Bancolombia

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Bancolombia S.A.
Bancolombia.jpg
Founded 1945
Headquarters Medellin, Colombia
Key People President Jorge Londoño Saldarriaga
Products banking and finance
Website http://www.grupobancolombia.com/home/index.asp

(Spanish only)

The Bancolombia Group (Grupo Bancolombia) is Colombia's largest bank and its second-largest listed stock, by market capitalization and IGBC Index weighting, on the Colombia Stock Exchange. Bancolombia's monthly revenues have recently returned to growth after getting hit following the 2008 financial crisis, although the group still registered earnings growth over 2007.

Background

Bancolombia was founded in 1945 in Medellin as Banco Industrial Colombiano S.A. and became known as Bancolombia in 1998 following its controversial 1997 acquisition of Banco de Colombia. Bancolombia is now Colombia's largest bank with total assets of 61.8 trillion Colombian pesos at December 2008, a rise of almost 18.5% year-on-year.[1] It also holds more than 21% of Colombia's checking accounts and loans, 19.7% of its savings accounts and 19% of its total deposits as of Q1 2009.[2]

Bancolombia is one of the largest and most liquid stockson the Colombia Stock Exchange and had a market capitalization of US$4.6 billion as of May 4, 2009.[3] Bancolombia is also major component of the CSE's benchmark IGBC index - its combined regular and preferred stock made up just over 16% of the IGBC weighting at the end of 2008[4] and 20% of the rival FTSE Colombia 20 Index, on a par with IGBC Index leader Ecopetrol.[5]

Key people

Bancolombia President Jorge Londoño Saldarriaga has served in the post since 1996 after spending three years on the bank's board of directors while serving as CIO of Suramericana de Seguros S.A.[6] Prior to that he served as CEO of stockbroker Suvalor S.A. and also served as year from 1983 to 1984 as Secretary of Finance of the city of Medellin. In early 2007 Saldarragia was placed under house arrest by the attorney general over a fraud and misconduct investigation into the 1997 acquisition of Banco de Colombia.[7] However, in late April 2009 the attorney general issued an order barring further criminal investigation of Saldarriaga.[8]

Latest news

Bancolombia recently announced that its first-quarter net income rose just over 9% between 2008 and 2009 despite the fall-out from last year's financial crisis that battered Colombian capital markets.[9] The group's first quarter net interest income rose 19.7% on 2007 while net fee/service income climbed 9.5%. Previously, Bancolombia had announced an 18.7% increase in yearly earnings between 2007 and 2008 and a 17.7% rise in total equity over the period.[10]

References

  1. CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2008. Grupo Bancolombia.
  2. Bancolombia S.A. Announces Unconsolidated Results for the Month of March 2009. PRNewswire-FirstCall.
  3. Bancolombia S.A. (CIB). Yahoo Finance.
  4. The Colombia stock market and IGBC index: An overview. IncakolaNews.com.
  5. FTSE COLOMBIA 20 INDEX. FTSE.
  6. Jorge Londoño Saldarriaga. Forbes.
  7. Fitch Comments On Legal Actions Against Key Executives Of Bancolombia. Business Wire.
  8. Bancolombia Announces a Decision by the Colombian Attorney General's Office. PRNewswire.
  9. Bancolombia S.A. Announces Unconsolidated Results for the Month of March 2009. PRNewswire-FirstCall.
  10. Bancolombia's Earnings Up Over 18% from 2007. Seeking Alpha.