Bancolombia Group restructures with new holding company 

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By LatAm Reports Staff Writers

Grupo Bancolombia will cease to function as the parent company of the financial institutions that are in Colombia and Central America, and that role will remain in the hands of Cibest. This will be the new holding company that will bring together the financial and non-financial businesses linked to the group, including Bancoagroícola.
Today Bancolombia fulfills two roles: it carries out activities of a bank in Colombia and serves as the parent of financial institutions in Colombia and Central America, as well as companies in the real sector that complement our services and financial products, explains Juan Carlos Mora, president of Grupo Cibest and president of Bancolombia in a statement.

And he adds, that on this change Bancolombia will continue to operate as a bank and Grupo Cibest will be the parent company.

In practice for the more than 32 million clients of financial institutions it will not involve changes, while shareholders will receive a share from the Cibest Group for each share they have in the Bancolombia Group.

To make this change, the financial group is waiting for the authorization of market regulators from Colombia, Panama, Guatemala, El Salvador and the United States; and the green flag is expected to be in 2025.

Thus under the umbrella of the parent company will be: Bancolombia S.A. which includes Bancolombia Panamá, Bancolombia Puerto Rico, Grupo Bancolombia Capital con Fondo de Fondo de inversión, as well as the Fondo de Capital Private Capital Fund Fondo Real Estate Colombia.

Also, there will be the banks Banistmo (Panama), Bancoagrícola (El Salvador) and BAM (Guatemala); in addition to other businesses, such as Wompi, Renting Colombia and Wenia.

The name, Mora explains, is by CIB that it is the acronym that we listed on the New York Stock Exchange almost 30 years ago. Best represents our desire to be better every day.

Bancolombia was born 150 years ago, today it is a group with East one more step in our history of evolution and growth. Today we are a financial group with more than 34,000 employees. He arrived in El Salvador in 2006 and today in this market is the largest bank by assets.

This article has been translated after first appearing in La Prensa Grafica