Davivienda Group: Integration-driven ROE upside despite election risks; CEO takeaways

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Davivienda Group: Integration-driven ROE upside despite election risks; CEO takeaways

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Davivienda Group

Integration-driven ROE upside despite

election risks; CEO takeaways

Maintain Rating: BUY | PO: 33,667.00 COP | Price: 22,040.00 COP

Virtual meeting with CEO and VP of Strategic Risk 22 May 2026

We hosted today a virtual meeting with local investors and Davivienda’s Group senior Equity

management, including CEO Javier Suárez, VP of Strategic Risk and Financial Planning,

Ernesto Gabilondo >>

Pedro Bohorquez, and IRO Paula Botía. The discussion focused on the elections, the Research Analyst

macro-outlook and market implications, the path to double-digit returns driven by cost Merrill Lynch (Mexico) +52 55 5201 3428

and revenue synergies from the Scotiabank integration, and the bank’s digital ernesto.gabilondo@bofa.com

transformation led by DaviPlata. Our Buy rating on Davivienda is underpinned by Mario Pierry

earnings normalization and medium-term growth driven by regional expansion and Research Analyst BofAS

digital banking leadership, anchored by the DaviPlata platform. We continue to see a +1 646 743 0047

valuation disconnect despite improving profitability. mario.pierry@bofa.com

Antonio Ruette >>

Elections, macro-outlook, and market implications ResearchMerrill LynchAnalyst(Brazil)

Market sentiment hinges on the election outcome: Abelardo de la Espriella is viewed as +55antonio.ruette@bofa.com11 2188 4225

market-friendly, likely supporting investment and credit growth, while a left-leaning Augusto Uehara >>

scenario could pressure markets and risk premiums. This comes amid a challenging Research Analyst

Merrill Lynch (Brazil)

macro backdrop—high rates, rising energy costs, and climate pressures—making policy +55 11 2188 4651