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BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
 12 Months Ended
Dec. 31, 2024
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS  
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
NOTE 17. BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
As of December 31, 2024 and 2023, the composition of the borrowings from other financial institutions measured at amortized cost is the following:
Borrowings from other financial institutionsDecember 31, 2024December 31, 2023
In millions of COP
Obligations granted by foreign banks10,619,033 9,139,834 
Obligations granted by domestic banks(1)
5,070,499 6,508,772 
Total borrowings from other financial institutions15,689,532 15,648,606 
(1)Decrease due to prepayments of obligations mainly with Banco de Comercio Exterior de Colombia (Bancoldex), due to liquidity strategy.

Obligations granted by foreign banks
As of December 31, 2024
Financial entityRate MinimumRate MaximumDecember 31, 2024
In millions of COP
Financing with Correspondent Banks and Multilateral Entities(1)
1.50 %8.99 %9,959,214 
Banco Interamericano de Desarrollo (BID)8.47 %9.62 %614,946 
Banco Latinoamericano de Comercio Exterior (Bladex)5.80 %5.80 %44,873 
Total10,619,033 
(1) In 2024, prepayments are made on loans with foreign banks with Barclays Bank PLC for USD50,000 and Bank of America for USD150,000 which were designated as hedges. See Note 5.3. Hedge accounting.
As of December 31, 2023
Financial entityRate MinimumRate MaximumDecember 31, 2023
In millions of COP
Financing with Correspondent Banks and Multilateral Entities(1)
1.21 %10.06 %8,566,580
Banco Interamericano de Desarrollo (BID)9.50 %10.64 %532,899
Banco Latinoamericano de Comercio Exterior (Bladex)6.91 %6.91 %40,355
Total9,139,834
(1) At Bancolombia S.A. USD200 million were designated as coverage of net investment abroad. See Note 5.3 Hedge accounting.
The maturities of the financial obligations with foreign entities as of December 31, 2024 and 2023 are the following:
ForeignDecember 31, 2024December 31, 2023
In millions of COP
Amount expected to be settled:
No more than twelve months after the reporting period7,428,9433,813,504
More than twelve months after the reporting period(1)
3,190,0905,326,330
Total10,619,0339,139,834
(1) In 2024, prepayments are made on loans with foreign banks with Barclays Bank PLC for USD50,000 and Bank of America for USD150,000 which were designated as hedges. See Note 5.3. Hedge accounting.
Obligations granted by domestic banks
As of December 31, 2024
Financial entityRate
Minimum		Rate
Maximum		December 31, 2024
In millions of COP
Financiera de desarrollo territorial (Findeter)4.15%17.21%2,239,644
Fondo para el financiamiento del sector agropecuario (Finagro)5.09%13.59%1,363,891
Banco de comercio exterior de Colombia (Bancoldex)(1)
2.17%17.50%399,266
Other private financial entities5.11%13.01%1,067,698
Total5,070,499
(1)Decrease due to prepayments of obligations mainly with Banco de Comercio Exterior de Colombia (Bancoldex), due to liquidity strategy.
As of December 31, 2023
Financial entityRate
Minimum		Rate
Maximum		December 31, 2023
In millions of COP
Financiera de desarrollo territorial (Findeter)8.15%20.85%2,530,570
Fondo para el financiamiento del sector agropecuario (Finagro)8.37%15.88%1,509,594
Banco de comercio exterior de Colombia (Bancoldex)2.17%21.46%1,404,873
Other private financial entities12.88%16.67%1,063,735
Total6,508,772
The maturities of financial obligations with domestic banks as of December 31, 2024 and 2023, are as follows:
DomesticDecember 31, 2024December 31, 2023
In millions of COP
Amount expected to be settled:
No more than twelve months after the reporting period679,069767,470
More than twelve months after the reporting period(1)
4,391,4305,741,302
Total5,070,4996,508,772
(1) Decrease due to prepayments of obligations mainly with Banco de Comercio Exterior de Colombia (Bancoldex), due to liquidity strategy.
As of December 31, 2024 and 2023, there were some financial covenants, mainly regarding capital adequacy ratios, past due loans and allowances, linked to some of the aforementioned outstanding credit facilities. None of these covenants had been breached nor were the related obligations past due.