Firmly in the Black

Firmly in the Black

M&A

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 same period last year. The bank's return on equity more than doubled to 36.6% in June and the bank's ADRs have doubled in price to $5.12 since January. For this remarkable achievement, LatinFinance has chosen Bancolombia the best bank in Colombia in 2003. Bancolombia has even ou

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