Colombia’s state-controlled Empresa de Telecomunicaciones de Bogota (ETB) has chosen the investment banking division of Banco Santander to assist in its plan to attract a strategic partner. ETB is seeking options to finance its investment needs and expansion plans, the company said in a statement. The telecom firm hired Santander to find a partner, or to offer other financial alternatives. ETB, which is the main telecoms provider in the capital Bogota, faces rising competition from Spain’s Telefonica and Telmex’s local arm, amongst others. According to TeleGeography’s GlobalComms database, ETB reported a net profit of COP241 billion (USD128 million) in 2007, up 29.6% compared to the previous year. Revenues for the year fell 3.3% to COP1.5 trillion; fixed line telephony accounted for 65% of the total while data and broadband services generated 22%.