The board of Colombia’s largest bank Bancolombia SA authorized its management to sell as much as 2 trillion Colombian pesos (US$1.01 billion) of local bonds to finance its banking business, the company said Tuesday in a filing with the country’s market regulator.
The bank will sell the bonds in several offers of different sizes, the filing said without giving a timeframe, although it said the sales will be dependent on the bank’s needs.
Proceeds will be used to carry out all the operations that a bank is allowed in Colombia, the filing said without elaborating.
New York-traded shares of Bancolombia fell 3.1% Tuesday at US$40.58. (Dow Jones)