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Board of Directors

The combined knowledge, experience and commitment of our management team and our shareholders have been crucial in determining our strategy and building new initiatives.

Pursuant to our bylaws, our board of directors must be composed of seven principal members with their alternates. Each member of the board holds office for a term of one year and may be reelected for subsequent terms.The following table presents the current members of our board of directors*:

Gustavo Ferraro


Mr. Ferraro was appointed as an alternate member of our board of directors in May 2014, and as a principal member in August 2015. He is currently the Head of Latin American Markets at Gramercy Funds Management LLC. Previously, Mr. Ferraro served as a Managing Director with Barclays Capital, where he led a Capital Markets team that covered the firm's largest Latin American corporate and sovereign clients focusing on debt capital markets and liability management. He played a key role in Argentina's 2010 reverse inquiry debt restructuring, as well as the country's previous debt restructuring in 2005. From 2000 through 2003, Mr. Ferraro worked in Salomon Smith Barney's Investment Bank where he was head of TMT (Technology, Media & Telecom) for Latin America. From 1994 through 2000, he was the head of the Debt Capital Markets desk for Latin America for Lehman Brothers in New York and he covered Argentina and Chile for Lehman Brothers Investment Banking as the head of their office in Buenos Aires. From 1987 through 1994, he spent time at Citibank in São Paulo, Brazil and in New York, where he was responsible for asset trading and for the coverage of Brazilian and multinational clients and later on became responsible for the debt syndicate desk for emerging markets. Mr. Ferraro received an MBA in Finance from Claremont Graduate School and a degree in Economy from Universidad Católica Argentina in Buenos Aires.

Luis María Blaquie


Mr. Blaquier was appointed as a principal member of our board of directors in July 2023. Mr. Blaquier has served on the Board of Directors of Ban100 and Alpha Group. Mr. Blaquier started his professional career in June 2016 as Analyst in Fiorito Factoring, from 2018 to 2020 worked as portfolio manager in Galileo-Copérnico, a hedge fund of US1 billion portfolio, from 2021 to 2022 was Associate Professor in Columbia Business School. Currently Mr. Blaquier is Vice President at GDA Luma. Mr. Blaquier is MBA from Columbia Business School.

José Miguel Knoell Ferrada


Mr. Knoell was appointed as a principal member of our board of directors in May 2016. Mr. Knoell serves on the Board of Directors of the following ACON fund/investment vehicle portfolio companies: AMFORA Packaging, Credifinanciera, CryoHoldco de Latinoamerica, Grupo Sala and Vetra. Mr. Knoell is also an observer on the board of NetUno. Mr. Knoell also serves on the board of Fundación Carulla, one of Colombia's most successful early childhood development and education non-profits for underprivileged children. Foundation Carulla was funded with a portion of the proceeds from the sale of Carulla Vivero, a prior ACON fund portfolio company. Mr. Knoell previously served on the board of Carulla Vivero, Fybeca and SAE Towers, among other ACON fund/investment vehicle portfolio companies. Prior to joining ACON in 1998, Mr. Knoell was a Vice President with the Blackstone Group from 1994 to 1998, where he was responsible for the firm's investment and advisory business in Latin America. Prior to joining Blackstone, he was an associate and founder of GBS Finanzas, a privately owned investment banking boutique based in Madrid, Spain. Mr. Knoell started his professional career as an Analyst in the mergers and acquisitions group of S.G. Warburg in Madrid, Spain. Mr. Knoell received a B.A. with honors in Economics from Harvard University.

Carlos Eduardo Meza Guarnizo

Independent Member

Lawyer from the Javeriana University with a Master's Degree in Law from Columbia Law School in New York and specialization in Tax Law from the Universidad del Rosario, he also has a Professional Certificate in Financial Analysis from the University of New York. He has more than 20 years of experience, an expert in financial transactions, corporate finance and solving complex legal problems. He has participated in the closing of financial transactions for more than US$15 billion and in the design and implementation of high-impact public policies, such as subsidies to more than 3 million families and guaranteed loans for more than US$10 billion. He currently works as Legal Vice President at the National Guarantee Fund.

Juan Manuel Trujillo Sánchez

Independent Member

Lawyer from the Javeriana University with a Master's Degree in Economic Law from the same University. He also has a Master's Degree in Law and Corporate Finance from ESADE Barcelona and studied in the Executive Program in Administration at INALDE. He has more than 20 years of experience in commercial, financial, corporate, pension and corporate finance matters. Strengths in negotiation, structuring, contracting and management of financial products through extensive experience in financial regulation, the securities market and the general pension system. He currently serves as Legal Vice President and General Secretary at Colfondos S.A.


Audit Committee

We have established an audit committee which will be responsible for presenting proposals to our board of directors on structure, procedures and methodology regarding internal control, evaluating the internal control structure in place and reports from internal auditors and other control entities, presenting programs and controls to prevent fraud and other violations, overviewing the responsibilities and duties of the internal control department, monitoring our risk exposure and our mitigation procedures at least every six months, and presenting a report to our board of directors including a description of the most relevant activities of the committee and the deficiencies detected and recommendations that could affect the financial statements and annual reports.

Set forth below are the names of the members of our audit committee:

Jose Miguel Knoell Ferrada

Board Member
Independent: NO

Juan Manuel Trujillo Sánchez

Board Member
Independent: YES

Carlos Eduardo Meza Guarnizo

Board Member
Independent: YES

Risk Committee

Credivalores, following the best practices of the market and financial institutions, forms a risk committee led by the risk manager, which meets monthly to review the quality of the portfolio, update origination policies and monitor indicators at different stages of credit, the evolution of the risk matrix and the materialization of operational risk events.

Product Portfolio

Tucrédito Libranza

Payroll loans, mainly to public service employees and pensioners. Payments on payroll loans are collected directly from employers before any wages are paid to clients, pursuant to clients irrevocable instructions. In addition, the majority of the portfolio is comprised of public sector employees and pensioners, who have low turnover rates and steady revenues, thus mitigating collection and non-payment risk.

Managed portfolio contribution: 52.0%
Collection Channel: Discount from employye payroll or national goverment pension payments.



A branded credit card offered at the mayor retailers in Colombia, that is collected through public utility companies. Payments due are invoiced as part of the client’s public utility bill, which creates a sense of priority for payment over any other consumer loan.

Managed portfolio contribution: 38.9%
Collection Channel: Installmet included and collected by public utility or mobile telephone companies on their bills.