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| Ricardo Jaramillo Mejia, Bancolombia |
In February, Bancolombia was advised to postpone its Ps2.66 trillion ($1.4 billion) follow-on offering. International banks believed the difficult equity markets throughout Latin America would make the deal unviable, or at least inadvisable, in pricing terms, and with several other transactions being pulled from the market at that time there was a sound basis for the advice. However, Banca de Inversíon Bancolombia (BIB), the bank’s own investment bank, took the opposite view.
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