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The m/o/m decline of 0.3% points to a gradual slowdown in the Colombian economy.

"I am talking about a continuation of the kind of positive disruption that has already taken hold in Colombia, and which is rapidly changing the financial landscape."

Today at 1pm the Grupo Sura tender will close and 24 hours later it will be Grupo Nutresa's turn.

Roops sees three possible outcomes for Jaime Gilinski's hostile takeover attempt of Grupo Nutresa.

Sura ranked fourth, moving up from 8th in the 2017, while cement maker Cementos Argos rounded out the top five.

Bancolombia topped the rankings in 2017, but fell one spot to second place in this year's Merco report.

Each was scrutinized in 10 categories, including internal controls, accounting records, and compliance programs.

This marks a major expansion for the coffee chain in Medellín, where it only just opened its first cafe in September.