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Best bank: Bancolombia Best equity house: JPMorgan |
Not only is Bancolombia the only Colombian bank to have a level-three ADR programme with shares listed in New York, it also successfully raised a further $445 million of equity in July last year through this programme. These shares offer a rare opportunity for investors to gain exposure to Colombia. These funds, along with $590 million in loans, were earmarked to pay for Bancolombia’s acquisition of Salvadorean bank Banco Agricola Comercial de el Salvador.
In addition to successfully merging its new El Salvadorean asset, Bancolombia continues to report excellent results. According to Asobancaria (Colombia’s national banking association), Bancolombia’s market share of the Colombian financial system as of April 2008 encompassed 18.1%