Financier of the Year: the financier whose efforts have generated profits as well as led to increased access to financing in Latin America.

JORGE LONDONO SALDARRIAGA

President, Bancolombia

ACHIEVEMENTS At the helm of Colombia's largest bank, Londono Saldarriaga initiated the merger of former subsidiaries Conavi and Corfinsura. The deal gives Bancolombia roughly a fifth of the Colombian financial market and more than doubled the number of clients. Bancolombia now expects to operate more efficiently, from approving mortgages to managing pensions, all under one roof. Plus the bank can offer more products to its existing clients via cross-sells. Analysts praised the merger for moving forward without taking on major extraordinary expenses.

BACKGROUND Londono Saldarriaga has been president of Bancolombia since 1996 and was a member of its board of directors for three years. He has also served as president of brokerage Suvalor and vice president of insurance company Suramericana de Seguros.

QUOTE "The most important asset of the organization is the people. And we have to make a new culture for the new company that we are building."

LUIS PENA KEGEL

President, Banorte

ACHIEVEMENTS Under Pena Kegel, Banorte's net income in 2005 rose 138%, the product of a US$70 million cost-cutting program. The bank also lent more money and at higher interest rates last year, which helped strengthen its financial position. Banorte announced a $259 million purchase of INB Financial, a Texas bank, which will allow Banorte to profit from increasing Mexico-U.S. integration. Banorte handled US$1.10 billion of remittances in 2005, 84% more than the year before.

BACKGROUND Pena Kegel was named head of Banorte, the only major Mexican bank that is still domestically owned, in February 2004. Prior to joining Banorte, Pena Kegel held a number of positions at Citigroup. Pena Kegel received a degree in industrial engineering at the Universidad Iberoamericana and an MBA from Stanford University.

QUOTE "One thing is to translate your Web site into Spanish, the other thing is to have a team fully devoted to the Hispanic market."

ROBERTO EGYDIO SETUBAL

CEO, Banco Itau

ACHIEVEMENTS Itau has invested billions growing through acquisitions, with purchases including Banco BBA Creditanstalt, Banco Fiat, and more recently, Bank of America's BankBoston assets in Brazil, Uruguay and Chile. In 2005, credit operations increased 27.2%, fueled by automobile loans, consumer credit and credit cards. Small business loans also rose. Net income in 2005 hit US$2.24 billion, up 58% from a year earlier.

BACKGROUND Roberto Setubal has been the bank's chief executive officer since 1994. Born in Sao Paulo, Setubal earned a degree in production engineering from Escola Politecnica da Universidade de Sao Paulo as well as a degree in engineering from Stanford University, California. From 1985 onwards, Setubal oversaw commercial operations of Banco Itau.

QUOTE "Our main focus is the Brazilian market and that's where we think the biggest opportunities are ... That doesn't mean we will stop thinking that one day we will have more of an international focus."