Grupo Aval is Colombia's largest banking conglomerate by consumer loans, operating through four Colombian commercial banks: Banco de Bogotá, Banco de Occidente, Banco Popular, and Banco AV Villas. Together, these banks hold roughly 25% of Colombia's gross loan market. Each bank targets distinct segments — Banco de Bogotá serves large corporates and all retail segments, Banco de Occidente focuses on mid-size corporate and SME clients, Banco Popular specializes in payroll loans for government employees and pensioners, and Banco AV Villas focuses on consumer and mortgage banking. Payroll loans — where repayments are deducted directly from salary or pension — are Grupo Aval's strongest individual product, with a 42.2% national market share. The banks earn revenue primarily on the spread between loan yields and deposit costs, supplemented by fee income from transaction services, credit cards, and trust management. Beyond commercial banking, Grupo Aval operates two other significant businesses: Corficolombiana, Colombia's largest merchant bank, which holds equity stakes in infrastructure concessions, natural gas pipelines, and other non-financial companies; and Porvenir, Colombia's largest private pension fund manager with a 45.9% AUM market share, which earns management fees on mandatory and voluntary pension savings. Grupo Aval's growth strategy centers on shifting its loan mix toward higher-yielding consumer products, growing retail deposits, expanding its digital payments presence, and driving cost savings through shared services across its four banks.