As filed with the Securities and Exchange
Commission on April 25, 2019
Registration No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM F-3
REGISTRATION
STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Bancolombia S.A.
(Exact name of Registrant as specified
in its charter)
Republic of Colombia
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Not Applicable
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Not Applicable
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(State or other jurisdiction of
incorporation or organization)
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(Translation of registrant’s
name into English)
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(IRS Employer
Identification Number)
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Carrera 48 #26-85, Avenida Los Industriales
Medellín, Colombia
Telephone: +(574) 404-1837
(Address and telephone number of registrant’s
principal executive offices)
Puglisi & Associates
850 Library Avenue, Suite 204
Newark, Delaware 19711
Telephone: (302) 738-6680
(Name, address and telephone number of
agent for service)
Copies to:
Robert S. Risoleo, Esq.
Sullivan & Cromwell LLP
1700 New York Avenue, N.W.
Washington, D.C. 20006
Telephone: (202) 956-7500
Facsimile: (202) 293-6330
Approximate date
of commencement of proposed sale to the public:
From time to time after the effective date of this registration statement.
If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please
check the following box.
¨
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check
the following box.
x
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check
the following box and list the Securities Act registration statement number of the earlier effective registration statement for
the same offering.
¨
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering.
¨
If
this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box.
x
If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register
additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following
box.
¨
Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.
Emerging
growth company
¨
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards†
provided pursuant to Section 7(a)(2)(B) of the Securities Act.
¨
†
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
CALCULATION OF REGISTRATION FEE
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Title of Each Class of
Securities to Be Registered
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Amount
to Be
Registered
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Proposed
Maximum
Aggregate
Offering Price
Per Unit
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Proposed
Maximum
Aggregate
Offering Price
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Amount of
Registration Fee
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Debt securities
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(1)
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(1)
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(1)
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(1)
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Preferred shares, par value of COP 500 each
(2)
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(1)
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(1)
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(1)
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(1)
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Rights to subscribe for preferred shares
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(3)
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None
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None
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None
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(1)
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An indeterminate aggregate initial offering price or number of securities of each identified class is being registered as may from time to time be issued at indeterminate prices. In accordance with Rules 456(b) and 457(r) under the Securities Act, the Registrant is deferring payment of the entire registration fee.
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(2)
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The preferred shares may be represented by American Depositary Shares (“ADS”), each representing four preferred shares, evidenced by American Depository Receipts (“ADR”), to be issued upon deposit of the preferred shares being registered hereby, and that have been registered pursuant to a separate registration statement on Form F-6 (file No. 333-127306) filed on August 8, 2005 and on Form F-6 (file No. 333-148651) filed on January 14, 2008, or will be registered pursuant to a further registration statement on Form F-6.
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(3)
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Includes rights to subscribe for ADSs. No separate consideration will be received for the rights offered hereby.
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THE INFORMATION CONTAINED IN THIS PROSPECTUS
IS CONSIDERED ESSENTIAL IN ORDER TO ALLOW AN ADEQUATE EVALUATION OF THE INVESTMENT BY POTENTIAL INVESTORS. THE PREFERRED SHARES
ARE REGISTERED IN THE
REGISTRO NACIONAL DE VALORES Y EMISORES
(THE COLOMBIAN NATIONAL REGISTRY OF SECURITIES AND ISSUERS).
THE DEBT SECURITIES MAY BE AUTOMATICALLY REGISTERED IN THE
REGISTRO NACIONAL DE VALORES Y EMISORES
. SUCH REGISTRATION DOES
NOT CONSTITUTE AN OPINION OR ASSUMPTION OF LIABILITY BY THE
SUPERINTENDENCIA FINANCIERA DE COLOMBIA
(THE COLOMBIAN SUPERINTENDENCY
OF FINANCE OR “SFC”) WITH RESPECT TO THE QUALITY, THE PRICE OR TRADEABILITY OF SUCH SECURITIES OR OUR SOLVENCY. THE
DEBT SECURITIES AND THE ADSs MAY NOT BE PUBLICLY OFFERED OR SOLD IN THE REPUBLIC OF COLOMBIA UNLESS THEY ARE REGISTERED IN THE
REGISTRO NACIONAL DE VALORES Y EMISORES
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PROSPECTUS
Debt Securities
Preferred Shares
American Depositary Shares representing
Preferred Shares
Rights to Subscribe for Preferred Shares
From time to time,
we may offer, issue and sell debt securities, preferred shares, American depositary shares (“ADSs”) representing preferred
shares and rights to subscribe for preferred shares in one or more offerings. This prospectus may also be used by a selling security
holder to sell securities from time to time. This prospectus describes some of the general terms that may apply to these securities
and the general manner in which they may be offered. When securities are offered under this prospectus, we will provide a prospectus
supplement describing the specific terms of any securities to be offered, and the specific manner in which they may be offered,
including the amount and price of the offered securities. The prospectus supplement may also add, update or change information
contained in this prospectus. If any securities are to be sold by selling security holders, information concerning the security
holders will be included in a supplement or supplements to this prospectus. The prospectus supplement may also incorporate by reference
certain of our filings with the U.S. Securities and Exchange Commission. This prospectus may not be used unless accompanied by
a prospectus supplement or the applicable information is included in our filings with or submissions to the U.S. Securities and
Exchange Commission. You should carefully read this prospectus and any prospectus supplement, together with any documents incorporated
by reference, before you invest in any of our securities.
Our ADSs are listed
on the New York Stock Exchange (“NYSE”) and trade under the ticker symbol “CIB”. Our common shares and
preferred shares are listed on the
Bolsa de Valores de Colombia
(the “Colombian Securities Exchange”) and trade
under the symbols “BCOLOMBIA” and “PFBCOLOM”, respectively. On April 24, 2019, the closing price of our
ADSs on the NYSE was U.S.$ 52.48 per ADS, and the closing price of our preferred shares on the Colombian Securities Exchange was
COP 42,240 per preferred share. Our headquarters are located at Carrera 48 # 26-85, Avenida Los Industriales, Medellín,
Colombia, and our telephone number is +(574) 404-1837.
We and/or the selling
security holders may offer and sell the securities directly to purchasers, through underwriters, dealers or agents, or through
any combination of these methods, on a continuous or delayed basis. If securities are sold by selling security holders, we will
not receive any proceeds from such sale.
Investing in our
securities involves risks. You should consider carefully the information included under the caption “Risk Factors”
in our Form 20-F for the year ended December 31, 2018, filed with the Securities and Exchange Commission on April 24, 2019, as
well as the risk factors included in the applicable prospectus supplement.
Neither the U.S.
Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon
the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Prospectus dated April 25, 2019.
TABLE OF CONTENTS
ABOUT THIS PROSPECTUS
In this prospectus,
unless otherwise indicated or the context otherwise requires, references to “Bancolombia,” the “Bank,”
“we,” “us” and “our” mean Bancolombia S.A., a banking institution organized under the laws
of the Republic of Colombia, and its subsidiaries on a consolidated basis.
This prospectus is
part of a registration statement that we filed with the U.S. Securities and Exchange Commission (the “SEC”), using
a “shelf” registration process. Under this shelf process, the securities covered by this prospectus may be sold in
one or more offerings. Each time we or any selling security holder offers securities under the registration statement, we will
provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement
may also add, update or change information contained in this prospectus. You should read this prospectus and the applicable prospectus
supplement together with the additional information described under the heading “Available Information.” The registration
statement that contains this prospectus (including the exhibits to the registration statement) contains additional information
about us and the securities offered under this prospectus. Statements contained in this prospectus and the applicable prospectus
supplement about the provisions or content of any agreement or other document are only summaries. If SEC rules require that any
agreement or document be filed as an exhibit to the registration statement, you should refer to that agreement or document for
its complete contents. The registration statement can be read at the SEC website or at the SEC offices mentioned under the heading
“Available Information.”
You should rely only
on the information contained or incorporated by reference in this prospectus, any related free writing prospectus or the applicable
prospectus supplement. We have not authorized anyone else to provide you with additional or different information. This prospectus
may only be used to sell securities if it is accompanied by a prospectus supplement or the applicable information is included in
our filings or submissions to the SEC. This prospectus may only be used where it is legal to sell these securities. You should
not assume that the information contained or incorporated by reference in this prospectus, the applicable prospectus supplement
or any other offering material is accurate as of any date other than the dates on the front of those documents.
AVAILABLE INFORMATION
We are subject to
the information requirements of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), applicable
to a foreign private issuer and, accordingly, file or furnish reports, including annual reports on Form 20-F, reports on Form 6-K,
and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other
information regarding issuers that file electronically with the SEC, including us. The address of the SEC website is http://www.sec.gov.
We have filed with
the SEC a registration statement on Form F-3 relating to the securities covered by this prospectus. This prospectus is a part of
the registration statement and does not contain all of the information in the registration statement. Whenever a reference is made
in this prospectus to a contract or other document of ours, please be aware that the reference is only a summary and that you should
refer to the exhibits that are a part of the registration statement for a copy of the contract or other document. You may review
a copy of the registration statement at the SEC’s Internet site.
INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE
The SEC’s rules
allow us to “incorporate by reference” information into this prospectus. This means that we can disclose important
information to you by referring you to another document. Any information referred to in this way is considered part of this prospectus
from the date we file that document. Any reports filed by us with the SEC after the date of this prospectus will be incorporated
by reference into this prospectus and will automatically update and, where applicable, supersede any information contained in this
prospectus or incorporated by reference in this prospectus (other than, in each case, documents or information deemed to have been
furnished and not filed in accordance with SEC rules).
We incorporate by
reference into this prospectus the following documents or information filed by us with the SEC:
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(1)
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our Annual Report on Form 20-F
for the fiscal year ended December 31, 2018 (filed with the SEC on April 24, 2019) (the “Annual Report”);
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(2)
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any future annual reports on Form 20-F filed with the SEC under the Exchange Act after the date of this prospectus and prior to the termination of the offering of the securities offered by this prospectus; and
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(3)
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any future reports on Form 6-K that we furnish to the SEC after the date of this prospectus and prior to the termination of the offering of the securities offered by this prospectus that are identified in such reports as being incorporated by reference in our Registration Statement on Form F-3.
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We will provide without
charge to each person, including any beneficial owner, to whom this prospectus is delivered, upon his or her written or oral request,
a copy of any or all documents referred to above which have been or may be incorporated by reference into this prospectus.
You may request a
copy of these filings by writing or telephoning us at our principal executive offices at the following address:
Bancolombia S.A.
Carrera 48 # 26-85, Avenida Los Industriales
Medellin, Colombia
Attention: Investor Relations
Telephone Number: (574) 404-1837
DEFINITIONS
For purposes of this
prospectus and unless otherwise specified or if the context so requires, terms used herein will have the meaning set forth in our
Annual Report, which is incorporated in this prospectus by reference.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This prospectus,
the accompanying prospectus supplement and the documents incorporated in this prospectus by reference contain statements which
may constitute forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements are not based on historical facts but instead represent only our belief regarding
future events, many of which, by their nature, are inherently uncertain and outside our control. Words such as “anticipate”,
“believe”, “estimate”, “approximate”, “expect”, “may”, “intend”,
“plan”, “predict”, “target”, “forecast”, “guideline”, “should”,
“project” and similar words and expressions are intended to identify forward-looking statements. It is possible that
our actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements.
Information regarding
important factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements appear
in a number of places in this prospectus and the documents incorporated in this prospectus by reference, principally in “Item
3. Key Information—D. Risk Factors” and “Item 5. Operating and Financial Review and Prospects” of our Annual
Report, which is incorporated in this prospectus by reference, and include, but are not limited to:
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changes in general economic,
business, political, social, fiscal or other conditions in Colombia, El Salvador, Panama, Guatemala where we operate;
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changes in capital markets or in markets in general that
may affect policies or attitudes towards lending;
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changes in tax laws in Colombia,
El Salvador, Panama, Guatemala;
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unanticipated increases in
our financing and other costs, or our inability to obtain additional debt or equity financing on attractive terms;
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inflation, changes in foreign
exchange rates, and changes in interest rates;
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internal security issues
and sovereign risks affecting the countries where we operate, especially Colombia;
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increases in delinquencies
by our borrowers;
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lack of acceptance of new
products or services by our targeted customers;
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competition in the banking,
financial services, credit card services, insurance, asset management, remittances, business and other industries in which we
operate;
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adverse determination of
legal or regulatory disputes or proceedings;
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changes in official regulations
or the Colombian Government’s banking policy as well as changes in laws, regulations or policies in the jurisdictions in
which we do business;
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regulatory issues relating
to acquisitions;
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changes in business strategy;
and
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decreases in our capital
levels.
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Forward-looking statements
speak only as of the date they are made and are subject to change, and we do not intend, and do not assume any obligation, to update
these forward-looking statements in light of new information or future events arising after the date of this prospectus and the
documents incorporated in this prospectus by reference.
BANCOLOMBIA
We are Colombia’s
leading financial institution, with a presence in other jurisdictions such as Panama, El Salvador, Puerto Rico, Guatemala and the
Cayman Islands, providing a wide range of financial products and services to a diversified individual, corporate, and government
customer base throughout Colombia, Latin America and the Caribbean region.
We are a stock company
(
sociedad anónima)
domiciled in Medellin, Colombia and operate under Colombian laws and regulations, mainly the Colombian
Commerce Code, Decree 663 of 1993 and Decree 2555 of 2010, as amended from time to time. Bancolombia was incorporated in Colombia
in 1945, under the name Banco Industrial Colombiano S.A. or “BIC”, and is incorporated until 2044. In 1998, the Bank
merged with Banco de Colombia S.A., and changed its legal name to Bancolombia S.A. On July 30, 2005, Conavi Banco Comercial y de
Ahorros S.A. and Corporación Financiera Nacional y Suramericana S.A. merged with and into Bancolombia, with Bancolombia
as the surviving entity. Through this merger, Bancolombia gained important competitive advantages in retail and corporate banking
which materially strengthened Bancolombia’s multi-banking franchise.
In May 2007, Bancolombia
Panamá acquired Banagrícola, which controls several subsidiaries, including Banco Agrícola in El Salvador,
and is dedicated to banking, commercial and consumer activities and brokerage. Through its first international acquisition, Bancolombia
gained a leadership position in the Salvadorian market.
In October 2013,
Bancolombia Panamá acquired a 40% interest in Grupo Agromercantil, the parent company of Banco Agromercantil de Guatemala,
and certain other companies dedicated to securities brokerage, insurance, and other financial businesses, and acquired an additional
20% interest on December 30, 2015.
Also in October 2013,
Bancolombia acquired a 100% interest in the ordinary voting shares, and 1,325,780 preferred shares of Banistmo, a Panamanian banking
entity and its subsidiaries involved in the securities brokerage, trust, consumer finance, leasing, and insurance businesses.
Since 1995, we have
maintained a listing on the NYSE, where our ADSs are traded under the symbol “CIB”, and on the Colombian Securities
Exchange, where our preferred shares are traded under the symbol “PFBCOLOM”. Since 1981 our common shares have been
traded on the Colombian Securities Exchange under the symbol “BCOLOMBIA”.
We have grown substantially
over the years, both through organic growth and acquisitions. As of December 31, 2018, Bancolombia had, on a consolidated basis:
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COP 220,114 billion in total
assets;
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COP 163,583 billion in total
net loans and advances to customers and financial institution;
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COP 142,128 billion in total
deposits from customers; and
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COP 24,849 billion in stockholders’
equity attributable to the owners of the parent company.
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Our consolidated
net income attributable to equity holders of Bancolombia S.A. for the year ended December 31, 2018 was COP 2,659 billion, representing
a return on average total equity of 11.50 % and a return on average total assets of 1.28%.
The address and telephone
numbers of our headquarters are as follows: Carrera 48 # 26-85, Medellín, Colombia; telephone + (574) 404-1837. Our agent
for service of process in the United States is Puglisi & Associates, presently located at 850 Library Avenue, Suite 204, Newark,
Delaware 19711. Our web address is
www.grupobancolombia.com
; however, the information found on our website is not part of
this prospectus.
RISK FACTORS
Investment in any
securities offered pursuant to this prospectus involves risks. You should consider carefully the risk factors incorporated by reference
to our most recent Annual Report on Form 20-F and the other information contained in this prospectus, as updated by our subsequent
filings under the Exchange Act and the risk factors and other information contained in the applicable prospectus supplement before
acquiring any of such securities.
USE OF PROCEEDS
Unless we indicate
otherwise in the applicable prospectus supplement, we intend to use the net proceeds from any initial sales of the securities offered
under this prospectus and the accompanying prospectus supplement to provide additional funds for our operations, strengthen our
capital structure and regulatory compliance, as well as for other general corporate purposes. General corporate purposes may include
the repayment or reduction of indebtedness, financing acquisitions and meeting working capital requirements. Unless we indicate
otherwise in the applicable prospectus supplement, we will not receive any proceeds from any sales by selling security holders.
THE SECURITIES
We, or the selling
security holders, as the case may be, may from time to time offer under this prospectus, separately or together:
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senior or subordinated debt
securities;
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preferred shares, which may
be represented by ADSs and evidenced by American Depositary Receipts (“ADRs”); and
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rights to subscribe for preferred
shares, including rights to subscribe for ADSs.
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LEGAL OWNERSHIP
In this prospectus
and in any accompanying prospectus supplement, when we refer to the “holders” of securities as being entitled to specified
rights or payments, we mean only the actual legal holders of the securities. While you will be the holder if you hold a security
registered in your name, more often than not the registered holder will actually be either a broker, bank, other financial institution
or, in the case of a global security, a depositary. Our obligations, as well as the obligations of the trustee, any transfer agent,
any registrar, any depositary and any third parties employed by us or the other entities listed above, run only to persons who
are registered as holders of our securities, except as may be specifically provided for in deposit agreement or other contract
governing the securities. For example, once we make payment to the registered holder, we have no further responsibility for the
payment even if that registered holder is legally required to pass the payment along to you as a street name customer but does
not do so.
If we choose to issue
preferred shares, they may be represented by ADSs. The underlying preferred shares represented by ADSs will be directly held by
a depositary. Your rights and obligations will be determined by reference to the terms of the relevant deposit agreement. A copy
of the deposit agreement, as amended from time to time, with respect to our preferred shares is on file with the SEC and incorporated
by reference in this prospectus. You may obtain a copy of the deposit agreement from the SEC’s Public Reference Room. See
“Available Information.”
Street Name and Other Indirect Holders
Holding securities
in accounts at banks or brokers is called holding in “street name.” If you hold our securities in street name, we will
recognize only the bank or broker, or the financial institution that the bank or broker uses to hold the securities, as a holder.
These intermediary banks, brokers, other financial institutions and depositaries pass along principal, interest, dividends and
other payments, if any, on the securities, either because they agree to do so in their customer agreements or because they are
legally required to do so. This means that if you are an indirect holder, you will need to coordinate with the institution through
which you hold your interest in a security in order to determine how the provisions involving holders described in this prospectus
and any prospectus supplement will actually apply to you. For example, if the debt security in which you hold a beneficial interest
in street name can be repaid at the option of the holder, you cannot redeem it yourself by following the procedures described in
the prospectus supplement relating to that security. Instead, you would need to cause the institution through which you hold your
interest to take those actions on your behalf. Your institution may have procedures and deadlines different from or additional
to those described in the applicable prospectus supplement.
If you hold our securities
in street name or through other indirect means, you should check with the institution through which you hold your interest in a
security to find out:
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how it handles payments and
notices with respect to the securities;
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whether it imposes fees or
charges;
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how it handles voting, if
applicable;
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how and when you should notify
it to exercise on your behalf any rights or options that may exist under the securities;
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whether and how you can instruct
it to send you securities registered in your own name so you can be a direct holder as described below; and
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how it would pursue rights
under the securities if there were a default or other event triggering the need for holders to act to protect their interests.
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Global Securities
A global security
is a special type of indirectly held security. If we choose to issue our securities, in whole or in part, in the form of global
securities, the ultimate beneficial owners can only be indirect holders. We do this by requiring that the global security be registered
in the name of one or more financial institutions or clearing systems, or their nominees, which we select and by requiring that
the securities included in the global security not be transferred to the name of any other direct holder unless the special circumstances
described below occur. A financial institution or clearing system that we select for any security for this purpose is called the
“depositary.” A security will usually have only one depositary which will act as the sole direct holder of the global
security but it may have more. Any person wishing to own a security issued in global form must do so indirectly through an account
with a broker, bank or other financial institution that in turn has an account with the depositary. The prospectus supplement indicates
whether the securities will be issued only as global securities.
Each series of securities
will have one or more of the following as the depositaries:
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The Depository Trust Company,
New York, New York, which is known as “DTC”;
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a financial institution holding
the securities on behalf of Euroclear Bank S.A./ N.V., as operator of the Euroclear system, which is known as “Euroclear”;
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a financial institution holding
the securities on behalf of Clearstream Banking,
société anonyme
, Luxembourg, which is known as “Clearstream”;
and
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any other clearing system
or financial institution named in the applicable prospectus supplement.
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The depositaries
named above may also be participants in one another’s systems. Thus, for example, if DTC is the depositary for a global security,
investors may hold beneficial interests in that security through Euroclear or Clearstream, as DTC participants. The depositary
or depositaries for your securities will be named in the prospectus supplement; if none is named, the depositary will be DTC.
A global security
may represent one or any other number of individual securities. Generally, all securities represented by the same global security
will have the same terms. We may, however, issue a global security that represents multiple securities of the same kind, such as
debt securities, that have different terms and are issued at different times. We call this kind of global security a master global
security. The prospectus supplement will not indicate whether your securities are represented by a master global security.
The depositary, or
its nominee, will be the sole registered owner and holder of all securities represented by a global security, and investors will
be permitted to own only indirect interests in a global security. Indirect interests must be held by means of an account with a
broker, bank or other financial institution that in turn has an account with the depositary or with another institution that does.
Thus, an investor whose security is represented by a global security will not be a holder of the security, but only an indirect
owner of an interest in the global security.
If the prospectus
supplement for a particular security indicates that the security will be issued in global form only, then the security will be
represented by a global security at all times unless and until the global security is terminated. We describe the special situations
in which this can occur below under “—Special Situations When a Global Security Will Be Terminated”. If termination
occurs, we may issue the securities through another book-entry clearing system or decide that the securities may no longer be held
through any book-entry clearing system.
Special Considerations for Global Securities
As an indirect owner,
an investor’s rights relating to a global security will be governed by the account rules of the depositary and those of the
investor’s financial institution or other intermediary through which it holds its interest (e.g., Euroclear or Clearstream,
if DTC is the depositary), as well as general laws relating to securities transfers. We do not recognize this type of investor
or any intermediary as a holder of securities and instead deal only with the depositary that holds the global security.
If securities are issued only in the form
of a global security, an investor should be aware of the following:
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An investor cannot cause
the securities to be registered in his or her own name, and cannot obtain non-global certificates for his or her interest in the
securities, except in the special situations we describe below;
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An investor will be an indirect
holder and must look to his or her own bank or broker for payments on the securities and protection of his or her legal rights
relating to the securities;
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An investor may not be able
to sell interests in the securities to some insurance companies and other institutions that are required by law to own their securities
in non-book-entry form;
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An investor may not be able
to pledge his or her interest in a global security in circumstances where certificates representing the securities must be delivered
to the lender or other beneficiary of the pledge in order for the pledge to be effective;
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The depositary’s policies
will govern payments, deliveries, transfers, exchanges, notices and other matters relating to an investor’s interest in
a global security, and those policies may change from time to time. We and the trustee (in the case of debt securities) will have
no responsibility for any aspect of the depositary’s policies, actions or records of ownership interests in a global security.
Neither we nor any trustee for our debt securities supervise the depositary in any way;
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The depositary will require
that those who purchase and sell interests in a global security within its book-entry system use immediately available funds and
your broker or bank may require you to do so as well; and
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Financial institutions that
participate in the depositary’s book-entry system and through which an investor holds its interest in the global securities,
directly or indirectly, may also have their own policies affecting payments, deliveries, transfers, exchanges, notices and other
matters relating to the securities, and those policies may change from time to time. For example, if you hold an interest in a
global security through Euroclear or Clearstream, when DTC is the depositary, Euroclear or Clearstream, as applicable, will require
those who purchase and sell interests in that security through them to use immediately available funds and comply with other policies
and procedures, including deadlines for giving instructions as to transactions that are to be effected on a particular day. There
may be more than one financial intermediary in the chain of ownership for an investor. We do not monitor and are not responsible
for the policies or actions or records of ownership interests of any of those intermediaries.
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Special Situations When a Global Security
Will Be Terminated
In a few special
situations described below, a global security will be terminated and interests in it will be exchanged for certificates in non-global
form representing the securities it represented. After that exchange, the choice of whether to hold the securities directly or
in street name will be up to the investor. Investors must consult their own banks or brokers to find out how to have their interests
in a global security transferred on termination to their own names, so that they will be holders.
Unless we specify
otherwise in the prospectus supplement, the special situations for termination of a global security are as follows:
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if the depositary notifies
us that it is unwilling, unable or no longer qualified to continue as depositary for that global security and we do not appoint
another institution to act as depositary within 90 days;
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in the case of a global security
representing debt securities issued under an indenture, if we notify the trustee that we wish to terminate that global security;
or
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in the case of a global security
representing debt securities issued under an indenture, if an event of default has occurred with regard to these debt securities
and has not been cured or waived.
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The prospectus supplement
may also list additional situations for terminating a global security that would apply to the particular securities covered by
the prospectus supplement. If a global security is terminated, only the depositary, and not us or the trustee for any debt securities,
is responsible for deciding the names of the institutions in whose names the securities represented by the global security will
be registered and, therefore, who will be the holders of those securities.
Considerations Relating to Euroclear
and Clearstream
Euroclear and Clearstream
are securities clearance systems in Europe. Both systems clear and settle securities transactions between their participants through
electronic, book-entry delivery of securities against payment.
Euroclear and Clearstream
may be depositaries for a global security. In addition, if DTC is the depositary for a global security, Euroclear and Clearstream
may hold interests in the global security as participants in DTC.
As long as any global
security is held by Euroclear or Clearstream, as depositary, you may hold an interest in the global security only through an organization
that participates, directly or indirectly, in Euroclear or Clearstream. If Euroclear or Clearstream is the depositary for a global
security and there is no depositary in the United States, you will not be able to hold interests in that global security through
any securities clearance system in the United States.
Payments, deliveries,
transfers, exchanges, notices and other matters relating to the securities made through Euroclear or Clearstream must comply with
the rules and procedures of those systems. Those systems could change their rules and procedures at any time. We do not have control
over those systems or their participants and we take no responsibility for their activities. Transactions between participants
in Euroclear or Clearstream, on one hand, and participants in DTC, on the other hand, when DTC is the depositary, would also be
subject to DTC’s rules and procedures.
Special Timing Considerations for Transactions
in Euroclear and Clearstream
Investors will be
able to make and receive through Euroclear and Clearstream payments, deliveries, transfers, exchanges, notices and other transactions
involving any securities held through those systems only on days when those systems are open for business. Those systems may not
be open for business on days when banks, brokers and other institutions are open for business in the United States.
In addition, because
of time-zone differences, U.S. investors who hold their interests in the securities through these systems and wish to transfer
their interests, or to receive or make a payment or delivery or exercise any other right with respect to their interests, on a
particular day may find that the transaction will not be effected until the next business day in Luxembourg or Brussels, as applicable.
Thus, investors who wish to exercise rights that expire on a particular day may need to act before the expiration date. In addition,
investors who hold their interests through both DTC and Euroclear or Clearstream may need to make special arrangements to finance
any purchases or sales of their interests between the U.S. and European clearing systems, and those transactions may settle later
than would be the case for transactions within one clearing system.
In the remainder
of this document, “you” means direct holders and not street name or other indirect holders of securities. Indirect
holders should read the previous subsection starting on page 11 entitled “Street Name and Other Indirect Holders.”
DESCRIPTION OF DEBT SECURITIES
We will set forth
in the applicable prospectus supplement a description of the debt securities that may be offered under this prospectus. The debt
securities will be issued under an indenture between us and a trustee to be named in the applicable prospectus supplement. Each
such indenture, a form of which is filed as an exhibit to the registration statement of which this prospectus forms a part, will
be executed at the time we issue any debt securities thereunder.
DESCRIPTION OF THE PREFERRED SHARES
The following
description of our preferred shares is a summary of the material terms of our by-laws and Colombian corporate law regarding our
preferred shares and the holders thereof. They may not contain all of the information that is important to you. To understand
them fully, you should read our by-laws, copies of which are filed with the SEC as an exhibit to our Annual Report on Form 20-F
for the year ended December 31, 2018, filed on April 24, 2019. The following description is qualified in its entirety by reference
to our by-laws and applicable law.
References to
“we”, “us”, or “our” in this section refer to Bancolombia S.A. only and not to the subsidiaries
of Bancolombia S.A.
General
Our preferred shares
have been approved for issuance from our authorized capital stock and are non-voting (except as described below), non-cumulative
preferred shares. On March 31, 2019, there were 452,122,416 preferred shares outstanding. The Colombian Securities Exchange is
the principal non-U.S. trading market for the preferred shares. As of December 31, 2018, the market capitalization for our preferred
shares on the Colombian Securities Exchange was COP 14.196 billion. There are no official market makers or independent specialists
in the Colombian Securities Exchange to assure market liquidity and, therefore, orders to buy or sell in excess of corresponding
orders to sell or buy will not be executed. The aggregate equity market capitalization of the Colombian Securities Exchange, as
of December 31, 2018, was COP 339,132 billion, with 80 companies listed as of that date. A substantial portion of the trading
on the Colombian Securities Exchanges consists of trading in debt securities.
Neither the registration
of our preferred shares in the
Registro Nacional de Valores y Emisores
(the National Registry of Securities and Issuers)
nor the approval of any public offer by the SFC should be understood as a rating or assumption of liability by the SFC with respect
to us, the price, quality or the tradeability of the securities or of our solvency.
Registration and Transfer
The preferred shares
are evidenced by a dematerialized global certificate held for custody by Deposito Centralizado de Valores de Colombia - Deceval
S.A. (“Deceval”), in registered form without dividend coupons attached. We maintain a stock registry through Deceval
and only those holders listed in that stock registry as holders of preferred shares are recognized by us as holders of preferred
shares. Each registration or transfer of preferred shares will be effected only by the book entry record on such stock registry.
Any such registration will be effected without charge to the person requesting such registration, but subject to payment by such
person of any taxes, stamp duties or other governmental charges payable in connection therewith. The Bank of New York Mellon, which
acts as depositary (the “depositary”) for our ADR facility, or the depositary’s nominee shall be the registered
holder on behalf of beneficial owners of ADSs representing the preferred shares, which shall be deposited with Fiduciaria Bancolombia
S.A. (formerly Fiducolombia S.A.), as agent of the depositary (the “custodian”).
In general, transfers
of shares of listed companies in Colombia are required to be effected through the Colombian Securities Exchange. The following
transfers, however, are not required to be effected through the Colombian Securities Exchange: (i) transfers between shareholders
that have the same beneficial owner provided that such condition is evidenced to the SFC; (ii) transfers by operation of law (such
as inheritance, liquidation of companies or judicial decisions, among others); (iii) transfers as payment in kind provided that
a one year pre-existence of the payment obligation is evidenced to the SFC; and (iv) transfers whose amount do not exceed the value
of 66,000
Unidades de Valor Real
(or “UVRs”, a Colombian inflation-adjusted monetary index calculated by the
board of directors of the Central Bank and generally used for pricing home-mortgage loans; as of March 31, 2019 approximately U.S.$5,487).
Neither we nor the depositary will be liable for any failure to comply with the ownership limitation or failure to respond to any
request for information to determine compliance with the ownership limitation.
Colombian securities
regulations forbid a shareholder to pre-arrange transactions on shares of listed companies unless the pre-arrangement is disclosed
publicly and to the SFC at least one month in advance.
Pursuant to Colombian
Banking laws, no individual or corporation may hold 10% or more of a Colombian financial institution’s capital stock or increase
any such ownership without the prior authorization of the SFC.
Voting Rights
The holders of preferred
shares are not entitled to receive notice of, attend or vote at any general shareholders’ meeting of holders of common shares
except as described below.
The holders of preferred
shares will be entitled to vote on the basis of one vote per share at any general shareholders’ meeting, whenever a shareholders
vote is required on the following matters:
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In the event that changes
in our by-laws may impair the conditions or rights assigned to such preferred shares and when the conversion of such shares into
common shares is to be approved. In this event, a favorable vote of a minimum of 70% of the subscribed capital stock, including
the favorable vote of a minimum of 70% of the preferred shares, is required.
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When voting the anticipated
dissolution, merger or transformation of the corporation or change of its corporate purpose.
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When the preferred dividend
has not been fully paid during two consecutive annual terms. In this event, holders of such preferred shares shall retain their
voting rights until the corresponding dividends have been fully paid to them.
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When the in kind payment
of dividends in shares is subject to vote in the general shareholders’ meeting.
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If at the end of a fiscal
period, our profits are not enough to pay the minimum dividend and the SFC, by its own decision or upon petition of holders of
at least 10% of preferred shares, determines that benefits were concealed or shareholders were misled by our directors or officers
with regard to benefits received from us, thus decreasing the profits to be distributed, then, the SFC may resolve that holders
of preferred shares should participate with speaking and voting rights at the general shareholders’ meeting, in accordance
with the terms established by law.
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When the register of shares
at the Colombian Securities Exchange or at the
Registro Nacional de Valores y Emisores
(the Colombian National Registry
of Securities and Issuers or “RNVE”) is suspended or canceled. In this event, voting rights shall be maintained until
the irregularities that resulted in such cancellation or suspension are resolved.
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Except under certain
of the conditions set forth above, holders of preferred shares are not entitled to vote for the election of directors or to influence
our management policies.
The holders of preferred
shares will not be entitled to receive notice from us of a general meeting of the holders of common shares unless they have the
right to vote on any of the matters to be addressed at such meeting, as described above. Each holder of preferred shares shall
have the right to vote individually on any of the matters on which the holders of preferred shares have voting rights.
In accordance with
our by-laws, notice of meetings at which holders of preferred shares are entitled to vote shall be published in at least one daily
newspaper with a wide circulation in Bancolombia’s principal place of business, Medellin, as is the case for any other shareholders’
meeting. Each notice must state: (i) the date of the meeting, (ii) a description of any resolution to be proposed for adoption
at the meeting on which the holders of preferred shares are entitled to vote and (iii) instructions for the delivery of proxies.
General shareholders’
meetings may be ordinary meetings or extraordinary meetings. Ordinary general shareholders’ meetings occur at least once
a year during the three months after the end of the prior fiscal year. Extraordinary general shareholders’ meetings may take
place when duly called for a specified purpose or purposes, or, without prior notice, when holders representing all outstanding
shares entitled to vote on the issues presented are present at the meeting.
Quorum for both ordinary
and extraordinary general shareholders’ meetings to be convened at first call requires the presence of two or more shareholders
representing at least half plus one of the outstanding shares entitled to vote at the relevant meeting. If a quorum is not present,
a subsequent meeting is called at which the presence of one or more holders of shares entitled to vote at the relevant meeting
constitutes a quorum, regardless of the number of shares represented.
Ordinary general
meetings may be called by our board of directors and our president. Extraordinary general meetings may be called by our board of
directors, president or external auditor. In addition, two or more shareholders representing at least 20% of the outstanding shares
have the right to request that an extraordinary general shareholders’ meeting be convened. Notice of ordinary meetings and
extraordinary meetings convened to approve fiscal year-end financial statements, the increase of authorized capital, the reduction
of the outstanding capital, the merger, spin-off or sale of more than 25% of the assets, liabilities and contracts, must be published
in one newspaper of wide circulation at Bancolombia’s principal place of business at least 30 calendar days prior to such
meeting. Notice of other extraordinary meetings, must be published in one newspaper of wide circulation at Bancolombia’s
principal place of business at least 15 calendar days prior to such meeting listing the matters to be addressed at such meeting.
Except when Colombian
law or our by-laws require a special majority, action may be taken at a general shareholders’ meeting by the vote of two
or more shareholders representing a majority of common shares present. Pursuant to Colombian law and/or our by-laws, special majorities
are required to adopt the following corporate actions:
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a favorable vote of at least
70% of the common shares represented at a general shareholders’ meeting is required to approve the issuance of shares without
preemptive rights available to the shareholders;
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a favorable vote of at least
78% of common shares represented at a general shareholders’ meeting is required to decide not to distribute as dividend
at least 50% of the annual net profits of any given fiscal year;
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a favorable vote of at least
80% of the holders of common shares represented at a general shareholders’ meeting, and 80% of the holders of outstanding
preferred shares is required to approve the payment dividend in shares; and
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a favorable vote of at least
70% of the holders of common shares and of outstanding preferred shares is required to effect a decision to impair the conditions
or rights established for such preferred shares, or a decision to convert preferred shares into common shares.
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If the SFC determines
that any amendment to the by-laws fails to comply with Colombian law, it may demand that the relevant provisions be modified accordingly.
Under these circumstances, we will be obligated to comply in a timely manner.
Dividends
The holders of common
shares, once they have approved the year-end financial statements, determine the allocation of distributable profits, if any, for
the preceding year.
Under the Colombian
Commerce Code, a company must distribute at least 50% of its annual net profits to all shareholders, payable in cash, or as determined
by the shareholders, within a period of one year following the date on which the shareholders determine the dividends. If the total
amount of all reserves of a company exceeds its outstanding capital, this percentage is increased to 70%. The minimum dividend
requirement of 50% or 70%, as the case may be, may be waived by a favorable vote of the holders of 78% of a company’s common
shares present at the meeting.
Under Colombian law
and our by-laws, annual net profits are to be applied as follows:
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first, an amount equivalent
to 10% of net profits is allocated to the legal reserve until such reserve is equal to at least 50% of our paid-in capital;
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second, payment of the minimum
dividend on the preferred shares; and
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third, allocation of the
remainder of the net profits is determined by the holders of a majority of the common shares entitled to vote on the recommendation
of the board of directors and the President and may, subject to further reserves required by the by-laws, be distributed as dividends.
In accordance with Colombian law and our by-laws, the dividends payable to the holders of common shares cannot exceed the dividends
payable to holders of the preferred shares.
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Holders of preferred
shares are entitled to receive dividends based on the profits of the preceding fiscal year, after canceling losses affecting the
capital and once the amount that shall be legally set apart for the legal reserve has been deducted, but before creating or accruing
for any other reserve, of a minimum preferred dividend equal to 1% yearly of the subscription price of the preferred share, provided
this dividend is higher than the dividend assigned to common shares. If this is not the case, the dividend shall be increased to
an amount that is equal to the per share dividend on the common shares.
Payment of the preferred
dividend shall be made at the time and in the manner established by the general shareholders’ meeting and in the priority
indicated by Colombian law.
The general shareholders’
meeting may allocate a portion of the profits to welfare, education or civic services, or to support economic organizations of
our employees.
The dividend payments
may be made in installments which must be approved at the annual general shareholders’ meeting. In the general shareholders’
meeting, shareholders will determine the effective date, the system and the place for payment of dividends.
Dividends declared
on the preferred shares will be payable to the record holders of those shares, as they appear on our stock registry, on the appropriate
record dates as determined by the general shareholders’ meeting. Generally, any stock dividend payable by us to the holders
of preferred shares will be paid in preferred shares. However, the general shareholders’ meeting may authorize the payment
in common shares to all shareholders. Any in-kind dividend payable in shares requires the approval of 80% or more of the voting
interest of the common shares present at a shareholders’ meeting and the approval of 80% or more of the voting interest of
the outstanding preferred shares. In the event that such voting majority is not obtained, shareholders may individually elect to
receive a stock dividend or a cash dividend.
Liquidation Rights
We will be dissolved
if certain events take place, including the following:
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our term of existence, as
stated in the by-laws, expires without being extended by the shareholders prior to its expiration date;
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losses cause the decrease
of our shareholders’ equity below 50% of our outstanding capital stock, unless one or more of the corrective measures described
in the Colombian Commerce Code are adopted by a general shareholder’s meeting within six months;
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by decision of the general
shareholders’ meeting; and
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in certain other events expressly
provided for by Colombian law and our by-laws.
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Upon dissolution,
a liquidator must be appointed by the general shareholders’ meeting to wind up its affairs. In addition, the SFC has the
power to take over the operations and assets of a bank and proceed to its liquidation under certain circumstances and in the manner
prescribed in the Colombian Financial Statute (
Estatuto Orgánico del Sistema Financiero
- Decree 663 of 1993 –
the “Financial Statute”)
Upon liquidation,
holders of fully paid preferred shares will be entitled to receive in pesos, out of the surplus assets available for distribution
to shareholders,
pari passu
with any of the other shares ranking at that time
pari passu
with the preferred shares,
an amount equal to the nominal value of those preferred shares before any distribution or payment may be made to holders of common
shares or any other shares at that time ranking junior to the preferred shares with regard to participation in our surplus assets.
If, upon any liquidation, assets that are available for distribution among the holders of preferred shares and liquidation parity
shares are insufficient to pay in full their respective liquidation preferences, then those assets will be distributed among those
holders
pro-rata
in accordance with the respective liquidation preference amounts payable to them.
Subject to the preferential
liquidation rights of holders of preferred shares, all fully paid common shares will be entitled to participate equally in any
distribution upon liquidation. Partially paid common shares must participate in a distribution upon liquidation in the same proportion
that those shares have been paid at the time of the distribution.
To the extent there
are surplus assets available for distribution after full payment to the holders of common shares of the nominal value of the common
shares, the surplus assets will be distributed among all holders of shares of capital stock
pro-rata
in accordance with
their respective holdings of shares.
Preemptive Rights and Other Anti-Dilution
Provisions
Pursuant to the Colombian
Commerce Code, we are allowed to have an amount of outstanding capital stock equal to or smaller than the authorized capital stock
set out in our by-laws. Under our by-laws, the holders of common shares determine the amount of authorized capital stock, and the
board of directors has the power to (a) order the issuance and regulate the terms of subscription of common shares up to the total
amount of authorized capital stock and (b) regulate the issuance of preferred shares, when expressly delegated by the general shareholders’
meeting. The issuance of preferred shares must always be first approved by the general shareholders’ meeting, which shall
determine the nature and extent of any privileges, according to the by-laws and Colombian law.
At the time a Colombian
company is formed, its outstanding capital stock must represent at least 50% of the authorized capital. Any increases in the authorized
capital stock or decreases in the outstanding capital stock must be approved by the majority of shareholders required to approve
a general amendment to the by-laws. Pursuant to the Financial Statute, the SFC may order a commercial bank to increase its outstanding
capital stock under certain special circumstances.
Our by-laws and Colombian
law require that, whenever we issue new shares of any outstanding class, we must offer the holders of each class of shares the
right to purchase a number of shares of such class sufficient to maintain their existing percentage ownership of our aggregate
capital stock. These rights are called preemptive rights.
The general shareholders’
meeting may suspend preemptive rights with respect to a particular capital increase by a favorable vote of at least 70% of the
common shares represented at a general shareholders’ meeting. Preemptive rights must be exercised within the period stated
in the share placement terms of the increase, which cannot be shorter than 15 business days following the publication of the notice
of the public offer of that capital increase. From the date of the notice of the share placement terms, preemptive rights may be
transferred separately from the corresponding shares.
The SFC will authorize
decreases in the outstanding capital stock decided by the holders of common shares only if:
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we have no liabilities;
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our creditors consent in
writing; or
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the outstanding capital stock
remaining after the reduction represents at least twice the amount of our liabilities.
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Other Provisions
Limits on the Issuance of
Shares with Preferred Dividends and No Voting Rights
Preferred shares
may not represent more than 50% of the outstanding capital.
Limits on Purchases and
Sales of Capital Stock by Related Parties
Pursuant to the Colombian
Commerce Code, the members of our board of directors and certain of our senior officers may not, directly or indirectly, buy or
sell shares of our capital stock while they hold their positions, except when dealing on a non-speculative basis and in that case
they need to obtain: (i) the prior authorization of the board of directors passed with the vote of two thirds of its members, (excluding,
in the case of transactions by a director, such director’s vote); or (ii) the prior authorization of the general shareholders’
meeting approved with the vote of the majority as provided in the by-laws, excluding the vote of the petitioner.
No Redemption by Bancolombia
Colombian law prohibits
Bancolombia from repurchasing shares of its capital stock, including the preferred shares.
DESCRIPTION OF AMERICAN DEPOSITARY RECEIPTS
The following
description of American Depositary Receipts evidencing American Depositary Shares is applicable to any international offering of
preferred shares represented by American Depositary Shares and evidenced by ADRs.
On March 31,
2019, there were 452,122,416 preferred shares outstanding. A total of 199,701,912 preferred shares, representing 43.71% of
all outstanding preferred shares, were directly held by the depositary in the United States (ADR Program). Because certain of
the preferred shares and ADSs are held by nominees, the number of record holders may not be representative of the number of
beneficial owners. A beneficial owner includes anyone who has the power to receive the economic benefit of ownership of the
securities. ADRs evidencing ADSs are deliverable by The Bank of New York Mellon, as depositary pursuant to the deposit
agreement, dated as of July 25, 1995 and amended and restated as of January 14, 2008, entered into by Bancolombia, the
depositary and the owners and beneficial owners from time to time of ADRs (the “deposit agreement”), pursuant to
which the ADSs are issued. Copies of the deposit agreement are available for inspection at the Corporate Trust Office of the
depositary (the “Corporate Trust Office”), currently located at 111 Sanders Creek Parkway, East Syracuse, New
York 13057, and at the office of the custodian, currently located at Carrera 48 # 26–85, Medellin, Colombia or Calle 31
# 6-39, Bogota, Colombia. The depositary’s principal executive office is located at One Wall Street, New York, New York
10286. The deposit agreement is also an exhibit to the registration statement of which this prospectus is a part.
The following is
a summary of material provisions of the deposit agreement. This summary does not purport to be complete and is subject to, and
qualified in its entirety by reference to, the deposit agreement, including the form of ADR which is an exhibit to the deposit
agreement. Terms used herein and not otherwise defined will have the meanings set forth in the deposit agreement. ADRs evidencing
ADSs are issuable pursuant to the deposit agreement. Each ADS represents four preferred shares or evidences the right to receive
four preferred shares (together with any additional shares of preferred stock at any time deposited or deemed deposited under the
deposit agreement and any and all other securities, cash and property received by the depositary or the custodian in respect thereof
and at such time held under the deposit agreement, the “deposited securities”). Only persons in whose names ADRs are
registered on the books of the depositary will be treated by the depositary and us as owners.
Restrictions Regarding Foreign Investment
in Colombia
The following includes
a very brief summary of certain restrictions on foreign investment in Colombia and does not purport to be complete.
Colombia’s
International Investment Regime, Part 17 of Decree 1068 of 2015, as amended (the “International Investment Regime”)
regulates the manner in which nonresident entities and individuals can invest in Colombia and participate in the Colombian securities
markets. Among other requirements, the regime mandates registration of certain foreign exchange transactions with the Central Bank
of Colombia (the “Central Bank”) and specifies procedures to authorize and administer certain types of foreign investments.
International investments are regulated by the Central Bank by means of External Resolution 1 of 2018 and External Circular DCIN
83, both as amended, setting forth in detail regulation and procedures regarding foreign investment in Colombia.
Investors who wish
to participate in our ADR facility and hold our ADRs will be required to submit to the custodian of the ADR facility certain information
and comply with certain registration procedures required under the foreign investment regulations in connection with foreign exchange
controls regarding currency conversion (generally COP/USD, related to the foreign investment). Holders of ADRs who wish to withdraw
the underlying preferred shares will also have to comply with certain registration and reporting procedures. See “Description
of American Depositary Receipts—Deposit, Transfer and Withdrawal.” Under Colombian foreign investment regulations,
the failure of a non-Colombian resident investor to report or register foreign exchange transactions relating to investments in
Colombia with the Central Bank, on a timely basis, may prevent the investor from obtaining remittance rights, constitute an exchange
control infraction and result in a fine.
Approval was obtained
from the SFC for the depositary facility established for the ADSs pursuant to the deposit agreement (and the agreement between
the depositary and the custodian referenced therein) as an institutional fund pursuant to the International Investment Statute.
In addition, the SFC authorized the initial and subsequent deposits of preferred shares with the custodian for the purpose of issuing
ADSs, as described below. Under such law, the custodian acts as the local administrator of such fund and has certain reporting
obligations to the Central Bank and to the SFC.
Deposit, Transfer and Withdrawal
The depositary has
agreed, subject to the terms and conditions of the deposit agreement, that upon delivery to the custodian of preferred shares (or
evidence of rights to receive preferred shares) and pursuant to appropriate instruments of transfer in a form satisfactory to the
custodian, the depositary will, upon payment of the fees, charges and taxes provided in the deposit agreement, execute and deliver
an ADR or ADRs, registered in the name or names of the person or persons named in the notice of the custodian delivered to the
depositary or requested by the person depositing such preferred shares with the depositary. Such ADR or ADRs shall evidence any
authorized number of ADSs requested by such person or persons and shall be executed and delivered at the depositary’s Corporate
Trust Office. Each deposit must be accompanied by a written notice describing the price paid for the preferred shares being deposited
(including any commissions paid to a securities broker in Colombia) in order to enable the custodian to comply with the foreign
exchange regulations of the Central Bank with respect to the fund or such other matters as may be required from time to time under
applicable Colombian law.
Pursuant to the Financial
Statute, no individual or corporation may hold 10% or more of a Colombian financial institution’s capital stock without the
prior authorization of the SFC.
Upon surrender at
the Corporate Trust Office of the depositary of an ADR for the purpose of withdrawal of the deposited securities represented by
the ADSs evidenced by such ADR, and upon payment of the fees of the depositary for the surrender of ADRs, governmental charges
and taxes provided in the deposit agreement, and subject to the terms and conditions of the deposit agreement, our by-laws and
the terms of the deposited securities, the owner of such ADR will be entitled to delivery, to him or upon his order, of the amount
of deposited securities at the time represented by the ADS or ADSs evidenced by such ADR. The forwarding of share certificates,
other securities, property, cash and other documents of title for such delivery will be at the risk and expense of the owner. Any
non-resident owner or beneficial owner requesting withdrawals of preferred shares or other deposited securities upon surrender
of ADRs must deliver to the depositary a written notice specifying either that those preferred shares or other deposited securities:
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have been or are to be sold
in Colombia simultaneously with such withdrawal of the preferred shares or other deposited securities; or
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are to be held by such owner
or beneficial owner, or to its order, without sale, in which case such owner or beneficial owner must acknowledge its obligations
to register its investment under the foreign investment regulations, if applicable, and make the required foreign exchange report
to the Central Bank.
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Such non-resident
withdrawing owner or beneficial owner must also deliver or cause to be delivered to the Central Bank a written notice relating
to the sales price realized (net of sales commissions paid or payable to a Colombian securities broker) in respect of the sale
of preferred shares (or other deposited securities, as the case may be) and such other certifications as may be required from time
to time under applicable Colombian law.
A non-resident owner
or beneficial owner who withdraws preferred shares or other deposited securities to or for its or his own account or the account
of a nonresident third party and who does not sell or cause to be sold such preferred shares or other deposited securities in Colombia
simultaneously with such withdrawal will be subject to the foreign investment regulations and will be required individually to
comply with one of the authorized forms of foreign investment in securities of Colombian issuers described below:
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investment through an institutional
fund; or
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investment through an individual
fund.
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Such owner, beneficial
owner or third party may be required to register its foreign capital investment in the preferred shares (i.e., the purchase price
of preferred shares plus any securities brokerage commissions paid to Colombian brokers) deposited pursuant to the terms of the
deposit agreement by or on behalf of such owner or beneficial owner, or the purchase price of ADSs, if ADSs were purchased from
a prior owner or beneficial owner thereof, with the Central Bank, in accordance with the requirements of the exchange declaration
used.
Non-resident owners
or beneficial owners should consult with their investment advisers prior to any withdrawal of preferred shares in the event that
such securities may not be sold or held by such owner or beneficial owner in Colombia at the time of such withdrawal. Neither we,
the depositary nor the custodian will have any liability or responsibility whatsoever under the deposit agreement or otherwise
for any action or failure to act by any owner or beneficial owner relating to its obligations under the foreign investment regulations
or any other Colombian law or regulation relating to foreign investment in Colombia in respect of a withdrawal or sale of preferred
shares or other deposited securities, including, without limitation, any failure to comply with a requirement to register such
investment pursuant to the terms of the foreign investment regulations prior to such withdrawal or any failure to report foreign
exchange transactions to the Colombian Central Bank, as the case may be. In addition, the deposit agreement provides that the owner
or beneficial owner will be responsible for the report of any false information relating to foreign exchange transactions to the
custodian or the Central Bank in connection with deposits or withdrawals of preferred shares or other deposited securities.
Subject to the terms
and conditions of the deposit agreement and any limitations established by the depositary, unless requested by us to cease doing
so, the depositary may deliver ADRs prior to the receipt of preferred shares (a “pre-release”) and deliver shares upon
the receipt and cancellation of ADRs which have been pre-released, whether or not such cancellation is prior to the satisfaction
of that pre-release or the depositary knows that any ADR has been pre-released.
The depositary may
receive ADRs in lieu of preferred shares in satisfaction of a pre-release. Each pre-release must be:
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preceded or accompanied by
a written representation from the person to whom the ADRs or preferred shares are to be delivered that such person, or its customer,
beneficially owns the preferred shares or ADRs to be remitted, as the case may be, and assigns all beneficial right, title, and
interest in such preferred shares or ADRs to the depositary;
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at all times fully collateralized
with cash or such other collateral as the depositary deems appropriate;
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terminable by the depositary
on not more than five business days’ notice; and
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subject to such further indemnities
and credit regulations as the depositary deems appropriate.
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Dividends, Other Distributions and Rights
Subject to any restrictions
imposed by Colombian law, regulations or applicable permits, the depositary is required, as promptly as practicable:
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to convert or cause to be
converted into U.S. dollars, to the extent that in its judgment it can do so on a reasonable basis and can transfer the resulting
U.S. dollars to the United States, all cash dividends and other cash distributions denominated in a currency other than U.S. dollars,
including pesos (“Foreign Currency”), that it receives in respect of the deposited preferred shares; and
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to distribute, as promptly
as practicable, the resulting U.S. dollar amount (net of reasonable and customary expenses incurred by the depositary in converting
such Foreign Currency) to the owners entitled thereto, in proportion to the number of ADSs representing such deposited securities
evidenced by ADRs held by them, respectively.
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If the depositary
determines that in its judgment any Foreign Currency received by the depositary or the custodian cannot be converted on a reasonable
basis into U.S. dollars transferable to the United States, or if any approval or license of any government or agency thereof which
is required for such conversion is denied or in the opinion of the depositary is not obtainable, or if any such approval or license
is not obtained within a reasonable period as determined by the depositary, the depositary may distribute the Foreign Currency
received by the depositary or the custodian to, or in its discretion may hold such foreign currency uninvested and without liability
for interest thereon for the respective accounts of, the owners entitled to receive the same. If any such conversion of foreign
currency, in whole or in part, cannot be distributed to some of the owners entitled thereto, the depositary may in its discretion
make such conversion and distribution in U.S. dollars to the extent permissible to the owners entitled thereto, and may distribute
the balance of the foreign currency received by the depositary to, or hold such balance uninvested and without liability for interest
thereon for, the respective accounts of, the owners entitled thereto.
If we declare a dividend
in, or free distribution of, preferred shares, the depositary may, and will if we request, distribute to the owners of outstanding
ADRs entitled thereto additional ADRs evidencing an aggregate number of ADSs that represents the amount of preferred shares received
as such dividend or free distribution, in proportion to the number of ADSs evidenced by the ADRs held by them, subject to the terms
and conditions of the deposit agreement with respect to the deposit of preferred shares and the issuance of ADSs evidenced by ADRs,
including the withholding of any tax or other governmental charge and the payment of fees of the depositary. The depositary may
withhold any such distribution of ADRs if it has not received satisfactory assurances from us that such distribution does not require
registration under the Securities Act or is exempt from registration under the provisions of the Securities Act. In lieu of delivering
ADRs for fractional ADSs in the event of any such dividend or free distribution, the depositary will sell the amount of preferred
shares represented by the aggregate of such fractions and distribute the net proceeds in accordance with the deposit agreement.
If additional ADRs are not so distributed, each ADS will thenceforth also represent the additional preferred shares distributed
upon the deposited securities represented thereby.
If we offer or cause
to be offered to the holders of any deposited securities any rights to subscribe for additional preferred shares or any rights
of any other nature, the depositary will have discretion as to the procedure to be followed in making such rights available to
any owners of ADRs or in disposing of such rights for the benefit of any owners and making the net proceeds available in U.S. dollars
to such owners or, if by the terms of such rights offering or for any other reason, the depositary may not either make such rights
available to any owners or dispose of such rights and make the net proceeds available to such owners, then the depositary shall
allow the rights to lapse; provided, however, if at the time of the offering of any rights the depositary determines in its discretion
that it is lawful and feasible to make such rights available to all owners or to certain owners but not to other owners, the depositary
may distribute to any owner to whom it determines the distribution to be lawful and feasible, in proportion to the number of ADSs
held by such owner, warrants or other instruments therefor in such form as it deems appropriate. If the depositary determines in
its discretion that it is not lawful and feasible to make such rights available to certain owners, it may sell the rights, warrants
or other instruments in proportion to the number of ADSs held by the owners to whom it has determined it may not lawfully or feasibly
make such rights available, and allocate the net proceeds of such sales for the account of such owners otherwise entitled to such
rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among such
owners because of exchange restrictions or the date of delivery of any ADR or ADRs, or otherwise.
In circumstances
in which rights would not otherwise be distributed, if an owner of ADRs requests the distribution of warrants or other instruments
in order to exercise the rights allocable to the ADSs of such owner, the depositary will make such rights available to such owner
upon written notice from us to the depositary that:
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we have elected in our sole
discretion to permit such rights to be exercised; and
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such owner has executed such
documents as we have determined in our sole discretion are reasonably required under applicable law.
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Upon instruction
pursuant to such warrants or other instruments to the depositary from such owner to exercise such rights, upon payment by such
owner to the depositary for the account of such owner of an amount equal to the purchase price of the preferred shares to be received
in exercise of the rights, and upon payment of the fees of the depositary as set forth in such warrants or other instruments, the
depositary will, on behalf of such owner, exercise the rights and purchase the preferred shares, and we will cause the preferred
shares so purchased to be delivered to the depositary on behalf of such owner. As agent for such owner, the depositary will cause
the preferred shares so purchased to be deposited, and will execute and deliver ADRs to such owner, pursuant to the deposit agreement.
The depositary will
not offer rights to owners unless both the rights and the securities to which such rights relate are either exempt from registration
under the Securities Act with respect to a distribution to all owners or are registered under the provisions of the Securities
Act; provided, that nothing in the deposit agreement will create, or be construed to create, any obligation on our part to file
a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration statement
declared effective. If an owner of ADRs requests the distribution of warrants or other instruments, notwithstanding that there
has been no such registration under the Securities Act, the depositary will not effect such distribution unless it has received
an opinion from recognized counsel in the United States for Bancolombia upon which the depositary may rely that such distribution
to such owner is exempt from such registration. The depositary will not be responsible for any failure to determine that it may
be lawful or feasible to make such rights available to owners in general or any owner in particular.
Although Colombian
law permits preemptive rights to be transferred separately from the preferred shares to which such rights relate, a liquid market
for preemptive rights may not exist, and this may adversely affect the amount the depositary would realize upon disposal of rights.
Whenever the depositary
receives any distribution other than cash, preferred shares or rights in respect of the deposited securities, the depositary will
cause the securities or property received by it to be distributed to the owners entitled thereto, after deduction or upon payment
of any fees and expenses of the depositary or any taxes or other governmental charges, in proportion to their holdings, respectively,
in any manner that the depositary may reasonably deem equitable and practicable for accomplishing such distribution; provided,
however, that if in the opinion of the depositary such distribution cannot be made proportionately among the owners entitled thereto,
or if for any other reason (including, but not limited to, any requirement that we or the depositary withhold an amount on account
of taxes or other governmental charges or that such securities must be registered under the Securities Act in order to be distributed
to owners or beneficial owners) the depositary deems such distribution not to be feasible, the depositary may adopt such method
as it may deem equitable and practicable for the purposes of effecting such distribution, including, but not limited to, the public
or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of
the fees and expenses of the depositary) will be distributed by the depositary to the owners entitled thereto as in the case of
a distribution received in cash.
If the depositary
determines that any distribution of property (including preferred shares and rights to subscribe therefor) is subject to any taxes
or other governmental charges which the depositary is obligated to withhold, the depositary may, by public or private sale, dispose
of all or a portion of such property in such amount and in such manner as the depositary deems necessary and practicable to pay
such taxes or charges and the depositary will distribute the net proceeds of any such sale after deduction of such taxes or charges
to the owners entitled thereto in proportion to the number of ADSs held by them, respectively.
Changes Affecting Deposited Preferred
Shares
Upon any change in
nominal or par value, stock split, consolidation or any other reclassification of deposited securities, or upon any recapitalization,
reorganization, merger or consolidation or sale of assets affecting us or to which we are a party, any securities which shall be
received by the depositary or custodian in exchange for, in conversion of, or in respect of deposited securities will be treated
as new deposited securities under the deposit agreement, and the ADSs will thenceforth represent, in addition to the existing deposited
securities, the right to receive the new deposited securities so received in exchange or conversion, unless additional ADRs are
delivered pursuant to the following sentence. In any such case the depositary may, and will, if we so request, execute and deliver
additional ADRs as in the case of a distribution in preferred shares, or call for the surrender of outstanding ADRs to be exchanged
for new ADRs specifically describing such new deposited securities.
Record Dates
Whenever:
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any cash dividend or other
cash distribution shall become payable or any distribution other than cash shall be made;
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rights shall be issued with
respect to the deposited securities;
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for any reason the depositary
causes a change in the number of preferred shares that are represented by each ADS;
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the depositary shall receive
notice of any meeting of holders of preferred shares or other deposited securities; or
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the depositary shall find
it necessary or convenient,
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the depositary will fix a record date
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for the determination of
the owners who will be (A) entitled to receive such dividend, distribution or rights, or the net proceeds of the sale thereof,
or (B) entitled to give instructions for the exercise of voting rights at any such meeting; or
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on or after which each ADS
will represent the changed number of preferred shares, all subject to the provisions of the deposit agreement.
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Voting of Deposited Securities
Holders of preferred
shares, and consequently holders of ADS, have very limited voting rights. See “Description of the preferred shares—Voting
Rights”.
In the event holders
of preferred shares are entitled to vote, upon receipt of notice of any meeting or solicitation of consents or proxies of holders
of preferred shares or other deposited securities, if requested in writing by us, the depositary will, as soon as practicable thereafter,
mail to all owners a notice, the form of which notice will be in the sole discretion of the depositary, containing:
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the information included
in such notice of meeting received by the depositary from us;
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a statement that the owners
as of the close of business on a specified record date will be entitled, subject to any applicable provision of Colombian law
and of our by-laws, to instruct the depositary as to the exercise of the voting rights, if any, pertaining to the amount of preferred
shares or other deposited securities represented by their respective ADSs; and
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a statement as to the manner
in which such instructions may be given.
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Upon the written
request of an owner on such record date, received on or before the date established by the depositary for such purpose, the depositary
will endeavor, insofar as practicable, to vote or cause to be voted the amount of preferred shares or other deposited securities
represented by the ADSs evidenced by such ADRs in accordance with the nondiscretionary instructions set forth in such request.
The depositary will not vote or attempt to exercise the right to vote that attaches to the preferred shares or other deposited
securities other than in accordance with such instructions. If the depositary does not receive instructions from the owner on or
before the date established by the depositary for such purpose, the depositary shall take such action as is necessary, upon our
request, subject to applicable law, the by-laws and the terms and conditions of the deposited securities, to cause the underlying
preferred shares to be counted for purposes of satisfying applicable quorum requirements.
There can be no assurance
that the owners generally or any owner in particular will receive the notice described above sufficiently prior to the date established
by the depositary for the receipt of instructions to ensure that the depositary will in fact receive such instructions on or before
such date.
Reports and Other Communications
The depositary makes
available for inspection by ADR owners at its Corporate Trust Office any reports and communications, including any proxy soliciting
material, received from us, which are both:
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received by the depositary
as the holder of the preferred shares or other deposited securities; and
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made generally available
to the holders of such preferred shares or other deposited securities by us.
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The depositary will
also send to the owners copies of such reports and communications furnished by us pursuant to the deposit agreement. Any such reports
and communications including any proxy soliciting material furnished to the depositary by us will be furnished in English when
so required pursuant to any regulations of the SEC.
Amendment and Termination of the Deposit
Agreement
The form of ADRs
and any provisions of the deposit agreement may at any time and from time to time be amended by agreement between us and the depositary
in any respect which they may deem necessary or desirable without the consent of the owners of ADRs; provided, however, that any
amendment that imposes or increases any fees or charges (other than taxes and other governmental charges, registration fees, cable,
telex or facsimile transmission costs, delivery costs or other expenses), or which otherwise prejudices any substantial existing
right of ADR owners, will not take effect as to outstanding ADRs until the expiration of 30 days after notice of any amendment
given to the owners of outstanding ADRs. Every owner of an ADR, at the time any amendment becomes effective, will be deemed, by
continuing to hold such ADR, to consent and agree to such amendment and to be bound by the deposit agreement as amended thereby.
In no event will such amendment impair the right of the owner or any ADR to surrender such ADR and receive therefor the preferred
shares or other deposited securities represented thereby, except to comply with mandatory provisions of applicable law.
The depositary will
at any time at our direction terminate the deposit agreement by mailing notice of such termination to the owners of the ADRs then
outstanding at least 90 days prior to the date fixed in such notice for such termination. The depositary may likewise terminate
the deposit agreement by mailing notice of such termination to us and the owners of all ADRs outstanding if, at any time after
90 days have expired after the depositary will have delivered to us a written notice of its election to resign, a successor depositary
will not have been appointed and accepted its appointment, in accordance with the terms of the deposit agreement. If any ADRs remain
outstanding after the date of termination of the deposit agreement, the depositary thereafter shall discontinue the registration
of transfers of ADRs, will suspend the distribution of dividends to the owners thereof and will not give any further notices or
perform any further acts under the deposit agreement, except the collection of dividends and other distributions pertaining to
the deposited securities, the sale of rights and other property and the delivery of underlying preferred shares or other deposited
securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of
any rights or other property, in exchange for surrendered ADRs (after deducting, in each case, the fees of the depositary for the
surrender of an ADR and other expenses set forth in the deposit agreement and any applicable taxes or governmental charges). At
any time after the expiration of one year from the date of termination, the depositary may sell the deposited securities then held
thereunder and hold uninvested the net proceeds of such sale, together with any other cash, unsegregated and without liability
for interest, for the pro-rata benefit of the owners that have not theretofore surrendered their ADRs, such owners thereupon becoming
general creditors of the depositary with respect to such proceeds. After making such sale, the depositary will be discharged from
all obligations under the deposit agreement, except to account for net proceeds and other cash (after deducting, in each case,
the fee of the depositary and other expenses set forth in the deposit agreement for the surrender of an ADR and any applicable
taxes or other governmental charges).
Charges of Depositary
The depositary will
charge any party depositing or withdrawing preferred shares or any party surrendering ADRs or to whom ADRs are issued (including,
without limitation, issuance pursuant to a stock dividend or stock split declared by us or an exchange of stock regarding the ADRs
or deposited securities or a distribution of ADRs pursuant to the deposit agreement) where applicable:
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taxes and other governmental
charges,
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such registration fees as
may from time to time be in effect for the registration of transfers of ADSs generally on the ADS register of the issuer or foreign
registrar and applicable to transfers of ADSs to the name of the depositary or its nominee or the custodian or its nominee on
the making of deposits or withdrawals,
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such cable, telex and facsimile
transmission expenses as are expressly provided in the deposit agreement,
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such expenses as are incurred
by the depositary in the conversion of foreign currency pursuant to the deposit agreement,
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a fee of $5.00 or less per
100 ADSs (or portion thereof) for the execution and delivery of ADRs pursuant to the deposit agreement, and the surrender of ADRs
pursuant to the deposit agreement,
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a fee of $1.50 or less per
certificate for an ADR or ADRs for transfers made pursuant to the deposit agreement, and
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a fee for, and deducted from,
the distribution of proceeds of the sale of rights pursuant to the deposit agreement, such fee being in an amount equal to the
fee for the execution and delivery of ADSs referred to above which would have been charged as a result of the deposit of ADSs
received upon the exercise of such rights, but which rights are instead sold and the proceeds of such sale distributed by the
depositary to owners.
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The depositary, pursuant
to the deposit agreement, may own and deal in any class of securities issued by us and our affiliates and in ADRs.
Liability of Owner for Taxes
If any tax or other
governmental charge shall become payable by the custodian or the depositary with respect to any ADR of any deposited securities
represented by the ADSs evidenced by such ADR, such tax or other governmental charge will be payable by the owner or beneficial
owner of such ADR to the depositary. The depositary may refuse to effect any transfer of such ADR or any withdrawal of deposited
securities underlying such ADR until such payment is made, and may withhold any dividends or other distributions, or may sell for
the account of the owner or beneficial owner thereof any part or all of the deposited securities underlying such ADR and may apply
such dividends, distributions or the proceeds of any such sale to pay any such tax or other governmental charge and the owner or
beneficial owner of such ADR will remain liable for any deficiency.
General
Neither the depositary
nor we nor any of our respective directors, employees, agents or affiliates will be liable to any owner or beneficial owner of
ADRs, if by reason of any provision of any present or future law or regulation of the United States, Colombia or any other country,
or of any other governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of our
by-laws, or by reason of any provision of any securities issued or distributed by us, or any offering or distribution thereof,
or by reason of any act of God or war or other circumstances beyond its control, the depositary or us or any of our respective
directors, employees, agents or affiliates shall be prevented, delayed or forbidden from, or be subject to any civil or criminal
penalty on account of, doing or performing any act or thing which by the terms of the deposit agreement or the deposited securities
it is provided will be done or performed; nor will the depositary or us incur any liability to any owner or beneficial owner of
any ADR by reason of any non-performance or delay, caused as aforesaid, in the performance of any set or thing which by the terms
of the deposit agreement it is provided will or may be done or performed, or by reason of any exercise of, or failure to exercise,
any discretion provided for under the deposit agreement. Where, by the terms of a distribution pursuant to the deposit agreement,
or an offering or distribution pursuant to the deposit agreement, or for any other reason, such distribution or offering may not
be made available to owners, and the depositary may not dispose of such distribution or offering on behalf of such owners and make
the net proceeds available to such owners, then the depositary will not make such distribution or offering, and will not allow
the rights, if applicable, to lapse.
Neither we nor the
depositary assumes any obligation, nor we or the depositary will be subject to any liability under the deposit agreement to owners
or beneficial owners of ADRs, except that we and the depositary agree to perform our respective obligations specifically set forth
under the deposit agreement without negligence or bad faith.
The ADRs are transferable
on the books of the depositary, provided, that the depositary may close the transfer books at any time or from time to time when
deemed expedient by it in connection with the performance of its duties or upon our written request. As a condition precedent to
the execution and delivery, registration of transfer, split-up, combination or surrender of any ADR or withdrawal of any deposited
securities, the depositary, the custodian or the registrar may require payment from the person representing the ADR or the depositor
of the preferred shares of a sum sufficient to reimburse it for any tax or other governmental charge and any stock, transfer or
registration fee with respect thereto (including any such tax or charge and fee with respect to preferred shares being deposited
or withdrawn) and payment of any applicable fees payable by the holders of ADRs. The depositary may refuse to deliver ADRs, to
register the transfer of any ADR or to make any distribution on, or related to, preferred shares until it has received such proof
of citizenship or residence, exchange control approval, approval or registration under the foreign investment regulations or other
information as it may deem necessary or proper. The delivery, transfer, registration of transfer of outstanding ADRs and surrender
of ADRs generally may be suspended or refused during any period when our or the depositary’s transfer books are closed or
if any such action is deemed necessary or advisable by us or the depositary, at any time or from time to time.
The depositary keeps
books, at its Corporate Trust Office, for the registration and transfer of ADRs, which at all reasonable times is open for inspection
by the owners, provided, that such inspection is not for the purpose of communicating with owners in the interest of a business
or object other than our business or a matter related to the deposit agreement or the ADRs.
The depositary may
appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of ADRs at designated
transfer offices on behalf of the depositary. In carrying out its functions, a co-transfer agent may require evidence of authority
and compliance with applicable laws and other requirements by owners or persons entitled to ADRs and will be entitled to protection
and indemnity to the same extent as the depositary.
DESCRIPTION OF THE RIGHTS TO SUBSCRIBE
PREFERRED SHARES
We may issue rights
to subscribe for our preferred shares in order to comply with the requirements described under “Description of the Preferred
Shares—Preemptive Rights and Other Anti-dilution Provisions.”
The applicable prospectus
supplement will describe the specific terms relating to such subscription rights and the terms of the offering, as well as a discussion
of material U.S. federal and Colombian income tax considerations applicable to holders of the rights to subscribe for our preferred
shares.
PLAN OF DISTRIBUTION
The securities offered
by this prospectus may be sold from time to time by us or a selling security holder as follows:
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to dealers or underwriters
for resale;
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directly to purchasers; or
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through a combination of
any of these methods of sale.
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In addition, we may
issue the securities as a dividend or distribution or in a preemptive rights offering to our existing security holders. In some
cases, we or dealers acting with us or on our behalf may also repurchase securities and reoffer them to the public by one or more
of the methods described above. This prospectus may be used in connection with any offering of our securities through any of these
methods or other methods described in the prospectus supplement.
The securities we
or selling security holders distribute by any of these methods may be sold to the public, in one or more transactions, either:
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at a fixed price or prices,
which may be changed;
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at market prices prevailing
at the time of sale;
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at prices related to prevailing
market prices; or
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We or selling security
holders may solicit offers to purchase the securities directly from the public from time to time. We may also designate agents
from time to time to solicit offers to purchase securities from the public on our behalf. The prospectus supplement relating to
any particular offering of securities will name any agents designated to solicit offers, and will include information about any
commissions we may pay the agents, in that offering. Agents may be deemed to be “underwriters” as that term is defined
in the Securities Act.
From time to time,
we may sell, or selling security holders may resell, securities to one or more dealers as principals. The dealers, who may be deemed
to be “underwriters” as that term is defined in the Securities Act, may then resell those securities to the public.
We may sell, or selling
security holders may resell, securities from time to time to one or more underwriters, who would purchase the securities as principal
for resale to the public, either on a firm-commitment or best-efforts basis. If we sell securities to underwriters, we will execute
an underwriting agreement with them at the time of sale and will name them in the prospectus supplement. In connection with those
sales, underwriters may be deemed to have received compensation from us in the form of underwriting discounts or commissions and
may also receive commissions from purchasers of the securities for whom they may act as agents. Underwriters may resell the securities
to or through dealers, and those dealers may receive compensation in the form of discounts, concessions or commissions from the
underwriters and/or commissions from purchasers for whom they may act as agents. The prospectus supplement will include information
about any underwriting compensation we pay to underwriters, and any discounts, concessions or commissions underwriters allow to
participating dealers, in connection with an offering of securities.
If we offer securities
in a subscription rights offering to our existing security holders, we may enter into a standby underwriting agreement with dealers,
acting as standby underwriters. We may pay the standby underwriters a commitment fee for the securities they commit to purchase
on a standby basis. If we do not enter into a standby underwriting arrangement, we may retain a dealer-manager to manage a subscription
rights offering for us.
We or any selling
security holder may authorize underwriters, dealers and agents to solicit from third parties offers to purchase securities under
contracts providing for the payment and delivery on future dates. The applicable prospectus supplement will describe the material
terms of these contracts, including any conditions to the purchasers’ obligations, and will include any required information
about commissions we or any selling security holders may pay for soliciting these contracts.
We or any selling
security holder may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to
third parties in privately negotiated transactions. In connection with those derivatives, the third parties may sell securities
covered by this prospectus, including in short sale transactions. If so, the third party may use securities pledged by us or borrowed
from us or others to settle those sales or to close out any related open borrowings of securities, and may use securities received
from us in settlement of those derivatives to close out any related open borrowings of securities. The third party in such sale
transactions will be an underwriter or will be identified in a post-effective amendment.
Underwriters, dealers,
agents and other persons may be entitled, under agreements that they may enter into with us, to indemnification by us against civil
liabilities, including liabilities under the Securities Act.
In connection with
an offering, the underwriters may purchase and sell securities in the open market and may engage in transactions that stabilize,
maintain or otherwise affect the price of the securities offered. These transactions may include overalloting the offering, creating
a syndicate short position, and engaging in stabilizing transactions and purchases to cover positions created by short sales. Overallotment
involves sales of the securities in excess of the principal amount or number of the securities to be purchased by the underwriters
in the applicable offering, which creates a short position for the underwriters. Short sales involve the sale by the underwriters
of a greater number of securities than they are required to purchase in an offering. Stabilizing transactions consist of certain
bids or purchases made for the purpose of preventing or retarding a decline in the market price of the securities while an offering
is in progress.
The underwriters
may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting
discount it received because the underwriters have repurchased securities sold by or for the account of that underwriter in stabilizing
or short-covering transactions.
These activities
by the underwriters may stabilize, maintain or otherwise affect the market price of the securities. As a result, the price of the
securities may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they
may be discontinued by the underwriters at any time. These transactions may be effected on an exchange or automated quotation system,
if the securities are listed on that exchange or admitted for trading on that automated quotation system, or in the over-the-counter
market or otherwise.
The underwriters,
dealers and agents, as well as their associates, may be customers of or lenders to, and may engage in transactions with and perform
services for, us and our subsidiaries and affiliates.
Maximum compensation
to any underwriters, dealers or agents will not exceed any applicable limitations set out by the Financial Industry Regulatory
Authority.
VALIDITY OF THE SECURITIES
The validity of the
securities and other matters governed by Colombian law will be passed upon for us by Brigard Urrutia S.A.S., our Colombian counsel,
and for any underwriters or agents by Colombian counsel named in the applicable prospectus supplement. The validity of New York
law-governed debt securities we may issue will be passed upon for us by Sullivan & Cromwell LLP, New York, New York and Washington,
D.C., our U.S. counsel, and for any underwriters or agents by counsel names in the applicable prospectus supplement.
EXPERTS
The consolidated
financial statements as of December 31, 2017 and for the year ended December 31, 2017 incorporated in this Prospectus by reference
to the Annual Report on Form 20-F for the year ended December 31, 2018 have been so incorporated in reliance on the report of Deloitte
and Touche Ltda., an independent registered public accounting firm, given on the authority of said firm as experts in auditing
and accounting.
The consolidated
financial statements as of December 31, 2018 and for the year ended December 31, 2018 and management’s assessment of the
effectiveness of internal control over financial reporting (which is included in Management’s Report on Internal Control
Over Financial Reporting) incorporated in this Prospectus by reference to the Annual Report on Form 20-F for the year ended December
31, 2018 have been so incorporated in reliance on the report of PricewaterhouseCoopers Ltda., an independent registered public
accounting firm, given on the authority of said firm as experts in auditing and accounting.
ENFORCEMENT OF CIVIL LIABILITIES AGAINST
FOREIGN PERSONS
We are a Colombian
company, a majority of our directors and management and certain of the experts named in this prospectus are residents of Colombia,
and a substantial portion of their respective assets are located in Colombia.
We have been advised
by Brigard Urrutia, our Colombian counsel, that the Supreme Court of Justice of Colombia (
Corte Suprema de Justicia de Colombia
),
determines whether to enforce a U.S. judgment predicated on the U.S. securities laws through a procedural system known under Colombian
law as
exequatur
. The Supreme Court of Justice of Colombia will enforce a foreign judgment, without reconsideration of the
merits, only if the judgment satisfies the requirements of articles 605 through 607 of Law 1564 of 2012, which provide that the
foreign judgment will be enforced if:
|
•
|
a
treaty or convention exists between Colombia and the country where the judgment was granted or there is reciprocity in the recognition
of foreign judgments between the courts of the relevant jurisdiction and the courts of Colombia;
|
|
•
|
the
foreign judgment does not relate to “in rem rights” vested in assets that were located in Colombia at the time the
suit was filed
|
|
•
|
the
ruling does not contradict Colombian laws relating to public order other than those governing judicial procedures;
|
|
•
|
the foreign judgment, in
accordance with the laws of the country where it was rendered, is final and is not subject to appeal and a duly certified and
authenticated copy of the judgment has been presented to a competent court in Colombia;
|
|
•
|
the foreign judgment does
not refer to any matter upon which Colombian courts have exclusive jurisdiction;
|
|
•
|
no proceeding is pending
in Colombia with respect to the same cause of action, and no final judgment has been awarded in any proceeding in Colombia on
the same subject matter and between the same parties; and
|
|
•
|
in the proceeding commenced
in the foreign court that issued the judgment, the defendant was served in accordance with the law of such jurisdiction and in
a manner reasonably designated to give the defendant an opportunity to defend against the action.
|
In the course of
the exequatur proceedings, both the plaintiff and the defendant are granted the opportunity to request the production of evidence
in connection with the requirements listed above. In addition, before the judgment is rendered, each party may file final allegations
in support of such party’s position. The United States and Colombia do not have a bilateral treaty providing for automatic
reciprocal recognition and enforcement of judgments in civil and commercial matters. However, the Colombian Supreme Court has generally
accepted that reciprocity exists when it has been proven that either a U.S. court has enforced a Colombian judgment or that a U.S.
court would enforce a foreign judgment, including a judgment issued by a Colombian court. Nevertheless, such enforceability decisions
are considered by Colombian courts on a case-by-case basis.
As of today, neither
this prospectus, nor the accompanying prospectus supplement, nor the documents incorporated by reference into this prospectus,
nor any documents in connection therewith, are subject to arbitration.
Colombia is party
to international treaties such as the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the
“New York Convention”), the 1975 Inter-American Convention on International Commercial Arbitration, and the 1965 Washington
Convention for the Settlement of Disputes between States and Nationals of Other States.
No dealer, salesperson or other person
is authorized to give any information or to represent anything not contained in this prospectus. You must not rely upon any unauthorized
information or representations. This prospectus is an offer to sell only the securities it describes, but only under circumstances
and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.
Bancolombia S.A.
Debt Securities
Preferred Shares
American Depositary Shares representing
Preferred Shares
Rights to Subscribe for Preferred Shares
Part II
Information not required in the prospectus.
ITEM 8.
|
INDEMNIFICATION OF DIRECTORS AND OFFICERS
|
Under Colombian law,
when an officer or director of a corporation acts within the scope of his authority, the corporation will answer for any resulting
liabilities or expenses.
Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such
indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
|
|
|
Exhibit
No.
|
|
Description
|
|
|
1.1
|
|
Form of Underwriting Agreement for Debt Securities.*
|
|
|
1.2
|
|
Form of Underwriting Agreement for Preferred Shares.*
|
|
|
3.1
|
|
English translation of the corporate By-laws (
estatutos sociales
) of Bancolombia S.A., as amended on October 30, 2015.
(1)
|
|
|
4.1
|
|
The Deposit Agreement entered into between Bancolombia and The Bank of New York, as amended on January 14, 2008.
(2)
|
|
|
4.2
|
|
Form of Indenture between Bancolombia S.A. and The Bank of New York Mellon, as trustee.
(3)
|
|
|
4.3
|
|
Form of Debt Security (included in Exhibit 4.2).
|
|
|
4.4
|
|
Specimen Preferred Shares Certificate (together with an English translation).
(4)
|
|
|
4.5
|
|
Form of American Depositary Receipt (included in Exhibit 4.1).
|
|
|
4.6
|
|
Form of Rights Agent Agreement between Bancolombia S.A. and The Bank of New York Mellon, with respect to the services to be provided by the ADS rights agent in connection with any rights offering.*
|
|
|
4.7
|
|
Form of Letter of Instructions from ADS rights agent to holders of ADSs evidencing Preferred Shares, including the form of notice of guaranteed delivery, letter to broker-dealers, letter to clients and ADS rights certificate.*
|
|
|
4.8
|
|
Form of Subscription Forms for use by holders of Preferred Shares.*
|
|
|
5.1
|
|
Opinion of Brigard Urrutia S.A.S as to the validity of the securities (Colombian law).
|
|
|
5.2
|
|
Opinion of Sullivan & Cromwell LLP as to the validity of the debt securities.
|
|
|
|
23.1
|
|
Consent of PricewaterhouseCoopers Ltda.
|
|
|
|
23.2
|
|
Consent of Deloitte and Touche Ltda.
|
|
|
23.3
|
|
Consent of Brigard Urrutia S.A.S (included in Exhibit 5.1).
|
|
|
23.4
|
|
Consent of Sullivan & Cromwell LLP (included in Exhibit 5.2).
|
|
|
24.1
|
|
Power of Attorney (included on signature page).
|
|
|
25.1
|
|
Statement of Eligibility of Trustee on Form T-1 under the Trust Indenture Act of 1939, as amended, of The Bank of New York Mellon.
|
*
|
To be filed by amendment or incorporated by reference. Bancolombia will file as an Exhibit to a report on Form 6-K that is incorporated by reference into this registration statement any related form utilized in the future and not previously filed by means of an amendment or incorporated by reference.
|
(1)
|
Previously filed with the SEC as an exhibit to and
incorporated herein by reference from our Annual Report on Form 20-F for the year ended
December 31, 2015 filed on April 22, 2016.
|
(2)
|
Previously filed with the SEC as an exhibit to and incorporated herein by reference from our registration statement on Form F-6, filed by Bancolombia on January 14, 2008.
|
(3)
|
Previously filed with the SEC as an exhibit to and incorporated herein by reference from our registration statement on Form F-3, filed on May 14, 2007 (File No. 333-142898).
|
(4)
|
Previously filed with the SEC as an exhibit to and incorporated herein by reference from our registration statement on Form F-1, filed on June 26, 1995 (File No. 33-93724).
|
The undersigned registrant
hereby undertakes:
|
(1)
|
To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement:
|
|
(i)
|
to include any prospectus
required by Section 10(a)(3) of the Securities Act of 1933;
|
|
(ii)
|
to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement;
|
|
(iii)
|
to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
|
provided, however
, that paragraphs
(a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by
those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or
section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained
in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
|
(2)
|
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
|
|
(3)
|
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
|
|
(4)
|
To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by section 10(a)(3) of the Securities Act of 1933 need not be furnished,
provided
that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, a post-effective amendment need not be filed to include financial statements and information required by section 10(a)(3) of the Securities Act of 1933 or item 8.A of Form 20-F if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.
|
|
(5)
|
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
|
|
(i)
|
each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and
|
|
(ii)
|
each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;
provided
,
however
, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or
|
|
(6)
|
That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
|
|
(i)
|
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
|
|
(ii)
|
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
|
|
(iii)
|
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
|
|
(iv)
|
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
|
|
(7)
|
That, for purposes of determining any liability under the Securities Act, each filing of the registrant’s annual report pursuant to section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
|
|
|
|
|
(8)
|
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
|
|
|
|
|
(9)
|
to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Securities and Exchange Commission under Section 305(b)(2) of the Trust Indenture Act.
|
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Medellin, Republic of Colombia, on the April 25, 2019.
|
BANCOLOMBIA S.A.
|
|
|
|
|
By:
|
|
/s/
MAURICIO ROSILLO ROJAS
|
|
|
|
Name:
|
|
Mauricio Rosillo Rojas
|
|
|
|
Title:
|
|
Chief Legal Officer
|
POWER OF ATTORNEY
KNOW ALL PERSONS BY
THESE PRESENTS that each of the individuals whose signature appears below constitutes and appoints Mauricio Rosillo Rojas as his
true and lawful attorney-in-fact and agent with full and several power of substitution, for him and his name, place and stead,
in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement
or any such subsequent registration statement and reports on Form 6-K relating thereto and any registration statement filed pursuant
to Rule 462(b) under the Securities Act of 1933, and to file the same, with all exhibits thereto, and all documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority
to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents
and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agents
or any of them, or their substitutes, may lawfully do or cause to be done.
Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and
on the dates indicated.
Name
|
|
Title
|
|
Date
|
|
|
|
/
s/
JUAN CARLOS MORA URIBE
|
|
President (Chief Executive Officer)
|
|
April 25, 2019
|
(Juan Carlos Mora Uribe)
|
|
|
|
|
|
|
/s/
JAIME ALBERTO VELÁSQUEZ BOTERO
|
|
Vice President of Strategy and Finance (Chief Financial Officer)
|
|
April 25, 2019
|
(Jaime Alberto Velásquez Botero)
|
|
|
|
|
|
|
/s/
JORGE HUMBERTO HERNANDEZ
|
|
Director of Accounting (Chief Accounting Officer)
|
|
April 25, 2019
|
(Jorge Humberto Hernandez)
|
|
|
|
|
|
|
/s/
DAVID EMILIO BOJANINI GARCÍA
|
|
Chairman of the Board of Directors
|
|
April 25, 2019
|
(David Emilio Bojanini García)
|
|
|
|
|
|
|
/s/
GONZALO ALBERTO PÉREZ ROJAS
|
|
Director
|
|
April 25, 2019
|
(Gonzalo Alberto Pérez Rojas)
|
|
|
|
|
|
|
|
/s/
HERNANDO JOSÉ GÓMEZ RESTREPO
|
|
Director
|
|
April 25, 2019
|
(Hernando José Gómez Restrepo)
|
|
|
|
|
|
|
|
/s/
ROBERTO RICARDO STEINER SAMPEDRO
|
|
Director
|
|
April 25, 2019
|
(Roberto Ricardo Steiner Sampedro)
|
|
|
|
|
|
|
|
/s/
LUIS FERNANDO RESTREPO ECHAVARRÍA
|
|
Director
|
|
April 25, 2019
|
(Luis Fernando Restrepo Echavarría)
|
|
|
|
|
|
|
|
/s/
ARTURO CONDO TAMAYO
|
|
Director
|
|
April 25, 2019
|
(Arturo Condo Tamayo)
|
|
|
|
|
|
|
|
/s/
ANDRES FELIPE MEJÍA CARDONA
|
|
Director
|
|
April 25, 2019
|
(Andres Felipe Mejía Cardona)
|
|
|
|
|
Name
|
|
Title
|
|
Date
|
|
|
|
/s/
DONALD J. PUGLISI
|
|
Authorized Representative in the United States
|
|
April 25, 2019
|
(Donald J. Puglisi)
|
|
|
|
SIGNATURE OF AUTHORIZED REPRESENTATIVE
OF BANCOLOMBIA S.A.
Pursuant to the requirements of the Securities
Act of 1933, the authorized representative, solely in its capacity as the duly authorized representative of Bancolombia S.A. in
the United States, has duly caused this registration statement to be signed on its behalf by the undersigned in The City of Newark,
State of Delaware, on April 25, 2019.
|
PUGLISI & ASSOCIATES
|
|
|
|
|
By:
|
|
/s/
DONALD J. PUGLISI
|
|
|
|
Name:
|
|
Donald J. Puglisi
|
|
|
|
Title:
|
|
Managing Director
|
TABLE OF EXHIBITS
Exhibit
No.
|
|
Description
|
|
|
1.1
|
|
Form of Underwriting Agreement for Debt Securities.*
|
|
|
1.2
|
|
Form of Underwriting Agreement for Preferred Shares.*
|
|
|
3.1
|
|
English translation of the corporate By-laws (estatutos sociales) of Bancolombia S.A., as amended on October 30, 2015.
(1)
|
|
|
4.1
|
|
The Deposit Agreement entered into between Bancolombia and The Bank of New York, as amended on January 14, 2008.
(2)
|
|
|
4.2
|
|
Form of Indenture between Bancolombia S.A. and The Bank of New York Mellon, as trustee.
(3)
|
|
|
4.3
|
|
Form of Debt Security (included in Exhibit 4.2).
|
|
|
4.4
|
|
Specimen Preferred Shares Certificate (together with an English translation).
(4)
|
|
|
4.5
|
|
Form of American Depositary Receipt (included in Exhibit 4.1).
|
|
|
4.6
|
|
Form of Rights Agent Agreement between Bancolombia S.A. and The Bank of New York Mellon, with respect to the services to be provided by the ADS rights agent in connection with any rights offering.*
|
|
|
4.7
|
|
Form of Letter of Instructions from ADS rights agent to holders of ADSs evidencing Preferred Shares, including the form of notice of guaranteed delivery, letter to broker-dealers, letter to clients and ADS rights certificate.*
|
|
|
4.8
|
|
Form of Subscription Forms for use by holders of Preferred Shares.*
|
|
|
5.1
|
|
Opinion of Brigard Urrutia S.A.S as to the validity of the securities (Colombian law).
|
|
|
5.2
|
|
Opinion of Sullivan & Cromwell LLP as to the validity of the debt securities.
|
|
|
|
23.1
|
|
Consent of PricewaterhouseCoopers Ltda.
|
|
|
|
23.2
|
|
Consent of Deloitte and Touche Ltda.
|
|
|
23.3
|
|
Consent of Brigard Urrutia S.A.S (included in Exhibit 5.1).
|
|
|
23.4
|
|
Consent of Sullivan & Cromwell LLP (included in Exhibit 5.2).
|
|
|
24.1
|
|
Power of Attorney (included on signature page).
|
|
|
25.1
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Statement of Eligibility of Trustee on Form T-1 under the Trust Indenture Act of 1939, as amended, of The Bank of New York Mellon.
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*
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To be filed by amendment or incorporated by reference. Bancolombia will file as an Exhibit to a report on Form 6-K that is incorporated by reference into this registration statement any related form utilized in the future and not previously filed by means of an amendment or incorporated by reference.
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(1)
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Previously filed with the SEC as an exhibit to and incorporated
herein by reference from our Annual Report on Form 20-F for the year ended December 31, 2015 filed on April 22, 2016.
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(2)
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Previously filed with the SEC as an exhibit to and incorporated herein by reference from our registration statement on Form F-6, filed by Bancolombia on January 14, 2008.
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(3)
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Previously filed with the SEC as an exhibit to and incorporated herein by reference from our registration statement on Form F-3, filed on May 14, 2007 (File No. 333-142898).
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(4)
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Previously filed with the SEC as an exhibit to and incorporated herein by reference from our registration statement on Form F-1, filed on June 26, 1995 (File No. 33-93724).
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