Julio Carrizosa began his career renting out his bicycle to make ends meet. He studied engineering at the National University of Colombia but did not finish his studies, as he needed to work full time. After working at the construction company Empresas Urbanas, he started his own company, Industrial de Construcciones (IC). IC became one of the leading providers of affordable housing in Colombia and one of the top five developers in the country. His work drew international recognition.
Carrizosa’s passion to provide homes for underserved communities led him to the financial sector. In 1985, he became a principal shareholder took ownership of Granahorrar Bank which provided financing for residential construction and urban development. Over time, Granahorrar created new financing models that helped low-income families afford housing. Under his leadership, Granahorrar became one of the largest and most recognized banks in Colombia.
Carrizosa Mutis passed away in August 2018. He left behind him his wife, Astrida, and three sons, Alberto, Felipe, and Enrique.
Astrida Carrizosa was born in Latvia and the family moved to Cleveland during the Second World War. She became a U.S. Citizen in 1954. After completing high school and college in Ohio, she moved to Colombia in 1962 to work as an English instructor at the U.S. State Department’s language center. She married Julio Carrizosa in 1964.
She spent her time between Colombia and the United States, where most of her family lived. She was a co-investor in Carrizosa’s businesses in Colombia, including in Granahorrar, and lost her investments after the expropriation of the Bank. After a series of conflicting and irregular rulings in Colombia’s legal system, she appealed her case to the World Bank’s international arbitration venue, the International Centre for Settlement of Investment Disputes (“ICSID”).
Despite the difficult chapter of Granahorrar’s expropriation, Julio Carrizosa continued to devote his life to creating housing opportunities for Colombians.
After his passing in 2018, his sons Alberto, Felipe, and Enrique continue to play an active role in supporting the development of various sectors, including housing construction, energy and telecommunications, gas distribution and financial services.
The three sons, like their mother, had shares in Granahorrar through the family’s investment company. They too, as U.S. citizens, have sought to right the wrongdoings of the Colombian legal system and have filed claims with the Permanent Court of Arbitration (“PCA”) applying the United Nation’s Commission on International Trade rules. The oldest son, Alberto Carrizosa, has led the family’s efforts to fight for justice.
