Bancolombia Plans to Delist Notes from NYSE for SGX Listing
Bancolombia Announces Delisting Intentions
Bancolombia S.A. ('Bancolombia') has made a significant announcement regarding its financial instruments. The bank is planning to voluntarily delist its 4.875% Subordinated Notes due 2027 and the 8.625% Subordinated Notes due 2034 from the New York Stock Exchange ('NYSE'). This strategy is part of a well-considered plan to transition these financial securities to the Singapore Exchange ('SGX').
Reasons Behind the Delisting
The decision to transition from the NYSE to SGX stems from a comprehensive evaluation by Bancolombia's board of directors. They have carefully weighed the implications of listing on these exchanges and believe that SGX will better serve the financial interests of the bank and its stakeholders.
Next Steps in the Process
Bancolombia has already communicated its intention to the NYSE and is preparing to submit a Form 25 to the U.S. Securities and Exchange Commission ('SEC'). This filing will facilitate the delisting and deregistration of the Notes, in accordance with the Exchange Act. Bancolombia anticipates that the delisting will be effective approximately ten days after the filing, marking the last trading day for the Notes on the NYSE around mid-August.
Transition to Singapore Exchange
Once the delisting from NYSE is completed, the Notes are expected to commence trading on SGX shortly thereafter. This strategic move aims to enhance liquidity and broaden the investor base. Following the delisting process, Bancolombia will also file a Form 15 with the SEC to suspend its reporting obligations, streamlining its financial disclosures.
Impact on Grupo Cibest S.A.
Additionally, the American Depositary Shares of Grupo Cibest S.A., which is Bancolombia's parent company, will continue to trade under the symbol 'CIB' on the NYSE. This means that Grupo Cibest will maintain its reporting requirements, ensuring transparency and compliance with regulatory standards.
Company Contact Information
For any inquiries, individuals can reach out to the following contacts:
Mauricio Botero Wolff
Strategy and Finance VP
Catalina Tobón Rivera
IR Director
Tel: (57 604) 404 0858
Tel: (57 601) 4885950
Frequently Asked Questions
Why is Bancolombia delisting from the NYSE?
Bancolombia is voluntarily delisting to list its Notes on the Singapore Exchange, aiming for better market conditions.
What will happen to the Notes after delisting?
Post-delisting, the Notes are expected to begin trading on the Singapore Exchange.
Will Grupo Cibest continue trading on the NYSE?
Yes, Grupo Cibest's American Depositary Shares will continue to be traded on the NYSE under 'CIB'.
What is the timeline for the delisting process?
The delisting application process will begin soon, with the delisting expected to take effect approximately ten days after submission to the SEC.
How can I contact Bancolombia for more information?
Interested parties can contact Mauricio Botero Wolff or Catalina Tobón Rivera at provided telephone numbers for further details.
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