Bancolombia, Colombia’s largest bank, approved the issue of COP1.2 trillion worth of bonds or its equivalent in dollars, the Wall Street Journal reports.
The board announced in a statement on Tuesday that the bonds will have a ten year maturity and be issued in one or more lots in Colombia or abroad, depending on market conditions.
The bank will use the proceeds from the bond sales to develop its corporate purposes, which include all activities legally permitted to banking institutions.