Bancolombia a Buy

Analysts at Colombia’s Bolsa y Renta have a put buy recommendation on Bancolombia shares after the bank’s 2008 profits soared by almost 30% over the 2007 period. Bolsa y Renta believes the bank’s stock price will reach COP16,800 per share by the end of 2009. The stock closed at COP12,820 on February 3. According to Colombia’s banking association, the bank has 19.1% of total deposits in the country, 21.8% of total net loans, 21.0% of total savings accounts, 22.1% of total checking accounts and 14.8% of total time deposits.