Bancolombia S.A. Announces the Sale of an Unproductive Portfolio

Jun 04, 2010, 09:50 ET from Bancolombia S.A.

MEDELLIN, Colombia, June 4 /PRNewswire-FirstCall/ -- Bancolombia S.A. (NYSE: CIB) clarifies information published in the Colombian media:

  1. Bancolombia sold an unproductive portfolio (100% charged-off) representing a capital amount of COP 122,270,618,929 (approximately USD 62.3 million) to Compania Reintegra SAS.  Of this amount, Bancolombia S.A. sold a portion of the portfolio representing COP 118,781,641,226 and Factoring Bancolombia S.A. C.F. sold a portion of the portfolio representing COP 3,488,977,703 (together, the Transaction).
  2. Pursuant to the Transaction, Bancolombia S.A. will receive COP 10,639,431,523 (USD 5.4 million) and Factoring Bancolombia S.A. C.F. will receive COP 110,411,011 (approximately USD 56,000).

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.