Bancolombia SA, the nation’s largest bank, said its board approved a plan to sell as much as $1.2 billion of subordinated debt abroad in addition to a peso bond program announced in May.
The dollar bond program is “independent” from a plan to sell 3 trillion pesos ($1.6 billion) of debt denominated in the local currency, the company said yesterday in an e-mailed statement.
“These are approvals to be prepared in case the company decides to issue debt down the road, but they are independent,” the company said.
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