Bancolombia Proposes New Shares

The board of Colombia’s largest financial institution, Bancolombia, has approved a new share offering plan. The bank is proposing to issue 60 million preferred shares with non-voting rights to raise an estimated $440 million. The proposal will be put to shareholders at a meeting in March. The money raised may go towards the acquisition of Salvadorian financial group Banagrícola, which Bancolombia agreed to buy last December for up to $900 million.