Bancolombia Plans To Expand ADR Program

Colombia’s largest financial institution, Bancolombia, is planning to issue more ADRs in New York to help finance its acquisition of El Salvador Grupo Financiero Banagrícola. Earlier this year the bank proposed issuing 60 million preferred shares with non-voting rights to raise an estimated $440 million. Bancolombia bought Banagrícola last December for around $900 million.