œuvre 12 protocoles de sécurité avancés et amélioré les infrastructures technologiques dans 54 centres de données.

Métrique de la cybersécurité	Valeur 2023
Investissement en cybersécurité	22,7 millions de dollars
Protocoles de sécurité mis en œuvre	12 protocoles
Centres de données améliorés	54 centres

Intelligence artificielle et intégration d'apprentissage automatique dans les services bancaires

Grupo Aval a investi 38,5 millions de dollars dans l'IA et les technologies d'apprentissage automatique. La banque a déployé 9 solutions de service à la clientèle axées sur l'IA et 5 modèles d'évaluation des risques d'apprentissage automatique.

IA et métrique d'apprentissage automatique	Valeur 2023
Investissement technologique AI	38,5 millions de dollars
Solutions de service client IA	9 solutions
Modèles de risque d'apprentissage automatique	5 modèles

Grupo Aval Acciones y Valores S.A. (AVAL) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations financières colombiennes et aux lois bancaires

Grupo Aval opère dans le cadre réglementaire de la Superintendencia Financiera de Colombie. Depuis 2024, la banque doit respecter des exigences spécifiques d'adéquation du capital:

Métrique réglementaire	Pourcentage requis	Statut de conformité AVAL
Ratio d'adéquation minimale du capital	9%	11.2%
Ratio de capital de niveau 1	4.5%	8.7%

Exigences réglementaires anti-blanchiment et les exigences réglementaires de votre client

AVAL met en œuvre des protocoles AML / KYC complets mandatés par la loi colombienne:

• Système de surveillance des transactions couvrant 100% des comptes clients
• Formation annuelle sur la conformité pour 12 500 employés
• Signaler 1 245 transactions suspectes aux autorités financières en 2023

Législation sur la protection des données et la confidentialité dans les services financiers

Métrique de protection des données	Détails de la conformité
Conformité de la protection des données personnelles	Certifié en vertu de la loi 1581/2012
Investissement en cybersécurité	COP 45,6 milliards en 2023
Incidents de violation de données	0 Incidents signalés en 2023

Normes de gouvernance d'entreprise pour les institutions financières

La structure de gouvernance d'entreprise d'Aval comprend:

• 7 membres indépendants du conseil d'administration sur 11 membres du conseil d'administration au total
• 4 comités au niveau du conseil d'administration supervisant les risques et la conformité
• Évaluation de l'indice de transparence de 90/100 des évaluations de gouvernance d'entreprise

Pénalités de conformité réglementaire en 2023: COP 0 (zéro amendes imposées).

Grupo Aval Acciones y Valores S.A. (AVAL) - Analyse du pilon: facteurs environnementaux

Initiatives bancaires durables et stratégies de financement vert

Grupo Aval a commis 1,2 billion de flic dans des initiatives de financement durable en 2023. Le portefeuille de finances vertes de la banque a atteint 450 milliards de flics, ce qui représente une augmentation de 22% par rapport à 2022.

Catégorie de finance verte	Montant d'investissement (COP)	Pourcentage de portefeuille
Projets d'énergie renouvelable	275 milliards	61.1%
Transport propre	85 milliards	18.9%
Agriculture durable	90 milliards	20%

Engagements de réduction des émissions de carbone

Grupo Aval a ciblé une réduction de 35% des émissions de carbone opérationnelles d'ici 2025. La mesure actuelle de l'empreinte carbone est de 78 500 tonnes métriques CO2 équivalent en 2023.

Source d'émission	Émissions de carbone (tonnes métriques CO2)	Cible de réduction
Consommation d'énergie de bureau	42,300	25%
Voyage d'affaires	18,600	40%
Centres de données	17,600	30%

Évaluation des risques environnementaux

Grupo Aval a mis en œuvre le dépistage des risques environnementaux pour 92% des portefeuilles de prêts aux entreprises en 2023. Les secteurs couverts d'évaluation des risques, notamment l'énergie, l'agriculture et la fabrication.

Secteur	Les prêts totaux évalués	Prêts à risque environnemental élevé
Énergie	350 milliards de flics	18%
Agriculture	275 milliards de flics	12%
Fabrication	425 milliards de flics	22%

Programmes de durabilité de la responsabilité sociale des entreprises

Grupo Aval a investi 35 milliards de flic dans des programmes de RSE axés sur la durabilité au cours de 2023. Les domaines du programme comprenaient l'éducation environnementale, la conservation de la biodiversité et les initiatives de durabilité communautaire.

Programme RSE	Investissement (COP)	Reach bénéficiaire
Éducation environnementale	12 milliards	45 000 étudiants
Conservation de la biodiversité	15 milliards	3 parcs nationaux
Durabilité communautaire	8 milliards	12 communautés rurales

Grupo Aval Acciones y Valores S.A. (AVAL) - PESTLE Analysis: Social factors

Increasing demand for digital-first financial services, especially from younger demographics.

You are seeing a relentless push toward digital-first financial services, driven by younger, mobile-native customers who expect instant, seamless experiences. Grupo Aval is responding, with digital transformation as a core strategic priority for 2025. The challenge is not just launching an app, but achieving high-volume adoption that shifts transaction costs away from the expensive physical network, which still includes 996 Branches and 2,833 ATMs.

The company is leveraging its in-house tech firm, ADL Digital Lab, which is actively developing new platforms in 2025. This focus is critical, especially after reporting a 25% increase in mobile banking users during 2024. Plus, the authorization of GOU PAYMENTS S.A. EASPBV (a specialized electronic deposits and payments company) in 2025 shows a commitment to the low-value digital payments space. This is a race for the customer journey.

Here are the key metrics driving this digital shift:

• Total consolidated customer base: Over 15.2 million.
• 2024 Mobile Banking User Growth: 25% increase.
• Strategic Focus: Digital transformation is one of six corporate priorities for 2025.

Significant financial inclusion gap in rural and low-income areas requires tailored products.

The financial inclusion landscape in Colombia is a story of two economies, creating both a social obligation and a market opportunity for Grupo Aval. Access to basic deposit products is near-universal in urban areas, but drops sharply in rural regions to just 65.6% of adults [cite: 7 from previous search]. This exclusion is a major barrier to economic growth (productivity, growth, and well-being) for millions of Colombians.

To bridge this gap, the group relies heavily on its extensive physical network, which includes 120,085 Banking correspondents as of December 2024. These correspondents are crucial for providing basic services in remote areas. However, the real opportunity is in credit access: only 36.2% of adults in Colombia have access to any formal credit product [cite: 11 from previous search]. This low credit penetration demands tailored, micro-loan and simplified product offerings that manage the higher risk profile of the informal economy.

High unemployment rates, particularly youth unemployment, increase credit risk and non-performing loans.

Macroeconomic employment trends directly impact the stability of the loan portfolio, especially in the consumer segment. While the overall unemployment rate in Colombia improved to 8.2% in September 2025 [cite: 2, 3, 8 from previous search], the youth unemployment rate remains stubbornly high at 14.6% for the same period [cite: 2, 3, 8 from previous search]. This large cohort of underemployed or unemployed young people represents a significant credit risk pool.

This social factor translates directly into the group's asset quality metrics. While the consolidated 90-day Non-Performing Loan (NPL) ratio improved to 3.5% as of June 2025 [cite: 9, 12 from previous search] (down from 4.2% a year earlier), the cost of risk for consumer loans remains elevated at 4.2% for the second quarter of 2025. That's the quick math on social stress impacting the balance sheet.

The table below shows the clear link between the social environment and credit risk:

Metric	Value (as of 2025)	Risk/Opportunity
Colombia Unemployment Rate	8.2% (Sep 2025) [cite: 2, 3, 8 from previous search]	Macro-stress indicator, affecting loan repayment capacity.
Colombia Youth Unemployment Rate	14.6% (Sep 2025) [cite: 2, 3, 8 from previous search]	High-risk segment for new consumer credit products.
Grupo Aval 90-Day NPL Ratio	3.5% (June 2025) [cite: 9, 12 from previous search]	Improving asset quality, but still sensitive to employment volatility.
Grupo Aval Consumer Loan Cost of Risk	4.2% (2Q2025)	Highlights the higher loss provisioning required for the retail segment.

Growing public scrutiny on bank fees and service transparency drives a need for empathetic pricing.

Public sentiment in Colombia is increasingly focused on the fairness of financial services, particularly regarding fees and pricing transparency. This is not just consumer grumbling; it is a regulatory driver. The Superintendencia Financiera de Colombia (SFC) is actively monitoring the impact of recent reforms on low-value payment systems and fees. This focus means banks must offer empathetic pricing (low- or no-fee products) to maintain public trust and avoid regulatory intervention.

For Grupo Aval, fee income is a substantial part of non-interest revenue, with the Fee income ratio reaching 20.5% for the second quarter of 2025. This revenue stream is directly exposed to public and regulatory pressure. The SFC's role in managing Petitions, Complaints, Claims, Suggestions, and Reports (PQRSD) makes customer dissatisfaction a defintely measurable operational risk. The group must balance its fee-based revenue with the social demand for accessible, low-cost banking. A single, poorly managed fee structure could invite a regulatory review and damage the brand.

Grupo Aval Acciones y Valores S.A. (AVAL) - PESTLE Analysis: Technological factors

Aggressive investment in digital platforms like Dale! to compete with FinTech.

Grupo Aval has adopted an aggressive digital-first strategy to compete with the rapid growth of non-traditional financial technology (FinTech) players like Nequi and Daviplata. The spearhead of this effort is Dale!, the group's own digital wallet and Banking-as-a-Service (BaaS) platform. This is not a partnership with Nequi, but a direct competitive response to the neo-banking trend. Dale! has demonstrated significant traction, consolidating its position with more than 4 million users as of October 2025.

The platform's success was recently validated by a Platinum Prize in Digital Transformation at the Fintech Américas 2026 gala, which was announced in late 2025. This aggressive push is essential, as its main competitors, Nequi and Daviplata, already command a massive user base, with Nequi reporting approximately 13.5 million users. The strategic focus is on creating a comprehensive digital ecosystem that integrates services like bill payments, concert pre-sales via #ExperienciasAval, and remittances, making the platform sticky for retail clients. One clean one-liner: The fight for the digital wallet customer is fierce.

Here is a quick comparison of the competitive landscape based on available user data:

Digital Platform	Parent Company	User Base (Approximate)	Strategic Role
Dale!	Grupo Aval	4+ million (October 2025)	Direct FinTech competitor, BaaS provider, Digital Ecosystem Hub.
Nequi	Bancolombia	13.5 million (Early 2023 data, a key benchmark)	Market leader, primary competitor.
Daviplata	Davivienda	14.6 million (Early 2023 data, a key benchmark)	Market leader, primary competitor.

Escalating cybersecurity threats require continuous, high-cost upgrades to protect millions of customer accounts.

The rapid digital migration and the sheer scale of the customer base make cybersecurity a continuous, high-cost operational imperative. Grupo Aval serves a massive population, including approximately 15.8 million banking customers and 17.6 million members of its pension and severance funds manager, Porvenir. Protecting these millions of accounts from increasingly sophisticated threats, like those leveraging generative Artificial Intelligence (GenAI) for hyper-realistic phishing and adaptive malware, demands a substantial and non-negotiable budget.

While a specific 2025 budget for Grupo Aval is not disclosed, the global trend confirms the pressure: worldwide cybersecurity spending is projected to reach approximately $213 billion in 2025, a clear indicator of the escalating investment required just to maintain a baseline of digital defense. You defintely can't skimp on this. The cost of a major breach-in fines, reputation damage, and customer churn-far outweighs the cost of continuous, high-end security upgrades, including advanced threat detection and automated incident response tools.

Use of Artificial Intelligence (AI) for credit scoring and personalized customer service is a core focus.

Artificial Intelligence is no longer a future concept; it's a core operational tool at Grupo Aval, particularly for managing risk and enhancing customer interaction. In the first quarter of 2025 (1Q25), the company announced a strategic partnership with Microsoft specifically to boost the use of AI in everyday operations. This initiative is designed to achieve three key goals:

• Enhance customer experience.
• Improve operational efficiency.
• Strengthen data-driven decision-making.

Specifically in the lending business, AI is already integrated via advanced scoring models. For the mass-market consumer portfolio, these models leverage behavioral information, sociodemographic variables, and a customer's profile to assess credit risk. This allows for more precise and faster credit decisions, which is crucial for consumer loan growth, expected to be in the 8.5% area for 2025. The group is also exploring generative AI for customer self-service channels to increase the effectiveness of sales leads generated through their digital applications.

Legacy core banking systems pose a challenge to rapid product deployment and operational efficiency.

Despite the aggressive investment in customer-facing FinTech like Dale!, the underlying core banking systems (the foundational technology that processes transactions and maintains accounts) across Grupo Aval's multiple banks pose a structural challenge. The push toward Open Finance (OpenBanking) and NeoBanking models requires a fundamental 'Transformation of the Technological Architecture,' as noted by the group's digital lab, ADL Digital Lab. Here's the quick math: older, siloed systems slow down the speed at which new, competitive products can be launched.

The complexity of integrating four separate commercial banks (Banco de Bogotá, Banco de Occidente, Banco Popular, and Banco AV Villas) under a single, seamless digital experience is substantial. The need to transform the core architecture is a strategic priority to achieve the following:

• Enable rapid product deployment (time-to-market).
• Improve operational efficiency and reduce the cost-to-serve.
• Support the full vision of an Open Finance ecosystem.

This architectural evolution is a multi-year, multi-million-dollar capital expenditure (CapEx) project, still a major strategic hurdle that must be overcome to maintain long-term competitiveness against born-digital FinTech rivals.

Grupo Aval Acciones y Valores S.A. (AVAL) - PESTLE Analysis: Legal factors

Stricter Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance mandates across all operating countries.

You are facing a significant ratcheting up of Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements across your core markets, especially in Colombia and Central America. This isn't just a paperwork issue; it's a major technology and operational cost center. The Colombian National Directorate of Taxes and Customs (DIAN) issued Resolution No. 000204 in April 2025, which mandates more granular reporting on foreign exchange (FX) transactions.

This new rule requires the reporting of specific data points like the name of the beneficiary or recipient, the sender, and the city and country of the receiving or sending bank account. This level of detail forces a substantial upgrade to your transaction monitoring and customer data systems to ensure compliance with the new reporting deadlines, such as the one for the 2025 quarters by January 2026. Here's the quick math: more data fields mean more false positives, requiring more human analysts.

The constant global push for transparency means your AML/KYC infrastructure needs to be defintely top-tier.

New data privacy and protection laws (similar to GDPR) increase compliance costs and data management complexity.

The global trend toward comprehensive data privacy legislation, similar to the EU's General Data Protection Regulation (GDPR), is hitting your operating jurisdictions hard, increasing both compliance costs and the risk of significant fines. In Colombia, the maximum institutional fine for non-compliance with personal data legislation is substantial, reaching up to 2,000 monthly legal minimum Colombian wages, which translates to approximately USD 695,000 for 2025.

Plus, your US presence exposes you to a patchwork of new state laws, with eight new comprehensive privacy laws taking effect in 2025 in states like Delaware, Iowa, and New Jersey. These laws often have varying definitions of sensitive personal data and introduce new consumer rights, forcing a fragmented, costly compliance strategy. For the financial sector, non-compliance with regulations that contribute to a data breach incurs an average cost of almost $220,000 more than a compliant breach, according to industry reports.

Jurisdiction/Regulation	Key 2025 Compliance Impact	Financial Risk/Metric
Colombia (DIAN Res. 000204)	Mandatory detailed FX transaction reporting (sender/recipient name, city, country).	Max institutional fine for data non-compliance: ~USD 695,000.
US States (e.g., Delaware, New Jersey)	Eight new comprehensive privacy laws take effect in 2025.	Average breach cost increase for non-compliance: ~$220,000.
Global Standard (G20 Roadmap)	Pressure to reduce cross-border payment costs.	Target for retail cross-border payment cost: no more than 1% by 2027.

Regulatory pressure to reduce interchange fees and transaction costs for consumers and merchants.

Regulatory bodies are actively pushing to lower the cost of digital transactions, which directly pressures your revenue from card and payment processing fees. In Colombia, card fees currently average between 3.3%-3.5% plus a fixed fee for merchants, while the local electronic payment system, PSE (Pagos Seguros en Línea), is typically lower at 2.65% plus a small fixed fee. These figures represent the current high-margin environment that regulators and consumer groups are targeting.

The global G20 roadmap for improving cross-border payments, which is a major driver of regional policy, aims to reduce the global average retail cross-border payment cost to no more than 1% by 2027. This long-term goal signals an inevitable squeeze on the current fee structure, forcing you to find operational efficiencies to maintain profitability as interchange fees decline.

Cross-border legal complexity managing diverse banking regulations in six different jurisdictions.

Operating in six distinct jurisdictions-Colombia, Panama, Costa Rica, El Salvador, Honduras, and Nicaragua-means you must navigate six different sets of banking, consumer protection, and labor laws, plus the US regulatory environment for your ADRs. This is a massive overhead. The complexity is compounded by the global adoption of new standards.

The sheer volume of new international regulations, like the EU's Digital Operational Resilience Act (DORA) effective January 17, 2025, for financial entities, sets a high bar for digital resilience and third-party oversight that often becomes a de facto global standard for large financial institutions. Also, the ongoing transition to the ISO 20022 messaging standard for cross-border payments is a significant, mandatory systems overhaul that requires simultaneous, coordinated implementation across all six countries to avoid operational delays.

• Manage six unique national banking superintendencies and central banks.
• Implement new FX reporting rules (DIAN 2025) across all relevant cross-border flows.
• Coordinate the transition to the new ISO 20022 global payment standard.
• Align data protection policies with both local laws and the US state-level privacy patchwork.

Finance: draft a 13-week cash view by Friday to model the impact of a 50-basis-point reduction in average interchange fees.

Grupo Aval Acciones y Valores S.A. (AVAL) - PESTLE Analysis: Environmental factors

Mandatory Environmental, Social, and Governance (ESG) reporting standards are increasing.

You are seeing a clear, non-negotiable shift from voluntary disclosure to mandatory, globally-aligned ESG reporting, and Grupo Aval is defintely responding. The pressure isn't just from Colombian regulators, but from US investors who demand transparency under SEC rules.

Grupo Aval is already reporting under multiple international frameworks, which is smart risk mitigation. They use the GRI Standards (Global Reporting Initiative) and the SASB framework (Sustainability Accounting Standards Board), specifically for the Commercial Banking industry, which represents about 79.8% of their consolidated assets.

Crucially, they align their climate risk management with the recommendations of the TCFD (Task Force on Climate-related Financial Disclosures), now being adopted and strengthened by the International Financial Reporting Standards Foundation's (IFRS) IFRS S2 standard. This means their climate data is moving from a sustainability report footnote to a core financial disclosure. The Colombian Finance Superintendence's External Circulars 031/2021 and 012/2022 also mandate specific information elements.

Here's the quick math on their strategic alignment:

• Core Reporting: GRI Standards (Essential option) and SASB.
• Climate Risk Standard: TCFD/IFRS S2.
• 2025 Action: The exercise to update the double materiality analysis will be carried out in 2025, ensuring their priorities match stakeholder impact and financial risk.

Climate change risk exposure in loan portfolios, especially those tied to agriculture and infrastructure.

The transition risk from climate change is a direct credit risk for a bank of Grupo Aval's size. Their total gross loan portfolio was Ps 199,357.1 billion as of June 30, 2025, and a significant portion of that commercial book is tied to climate-vulnerable sectors.

The group's banks are implementing the Environmental and Social Risk Management System (ESRMS), with full implementation expected in 2024 across Banco de Occidente, Banco Popular, and Banco AV Villas. This is their primary tool to manage this exposure.

We see the risk already surfacing in key commercial segments. For example, the infrastructure sector drove a 38.5% quarterly decrease in the commercial loan book in 4Q2024, partly due to lower work progress in some concessions, which can be exacerbated by climate-related delays or regulatory shifts.

To give you a sense of the scale, Banco de Bogotá assessed $31 trillion pesos of its loan portfolio at the end of December 2023, categorizing 18.5% of that amount as high environmental and social risk. That's a substantial block of capital requiring heightened scrutiny.

Climate-Vulnerable Sector	Loan Portfolio Impact (2025)	Risk Management Action
Infrastructure & Energy	Lower contribution was a main driver of commercial loan decrease in 2Q2025.	Focus on financing sustainable projects and energy transition.
Agriculture (Traditional Sectors)	Included in the traditional sectors of the commercial loan portfolio.	ESRMS implementation to minimize environmental and social risks in lending.
High E&S Risk Loans	18.5% of the assessed portfolio (Ps 31 trillion) at Banco de Bogotá was classified as high risk (2023 data).	Full implementation of ESRMS across all Aval banks in 2024.

Growing shareholder and public pressure to finance green projects and issue sustainability-linked bonds.

Shareholders are demanding a clear path to a low-carbon economy, and Grupo Aval is actively channeling capital toward this transition. Their commitment is visible in their sustainable financing numbers, which exceeded $23 trillion Colombian pesos in 2024 for projects like renewable energy, sustainable mobility, and environmental conservation. That's real money making a real impact.

Issuing green and sustainable debt is a core strategy. Banco de Bogotá, a subsidiary, was a pioneer, issuing Colombia's first sustainable subordinated bond in the international market for USD$ 230 million. This not only raises capital but also signals a credible commitment to the market.

While green bonds remain strong globally in 2025, the market for sustainability-linked loans (SLLs)-where the interest rate is tied to the borrower's achievement of ESG targets-is experiencing relative weakness. This suggests that investors are becoming more discerning and demanding higher quality, verifiable metrics, so the bank must ensure its targets are robust.

Need to reduce the operational carbon footprint of their extensive branch network and data centers.

The operational footprint of a large financial conglomerate is significant, mostly driven by energy use in their extensive branch network and data centers. Grupo Aval has set an aggressive near-term target: achieving carbon neutrality in scopes 1 and 2 by 2025. This is a firm, actionable commitment.

Their longer-term goals are equally clear: a 51% reduction in emissions by 2030 and moving toward a Net Zero by 2050 target. They are not just talking; they are measuring and offsetting.

The holding company's total carbon footprint in 2024 was 599.2 t CO2 (tonnes of CO2 equivalent). To meet their 2025 neutrality goal, they offset their 2024 footprint (Scopes 1, 2, and partial 3) by purchasing 600 carbon credits. This is a necessary, albeit short-term, measure for neutrality.

Operational efficiency is improving, too. In 2024, the holding company reduced energy consumption by 3.9% and water consumption by 17.7%. Still, the energy used by the holding company in 2024 was 166.28 MWh, and 100% of it came from non-renewable sources, highlighting the next big hurdle in their transition plan. They need to start shifting that energy mix.