Bancolombia Advances FO

Bancolombia shareholders have approved a platform to sell up to $2.4bn in preferred shares, the Colombian bank says. The lender can sell up to 148.2m shares, through multiple follow-on transactions if it chooses. Officials have said that no specific sale is imminent. Bancolombia is looking to raise funds to help finance expansion plans and comply with new global banking regulations. The bank last month spent $2.1bn on HSBC’s Panama operations, a move which has credit rating agencies worried about negative pressure on the Colombian bank’s capital, liquidity, and profitability. In January and February of last year, the bank raised $614m-equivalent in a Colombian domestic equity follow-on, followed by a $300m international tranche.