All financial institutions subject to the inspection and surveillance of the Financial Superintendence of Colombia under Decree-Law no. 663 of 1993 must be constituted in the form of commercial stock companies or cooperative associations, with the exception of branches of foreign banks and foreign insurance companies.
"ARTICLE 1. GENERAL STRUCTURE. The financial and insurance system is made up of the following:
a. Credit institutions.
b. Financial services companies.
c. Capitalization companies.
d. Insurance entities.
e. Insurance and reinsurance intermediaries
[....]
ARTICLE 53. PROCEDURE.
1. Social form. The entities that, according to this Statute, must be subject to the inspection and surveillance of the Financial Superintendence of Colombia will be constituted in the form of commercial stock companies or cooperative associations, with the exception of banks and foreign insurance companies that operate in the country through branches, which may operate under the legal form they have.[...]" (Decree-Law no. 663 on the Organic Statute of the Financial System (2 April 1993), last amended by Law no. 2071 of 2020, Articles 1 and 53 [google translation])
Decree-Law no. 663 on the Organic Statute of the Financial System (2 April 1993), last amended by Law no. 2071 of 2020, Articles 1 and 53
[<a href="http://www.secretariasenado.gov.co/senado/basedoc/estatuto_organico_sistema_financiero.html">Decree-Law</a>]