Bancolombia Plans Share Buybacks, Ventures Under New Holding

Colombia’s biggest bank, Bancolombia, seeks to free up cash for share buybacks and new business ventures by moving all of its subsidiaries into a new holding company, the firm’s finance chief said in an interview.

Grupo Cibest, as the new holding is called, would help simplify operations by grouping nearly $90 billion in national and international assets under a more streamlined corporate structure, Chief Financial Officer of Grupo Bancolombia Mauricio Botero told Bloomberg. Shares in the bank would be swapped for equity in Cibest, with the holding company providing more flexibility and capital for new projects, he said.