Colombia´s largest bank Bancolombia reports 2011 net profits of $899 million in 2011 at a shareholders meeting in Medellin Monday.
This figure represents a 16% increase on the 2010 earnings of the banking group. A disbursement to shareholders of $652 million at $0.40 a share was approved during the meeting.
Regarding the banking group’s international operations, Bancolombia president Carlos Raul Yepes Jimenez said, “We are not moving forwarding with any acquisitions at the moment, which does not mean we are not aware of any new opportunities in Colombia or any other country in the region where we are interested in increasing our operations.”
However Yepes ruled out any intention to enter the Spanish or Brazilian market, having already said it is more likely that the group would strengthen its presence in Peru or Chile, especially now that the Integrated Latin American Stock Exchange, MILA, is getting into its stride. MILA is the integrated stock exchange of Colombia, Chile and Peru.
The group is also looking to increase its activities in Panama and is applying for a license to offer credit to the people of Panama. Bancolombia also operates in Peru, Puerto Rico and the Dominican Republic.