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Bancolombia S.A. Announces a Resolution of the Superintendency of Industry and Trade
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| CIB | 45.26 | +0.26 |
MEDELLIN, Colombia, Oct. 8 /PRNewswire-FirstCall/ -- Pursuant to Resolution No. 46791, dated September 15, 2009, the Colombian Superintendency of Industry and Trade (the "Superintendency"), in an investigation relating to the interbank exchange fee, confirmed, amended, and revoked certain provisions of the Superintendency's Resolution No. 29497 issued in 2008.
Among other things, the Superintendency concluded that the associated banks breached their obligations in the way they determined the interbank exchange rate, declared the occurrence of a default under and called upon the performance bonds issued by the banks, among them Bancolombia S.A. (NYSE: CIB - News; "Bancolombia") and ordered that Credibanco and Redeban determine the interbank exchange fee taking into account the relevant associated costs.
The value of the performance bonds issued by Bancolombia is estimated to be COP $ 789.5 million.
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