Bancolombia execs to return to work |
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Published
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Thu, 11 Jan 2007 19:41
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NEW YORK (AFX) - Colombia-based Bancolombia S.A. said Thursday its president and its vice president will return to work after an Attorney General revoked a house arrest order for the two officers.Jorge Londono Saldarriaga had taken a temporary leave of absence as president while under house arrest. Federico Ochoa Barrera was also on a temporary leave of absence from his position as vice president of services.The two officers were being investigated for the 1997 merger that led to the creation of the country's biggest bank. Bancolombia was created in 1997 following Banco Industrial Colombiano's $418 million acquisition of a 51 percent stake in Banco de Colombia.The company's board of directors also terminated the employment of Jairo Burgos De La Espriella as acting president.Bancolombia is the only Colombian company whose shares trade on the New York Stock Exchange. They rose 30 cents to $30.15 in midday trading.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Arrest order lifted against banker 