RIO DE JANEIRO, BRAZIL – The number of brands that Colombian society consumes belonging to some of the six wealthiest families is surprising. Grupo Bolívar, Mercantil Colpatria, Corona, Alkosto, Olímpica, and Tecnoquímicas are the business groups and companies that belong to the portfolio of some of the family groups that make up the list of the wealthiest families in the country, according to Forbes.
1. Cortés Osorio Brothers and Sons (Bolívar Group), with a net worth of US$3.2 billion (as of 2019).
Grupo Bolívar is led by Miguel Cortés Kotal, son of José Alejandro Cortés, whose father and uncle founded Seguros Bolívar in 1939. Over eight decades, this family has created an emporium that includes banking, insurance, construction, and other investments.
The conglomerate Financiero Bolívar S.A., has financial holding companies such as: Inversiones Financieras Bolivar SAS and Inversora Anagrama Inveranagrama SAS. Banco Davivienda S.A. also belongs to this group. Banco Davivienda has 22 business units in four foreign countries, excluding Colombia, three in Panama, seven in Costa Rica, four in El Salvador and two in Honduras.
2. Pacheco Cortés Brothers (Mercantil Colpatria), with a net worth of US$1.6 billion dollars (2019).
Eduardo Pacheco Cortés is the son of Carlos Eduardo Pacheco Devia, the founder of Mercantil Colpatria. In 1997, he replaced his father as president of the group. In 2009 Scotiabank Colpatria and the Enel Group originated the Libre Codensa credit cards, where payment is enabled through the energy service bill.
In August 2019, Scotiabank and Mercantil Colpatria sold 100% of their stake in Colfondos to Chile’s AFP Habitat. The deal is close to US$174 million. Scotiabank owned 51% and Mercantil Colpatria 49%. According to figures from the Superintendencia Financiera, as of November of the same year, Scotiabank Colpatria had a 16.54% share of the credit card market.
Credito Fácil Codensa had an average of 850,000 cards and a 5% share. Colpatria and Enel plan a business line of cards and loans for small and medium-sized companies.
Mercantil Colpatria includes several business models: Colpatria Constructora, Olimpia (cybersecurity solutions, biometric security, and e-commerce), Axa Colpatria, Colpatria Capital, and Colpatria (private equity unit).
3. Echavarría Olázaga Brothers and Sons (Corona), with assets of US$854 million (2019).
With four business divisions, it has two commercial units (Almacenes Corona and Comercial Corona Colombia) and owns equity stakes in Falabella de Colombia and Banco Falabella. It is one of the great business families of Antioquia. Gabriel Echavarría Misas bought the Locería Colombiana factory, which originated from the Corona Organization.
This organization was led by Hernán Echavarría Olózaga, who was in charge of the company with his brothers Elkin, Norman, and Felipe. Eventually, the family created the Corona Foundation, one of the most important in the country.
4. Manuel Santiago Mejía (Alkosto), with a net worth of US$576 million (2019).
They have an “owner” organization with the exclusive distribution in Colombia of brands such as Kalley, Midía, Magenta, Akt motorcycles, Castrol, Fotón, Singer, Tvs (motorcycles), and Royal Enfield.
Manuel Santiago Mejía is one of the most relevant business voices in Antioquia. He is an economist from Antioquia University and holds an MBA from South Illinois University. Manuel Santiago Mejía’s father, Santiago Mejía Olarte, was one of the founders of the formerly known as Grupo Empresarial Antioqueño.
He was part of the follow-up commission to the Havana agreements formed by Proantioquia, the Andi, and with the advice of experts on the conflict from Eafit. He was a hard and great detractor of the peace agreement made during the government of Juan Manuel Santos and campaigned for the ‘No’ in the 2016 referendum.
5. Char Abdala brothers and sons (Olímpica), with a Patrimony of US$432 million (2019).
One of the most powerful families in the north of the country, more than being a prominent business family and owner of the most important soccer team in the region, it is worth mentioning the tremendous political relevance it has, in addition to the support and acceptance they receive from the citizens.
Fuad Char, the patriarch of this family, was a congressman. He is the father of Alejandro Char, several times mayor of Barranquilla and former presidential candidate in 2022, and Arturo Char, currently a congressman for the ‘Cambio Radical’ party.
In 1968, the Char family bought the radio station Radio Regalos, which served as the basis for the Olímpica Radio Organization, with a presence in 17 capital cities with 30 stations. Among them Olímpica Stereo, Radio Tiempo, La Reina, Emisora Atlántico, Mix, La KY, and Radio Mil.
The Superstores and Drugstores known as Olímpica are the center of the Char family’s business structure. With 350 stores in 105 municipalities in 21 departments, which produced sales of COP 5.7 billion (US$1.5 million) at the end of 2017.
To control the market to the maximum, the family has companies such as Acondesa (poultry sector company and its restaurant franchise Piko Riko), Arrocera Olímpica, Granos y Cereales de Colombia, Empaques Transparentes, Laboratorios Best, Promotora Inmobiliaria, Portales Urbanos, Farid Char & Cía. and Simba, Olimpo technology products, Videlca (Vigilancia del Caribe), Sonovista Publicidad and Serfinanza bank, among others, are some of the Char family’s companies.
6. Barberi Family (Tecnoquímicas)TQ, with a net worth of US$420 million (2019).
The company was born in 1934, but it was not until 1957 that the corporate name Tecnoquímicas appeared. One of the promoters of the organization was Francisco Antonio Barberi Zamorano. In 1950, Fixalia Laboratories was created. In 2019, Claudia Blum, former congresswoman and wife of Francisco Barberi, president of the company, was appointed as Chancellor.
It has well-known brands such as Winny diapers, Allergan, Clorox, Lua Fruit Salt, Bonfiest, Yodora, Blankísima, Noraver, Crema No. 4., CureBand, Colbón, Charms candies, Altex, and more has its own operations in the following countries; Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, and the Dominican Republic, also has a presence in more than 17 countries in America product exports.
It currently has eight plants in Colombia to supply 30 production areas such as cotton, multivitamin granules, pharmaceutical ointments, gelatin capsules, solid pharmaceuticals, quality control, cosmetics, liquid glues, adhesive tapes, hospital adhesives, graphic arts, folding and luxury labels, bottle blowing, biotech creams, effervescent products, diapers, and agrochemicals.