Bancolombia Launches Major B Lab Partnership
In May 2016, Bancolombia announced a Measure What Matters partnership with Sistema B (B Lab's South American partner) and B Lab. This partnership is designed to help Bancolombia use the B Impact Assessment to measure and manage the positive impact of 150 of their bank's top suppliers as a pilot, with plans to expand the program to the remaining 13,000 suppliers in the future. Bancolombia is the largest bank in Colombia and the third largest in South America, with assets of over $55 billion.
Bancolombia envisions this as the first phase of a multi-year effort that they hope will eventually create deeper alignment and engagement with their more than 1 million customers throughout South America. While other investors and credit providers have used the B Impact Assessment and B Analytics as part of their due diligence and portfolio management, the Bancolombia Measure What Matters partnership is the most extensive to date.
The announcement took place at Bancolombia's headquarters in Medellin at their 2016 Suppliers Awards presentation. The short-term plans and long-term vision were also shared with close to 4,000 of the company's business partners via online webinars during the launch week.
B Lab & Sistema B welcome Bancolombia as a Measure What Matters partner and look forward to helping their powerful network use business as a force for good in South America.