Bancolombia S.A. Announces a Settlement Agreement That Ends all Disagreements and Legal Proceedings Relating to the Acquisition of the Former Banco de Colombia

Jun 21, 2010, 19:59 ET from Bancolombia S.A.

MEDELLIN, Colombia, June 21 /PRNewswire-FirstCall/ -- Bancolombia S.A. (Bancolombia) (NYSE: CIB) announces that today it entered into a settlement agreement with the Gilinski family, pursuant to which the parties have agreed to end all disagreements relating to the acquisition by the former Banco Industrial Colombiano, now Bancolombia, of the majority shareholder of the former Banco de Colombia.

The settlement agreement represents an end to all civil and commercial actions among the parties and a voluntary dismissal of all actions relating to criminal proceedings.

Bancolombia expresses its satisfaction with the entry into this settlement agreement.

Contacts

Sergio Restrepo

Executive VP

Tel.: (574) 4041424

Jaime A. Velasquez

Financial VP

Tel.: (574) 4042199

Juan E. Toro

IR Manager                

Tel.: (574) 4041837

SOURCE Bancolombia S.A.