Luis Carlos Sarmiento

Luis Carlos Sarmiento Angulo (born 1933) is a Colombian billionaire with an estimated net worth in 2006 of $4.4 billion dollars. He is president of the massive banking conglomerate Grupo Aval Acciones y Valores, SA (Grupo Aval).

Career history

Sarmiento's career began modestly during the 1950s, building residential and commercial developments. After making his name in the construction business, Sarmiento initiated an acquisitions campaign that has persisted for decades, concentrating on banks and financial service institutions. By 2000, he was widely acknowledged as Colombia's top banking mogul, holding an estimated 22 percent of the local banking assets, close to the maximum allowed by law.

Sarmiento founded Grupo Aval as a holding company to gather his banking, telecommunications, and real estate interests. Four major banks, as well as other financial service corporations, form the backbone of the organization. He is considered one of Colombia's most prudent entrepreneurs, known for his conservative management techniques. This cautious approach helped his financial empire ride the storm generated by the worst recession in Colombia's history. In 2000, plans to list Grupo Aval on the New York Stock Exchange were postponed due to Wall Street's unfavorable climate for emerging market funds. [Corporate titans: most powerful Latin CEOs: Executive Strategies for the Americas, October, 2000] Sarmiento's net worth increased significantly between 2005 and 2006, thanks largely to Colombia's blistering stock market, Bolsa de Valores de Colombia, the world's second best performing in 2005. As of 2006, he continues to run Grupo Aval with help from son Luis Carlos Jr., whom he is grooming to eventually take over the family empire.

Personal life

When not managing his business holdings, Sarmiento likes to spend time in the Cotton Bay Club, on the island of Eleuthera in the Bahamas. He is married and the father of five children and earned a B.A. from the National University of Colombia. ["Forbes", World's Richest People 2003] He is also a member of the Order of Boyaca, one of Colombia's highest civilian honors. ["Forbes", World's Richest People 2006]

ee also

*Latin America's Most Important Businessmen
*List of billionaires (2006)

Notes

External links

* [http://www.forbes.com/lists/2006/10/4945.html Forbes]