'We entrepreneurs are committed to transforming solidarity into action': Luis Carlos Sarmiento Angulo, upon receiving the Order of Business Merit

During the 10th Colombian Business Congress (CEC), Andi awarded the José Gutiérrez Gómez Order of Business Merit to Luis Carlos Sarmiento Angulo, businessman and founder of Grupo Aval, one of the country's largest financial conglomerates. This recognition marks a pivotal milestone in the civil engineer's 70-year career, a graduate of the National University.

Upon receiving this recognition, Sarmiento Angulo, who recounted his life as a businessman and banker, not only thanked his family and the various teams of collaborators at his organization, but also the Colombian people and the country for having provided him with great opportunities for training, education, and growth.

He said that, meditating on success or failure, he found that they are conditioned by three fundamental ones: knowledge, effort and opportunities that, as in most vital processes, " are variables that can be substituted among themselves to some extent, but never completely replaced."

The following is the speech by Luis Carlos Sarmiento Angulo, founder of Grupo Aval, upon receiving the Order of Business Merit from Andi:

A special greeting to everyone. These days, we are experiencing moments of deep reflection and sadness over the passing of Miguel Uribe. However, as we always have, we business leaders are committed to transforming solidarity into action.

It is essential that, united, we propel the country forward, honoring his memory with hope and collective work. I sincerely thank Dr. Bruce MacMaster and the ANDI Board of Directors for this distinction of the "José Gutiérrez Gómez Order of Business Merit," the highest award bestowed by this important trade association.

I know some of you might be wondering why a banker's work is being recognized at an industrial and business forum. But let me tell you that, before being a banker, I am a Colombian businessman filled with pride and gratitude for everything I have received from this incomparable homeland in my 70 years of uninterrupted business activity.

AndiI's history is intimately linked to my long career, and it also connects with my own. At a very young age, after graduating with a degree in Civil Engineering from the National University, I began my work as a contractor for three highway projects. Then, in 1956, I opened my first office. I must confess that I am filled with satisfaction with how, from this initial seed, we have now generated more than 120,000 permanent jobs through our operations in Colombia and abroad.

And looking back, it's impossible not to be surprised by the change our country has undergone in recent years. Colombia had approximately 14 million inhabitants; today it has nearly 53 million. Life expectancy at birth was 58 years; today, it's 77. Illiteracy was 49%, or almost half the population; today, it's less than 5%.

Per capita income in constant dollars has more than tripled. Of course, we've made progress, but these advances would be much more significant if not for the nightmare of political violence we've endured over these past seven decades. Guerrillas, armed groups financed by kidnapping, extortion, and drug trafficking, vigilante groups, and drug cartels.

How much harm these terrorist groups have caused and continue to cause, leaving us with nothing but poverty, death, and underdevelopment. This has been and continues to be the nation's greatest tragedy. And if we don't confront these groups with a firm and decisive hand, the growth and development we need to close social gaps will be threatened.

I am deeply concerned to see the renewed escalation of violence, which is why I believe we must firmly support our armed forces and police forces, just as we always have.

With great satisfaction, I can say that our Organization has not fallen far short of our country's pace of progress over these seven decades. In the 1960s, in parallel with the construction of small infrastructure projects, we ventured into housing, of which we have built more than 45,000 units over the years.

Then, in the 1970s, we entered the financial sector, where we have managed to maintain a significant market share through the acquisition and mergers of several banks that now make up Grupo Aval. We also participated in the Porvenir pension fund, a company that has always been a leader in the sector, and Corficolombiana, with investments in infrastructure, gas, energy, hotels, and agribusiness.

With the purchase of Banco de Occidente in 1972 and the creation of the AV Villas Savings and Housing Corporation. At that time, only a few banks financed homes with loans of up to 5 years, but with the creation of the UPAC, these terms were extended to 15 years, thereby lowering the rate and increasing the number of buyers and owners.

Let's move on to the 1980s. I'd say it was the most turbulent and tumultuous period of my career and in the country's recent history. Drug trafficking was booming and attempted to subjugate the state and bring our entire nation to its knees. Guerrilla groups were in full swing. It was the era of the assassinations of Lara Bonilla, Galán, and other political leaders, and the assault on the Palace of Justice.

And, as if that weren't enough, nature punished us with the Armero tragedy. I must say that the governments of the time managed to overcome the harshest adversities and threats and, thanks to their determination and courage, defended democracy and its institutions. I mention this because we must remember that, as Colombians, we have managed to overcome very difficult times.

From this decade, I want to highlight a very important milestone in our commercial activity. In 1987, I acquired Banco de Bogotá, with which we consolidated our position in the financial sector. Despite the constant threat of drug trafficking, the country continued its march. The 1991 Constitution was adopted, along with perhaps the most ambitious plan of reforms and public policies: economic liberalization transformed and modernized the business and industrial structure. Significant foreign investment began to arrive.

For our Group, the 1990s were a very active decade. With the launch of mobile telephone service, we decided to enter the telecommunications sector through an operation in the western part of the country, which we successfully sold after several years. Private pension funds were also born, where our company, Porvenir, has always been the sector leader. In banking, in 1992, Banco de Bogotá acquired and subsequently merged Banco del Comercio, and in 1996, we acquired Banco Popular.

Since 1994, our Group of Companies has been heavily involved in the construction of large infrastructure projects. In 1997, we created Grupo Aval, and in 1998, we launched our first share issue and democratization on the Colombian Stock Exchange. It was a decade of growth and consolidation, which allowed us to successfully weather the deep economic crisis of the late 1990s and early 21st century.

In 2002, after the peace talks broke down and our Armed Forces were equipped, President Álvaro Uribe led a major offensive against insurgent groups. Territorial control was regained, the business climate improved, and the economy resumed significant growth.

At the beginning of this century, we completed the merger of Corfivalle and the Colombian Financial Corporation in 2005. Corficolombiana then became the leader in the corporate sector, with investments in infrastructure, gas, energy, hospitality, and agribusiness.

In 2010, Banco de Bogotá acquired BAC Credomatic, the largest financial conglomerate in the Central American market. In 2012, Grupo Aval and Banco de Bogotá issued bonds in the international market, and in 2014, Aval listed shares on the New York Stock Exchange, as part of its strategy to expand internationally and increase its visibility in the global market.

This is a brief summary of a very intense effort spanning 70 years of tireless, uninterrupted work. Today, looking back at the results, I only have feelings of gratitude.

I am grateful to my family, my wife, my children, and my grandchildren, several of whom are already involved in the management of the Group. I am grateful to the various teams of collaborators of the Organization, and to this country, which has provided me with great opportunities for training, education, and growth. And I am grateful to God, who has allowed me not only to achieve success but also to share his benefits in countless social and philanthropic causes.

In such an important business audience as this, I would like to share with you two final reflections, about life and about my country. Reflecting on success or failure, I find that they are fundamentally determined by: knowledge, effort, and opportunity. As in most life processes, these variables can be substituted to some extent, but never completely replaced. In my case, I have had opportunities: being born in this country, in the ideal home, and having access to a magnificent education.

I owe everything I've built and everything I have to Colombia. Here, in addition to pursuing my studies and raising my family, I've developed my entire business.

As for knowledge, I dedicated myself to acquiring it with great dedication from a very young age. I completed my high school studies in 1948 at the age of 15 and a degree in Civil Engineering at the age of 21 from the Faculty of Engineering at the National University. The rest are lessons learned from experience, from which one can learn as much, if not more, than from academic knowledge.

But the defining factor has been effort. The constant, uninterrupted work of all these years, willing to take calculated risks and ready to resolve crises at any moment. I owe everything I've built and everything I have to Colombia. Here, in addition to pursuing my studies and raising my family, I've developed my entire business.

Knowledge, effort, and opportunity. As in most life processes, these variables can be substituted for each other to some extent, but they can never be completely replaced.

Never, not even during the 14 most difficult moments, did I consider leaving the country. Yes, we have problems. But the majority of Colombians are good and hardworking. We have strong and independent institutions. We have always known how to overcome adversity and the most diverse threats that have attempted to jeopardize our rule of law.

Let's protect democracy, our most valuable and important asset. As for me and the Group I lead, today we have a modern and solid organization. We will continue to grow. We will continue investing and working for this wonderful country. The results and the impact on millions of Colombians show that it is well worth it.