Bancolombia S.A. (NYSE:CIB) Q4 2023 Earnings Call Transcript

It’s not something that is particularly regarding or related to Bancolombia. At the end, Bancolombia is the most liquid share in the Colombian market, but it’s a very, very small market. And that’s why when the different index companies like FTSE evaluates liquidity, the market is very low, but Bancolombia is the most liquid and a very liquid market. Jose, I want to make that comment. And Jose, could you complement me on that?

José Humberto Acosta: Yes. Thank you, Juan Carlos. Julian, on practical terms, the change of FTSE means a sell-off of $70 million in the next coming weeks on ordinary shares, probably the consequence will be the price will come down. And again, as Juan mentioned, we have the preferred at the 8 years with a high level of liquidity. The second element is there is a very important element here right now for the all players that we are listed in the local stock market, which is to have a market maker. This is relevant in our case, we’re hiring a market maker two months ago. And the consequences was very clear in both in ordinary and preferred. In terms of the ordinary, the bid offer spread reduces more than 50% and in preferred more than 45%.

And this is very important because at the end of the day, it’s a way of democratization of the shares on individuals. So we are using platforms as a trip, for example, trying to offer them the opportunity to have possibility to buy. So the market maker today is relevant because of that because it helps the individuals to have an opportunity to buy our shares. No matter if it is ordinary or preferred.

Operator: Thank you, Julian. We have reached the end of the question-and-answer session. I would now like to turn the call back over to Mr. Juan Carlos Mora, for closing comments.

Juan Carlos Mora : Thank you all for your interest on this conference call results. Next this first quarter of 2024, I think it will be key to understand how will evolve the year. So, when we report the results of the first quarter, we will see how things are going. And I also want to mention again that we will have our Shareholders Meeting — General Shareholders Meeting, March 15, which is where we will present our or the Board of Directors proposal proposed dividend. So we are very thankful for your interest, and we expect you to have you in our conference call for the first quarter of 2024. Thank you very much, and have a good day.

Operator: This concludes today’s conference. You may disconnect your lines at this time, and we thank you for your participation.