Bancolombia opens rep office in Madrid

Thursday, November 30, 2006

Colombia's largest bank Bancolombia (NYSE: CIB) this week became the first Colombian bank to open a representative office in Madrid, Bancolombia said in a press release.

Through the representative office, Bancolombia will mostly service Colombians living in Madrid with products and services to be used exclusively in Colombia, the bank said.

Spain is one of the main engines of remittances sent to Colombia, which grew 22.2% to US$1.88bn in the first half compared to 1H05.

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