Colombia: D1 enters the banking business
- DRC Discount Retail Consulting GmbH
- 2 hours ago
- 1 min read
Discount Retail Chain D1's 2,700 stores in Colombia offers BBVA customers to withdraw savings.
The fifth largest company in the country in terms of sales is now fully involved in the correspondent banking business. The hard discount chain of the Santo Domingo family's Valorem holding company announced an alliance with the Spanish bank BBVA to bring some financial services to its more than 2,700 stores.
Customers of the financial institution will be able to make withdrawals of up to $700,000 per transaction with a maximum daily limit of $2,100,000 using their debit card at any D1 Store in the country. With this alliance, BBVA completes a network of 60,000 banking correspondents.
It should be noted that D1's main competitor in the hard discount segment, Tiendas ARA, also operates as a banking correspondent for banks such as Bancolombia and BBVA.
This type of initiative brings Colombians closer to financial services because they allow for an increase in the use of savings accounts, strengthen the relationship between banking and cash – a payment method that is still the favorite of Colombians – and generate the peace of mind of having a piece of banking in trusted retail.
