In the Assembly that chose the new board of directors, modifications were made aimed at avoiding another hostile takeover like the one that took place at Nutresa, which blew up the GEA.
The Antioqueño Business Group will never be the same after the hostile takeover by Jaime Gilinski and the Arab fund IHC that concluded with the purchase of Nutresa and the rearrangement of leading companies such as Grupo Argos, Sura and now Bancolombia, with a change of statutes to prevent similar situations from being repeated.
The statutory reform was presented by the President of Bancolombia, Juan Carlos Mora, and the Vice President of Legal Affairs and General Secretary, Claudia Echavarría Uribe, and was approved by the Shareholders’ Meeting, which also elected the new Board of Directors, which included Ricardo Jaramillo, the new President of Grupo Sura, who replaced German Perez, who reached the retirement age established by the GEA.
He will be presiding over the largest bank in Colombia along with independent members such as Silvia Escobar, who has just received a hard blow with the intervention that the Petro government made at the beginning of April in Eps Sanitas, whose board was chaired by the renowned executive.
Luis Fernando Restrepo Echavarria, current president of Crystal SAS, a company dedicated to the production and marketing of brands in Latin America such as Gef, Punto Blanco, Baby Fresh and Galax, owned by the Echvarria family; Andrés Felipe Mejía Cardona, partner and president of Mu Mecanicos Unidos, which produces cast iron solutions under the Victoria brand and exports to 35 countries around the world. In addition to the expert consultant in economics and corporate governance, Silvia Vartnick.
Bancolombia’s move was made to anticipate any future takeover bid after the tough fight between Gilinski and the Antioqueño Business Group that took two costly years.
They had already had a major legal dispute in the past with the Gilinski Group, which tried to take over the bank, and at one point it was speculated that the real interest of businessman Jaime Gilinski, who after last year’s moves that increased his fortune by 166.67% according to Forbes, placing him as the second richest man in Colombia, was to stay with Bancolombia. Now he will have to look in another direction.
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