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BANCO DE BOGOTÁ S.A. and SUBORDINATES Notes to the Consolidated Financial Statements

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BANCO DE BOGOTÁ S.A. and SUBORDINATES Notes to the Consolidated Financial Statements BANCO DE BOGOTÁ S.A. AND SUBORDINATES Notes to the Consolidated Financial Statements At June 30, 2014 and December 31, 2013 (In Millions, Except the Exchange Rate and Net Profit per Share) (1) Reporting Entity Banco de Bogotá S.A. is a private entity headquartered in the city of Bogotá D.C. It was incorporated through Public Instrument No. 1923, drawn up and authenticated on November 15, 1870 by Notary Public No. 2 in Bogotá D.C. Its license to operate was renewed once and for all by the Colombian Superintendency of Finance. The duration of the Bank, as established in its by-laws, extends to June 30, 2070. However, the organization may be dissolved or it duration extended prior to that date. The business of the Bank is to perform all operations and to enter into all contracts legally authorized for commercial banks, subject to the requirements and limitations imposed by Colombian law. The Bank was operating at June 30, 2014 with ten thousand four (10.004) employees on contract, three hundred thirty-three (333) working under civil apprenticeship agreements, one thousand one hundred twenty-one (1,121) temporary staff members and one thousand two hundred eighty-five (1,285) employees contracted with Megalínea. In addition, through outsourcing with specialized companies, the Bank also employs a total of three thousand five hundred thirty-nine (3.539) individuals through six hundred three (603) offices, five (5) corporate service centers (CSC), four (4) small-business service centers, fifty (50) collection and payment offices, eighteen (18) business advisory offices, ninety-three (93) non-own-code bank branch extension offices, thirteen (13) bank branch extension offices, eleven (11) premium offices, six (6) centers specialized in home mortgages, one thousand eight hundred seventeen (1,817) banking correspondents, thirteen (13) Servicajas, two (2) customer-only service offices, eight (8) payroll installment lending offices with special services, twenty-five (25) payroll installment lending centers, five (5) core offices, two (2) agencies abroad, one in New York City and the other in Miami, and one (1) branch in Panama City, which is licensed to operate as a local bank. These consolidated financial statements include the following companies. Almacenes Generales de Depósito ALMAVIVA S. A. is involved primarily in the deposit, preservation and custody, management and distribution, purchase and sale of merchandise and products of domestic and foreign origin for its clients. The company also issues warehouse receipts and collateral certificates or warehouse liens. ALMAVIVA S. A. consolidates with its subordinates Almaviva Global Cargo, Comercializadora Internacional S. A., South Logistic S. A. and Zona Franca S.A. Fiduciaria Bogotá S.A. enters into mercantile trust and agency trust agreements without transfer of ownership, as provided for by law. Its primary business is to acquire, dispose of, encumber and manage movable assets and real estate, and to invest as a debtor or creditor in all types of lending operations. Corporación Financiera Colombiana S.A. raises and allocates capital to promote the creation, reorganization, merger, transformation and expansion of all types of companies, to acquire ownership interest in those companies, and to encourage third parties to do so. It also offers these companies medium and long-term financing and specialized financial services that contribute to their development. These companies do not include those subject to control and supervision by the Colombian Superintendency of Finance, with the exception of financial service firms and lending institutions. Corporación Financiera Colombiana S.A. consolidates with a number of financial subordinates; namely, Leasing Corficolombiana S.A., Banco Corficolombiana (Panama) S.A. (a finance company located outside the country), Fiduciaria Corficolombiana S.A. and real-sector subordinates Organización Pajonales S.A., Hoteles Estelar de Colombia S.A., Gas Comprimido del Perú S.A. (a company outside the country), Valora S.A., Proyectos de Infraestructura S.A., Epiandes S.A., Promotora y Comercializadora Turística Santamar S.A., Colombiana de Licitaciones y Concesiones Ltda., Tejidos Sintéticos de Colombia S.A., Plantaciones Unipalma de los Llanos S. A., Pizano S.A. (currently being restructured), Estudios y Proyectos del Sol S.A. (formerly Inversora en Aeropuertos S.A.), Industrias Lehner S.A., Proyectos de 2 BANCO DE BOGOTÁ Y SUBORDINADAS Notes to the Consolidated Financial Statements Ingeniería y Desarrollos S.A.S., CFC Gas Holding S.A.S., CFC Private Equity Holdings S.A.S. and CFC Energy Holding S.A.S.. The financial sector shareholders of Corporación Financiera Colombiana S.A. signed an agreement giving Banco de Bogotá control of the company, as it is the largest shareholder. The purpose was to consolidate the financial statements pursuant to External Circular 100/1995, issued by the Colombian Superintendency of Finance, and Law 222/2005. Sociedad Administradora de Pensiones y Cesantías Porvenir S. A. was incorporated on October 22, 1991 and is headquartered in Bogotá. Its business is to administer and manage the type of pension and severance funds authorized by law. Under the law, both these funds are third-party portfolios separate from the portfolio of the company managing them. Porvenir consolidates its financial statements with Gestión y Contacto S.A. Ninety-nine point ninety-nine percent (99.99%) of AFP Horizonte Pensiones y Cesantías S.A. was acquired on April 18, 2013. The merger by absorption of AFP Horizonte S.A., was completed, thereby consolidating Porvenir as the largest pension and severance fund manager in the country in terms of the resources it manages and the number of affiliates. Casa de Bolsa S.A. Sociedad Comisionista de Bolsa (formerly Valores de Occidente Sociedad Comisionista de Bolsa S.A.) is a private company established through Public Instrument No. 6771 drawn up on July 22, 1993. Under a brokerage agreement, it offers financial services that include the purchase and sale of securities listed on the stock exchange, securities and mutual fund management, proprietary trading, securities brokerage and consulting on capital markets, under the terms and conditions determined by the Board of Directors of the Central Bank of Colombia (Banco de la República). It was authorized by the Colombian Superintendency of Finance to conduct its business pursuant to Resolution No. 1024 issued on August 13, 1993. The duration of the company is until 2043. Banco de Bogotá is invested directly in this subordinate, with twenty-two point seventy-nine percent (22.79%) ownership interest, and indirectly through Corporación Financiera Colombiana S.A., a subordinate company in which it has thirty-eight point ninety-five percent (38.95%) ownership interest. Banco de Bogotá S.A. Panamá operates in the Republic of Panama with a general and international license to conduct banking business in and outside that country. It consolidates with the subordinate entity known as Banco de Bogotá (Nassau) Limited. Bogotá Finance Corporation is a financial entity created specifically to issue floating-rate securities guaranteed by the parent company (the Bank). In recent periods, the company has maintained an investment as its only income-earning activity. Leasing Bogotá S.A. Panamá was established in 1972 under the Corporate and Partnership Act of the Republic of Panama and currently operates solely as a company holding shares in other financial-sector firms. It is owned entirely by Banco de Bogotá, S.A. and consolidates with BAC Credomatic Inc. and Banco Bac Panama (formerly BBVA Panama). (Continued) 3 BANCO DE BOGOTÁ Y SUBORDINADAS Notes to the Consolidated Financial Statements - Acquisitions On December 19, 2013, Banco de Bogota S.A., through its subsidiary Credomatic International Corporation (CIC), which operates as part of BAC Credomatic in Central America, acquired 100 % of all issued and outstanding shares in Banco Reformador de Guatemala and Transcom Bank (Barbados) Limited , a subsidiary of the Bank. The acquisition cost US$421 and the resources available in CIC were used to fund it, as follows: (i) $282 from securitization of future American Express credit card flows: and (ii) a short-term loan for $ 139. On December 19, 2013, Banco de Bogota S.A., through its subsidiary Leasing Bogota S.A. Panama, acquired 98.92 % of the issued and outstanding shares in Banco Bilbao Vizcaya Argentaria (Panama) S.A. (BBVA Panama ), now BAC Bank Panama, for US$505. Banco de Bogota S.A. issued $1.3 billion in ordinary shares, with preferential subscription rights (Note 20), to provide Leasing Bogota S.A. Panama with the resources required for the transaction. The following are the assets and liabilities received in these purchases, as registered according to U.S. GAAP at December 31, 2013. Grupo Reformador Banco BAC Panamá Total Acquisitions ( Figures in USD) Assets Cash and cash equivalents USD 270,778,042 387,778,961 658,557,003 Certificates of deposit 51,567,509 1,428,878 52,996,387 Investments in securities 208,680,690 29,495,402 238,176,092 Loans receivable 1,005,313,232 1,417,286,521 2,422,599,753 Property and equipment 24,628,106 8,969,231 33,597,337 Assets awarded 11,909,715 0 11,909,715 Investments in equity securities 0 4,220,720 4,220,720 Other assets 26,504,036 30,077,779 56,581,815 Total acquired assets USD 1,599,381,330 1,879,257,492 3,478,638,822 Liabilities Deposits 1,204,250,781 1,533,408,497 2,737,659,278 Obligations payable 209,657,059 46,571,429 256,228,488 Other liabilities 32,481,657 109,219,039 141,700,696 Non-controlling interest 0 2,043,148 2,043,148 Total assumed liabilities 1,446,389,497 1,691,242,113 3,137,631,610 Total acquired net assets USD 152,991,833 188,015,379 341,007,212 The following equivalents were developed to determine goodwill, pursuant to Colombian accounting principles and instructions from the Colombian Superintendency of Finance.
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