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Firmly in the Black

Nov 7, 2003

Bancolombia became Colombia's largest bank when it was created in 1998 following the merger of BIC and the troubled Banco de Colombia. But Bancolombia has struggled to turn a decent profit for most of its short life, posting heavy losses during the recession of 1999-2000.

Bancolombia, led by Jorge Londoño, is now firmly in the black with first half net income of $49.5 million, 63% more in dollar terms as the...

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