The first payment, of 255 pesos ($0.09 USD), will be made on April 2 to holders of ordinary and preferred shares. Subsequent payouts of the same sum are scheduled for later this year on July 3 and October 1, with the final installment coming on January 2, 2019.

The value of the dividend, which is a 7.3% increase over the previous year, was reached this week at Bancolombia’s shareholder meeting.

The March 14 meeting also saw the approval of a legal reserve of 1.2 trillion pesos ($432 million USD), which the company said in a statement will “allow Bancolombia to strengthen its capital structure in accordance with the regulatory requirements established in Colombia for credit institutions.”

In addition, shareholders re-elected the board of directors governing Colombia’s biggest bank. The following directors are now authorized to sit through March 2020: David Bojanini García, Gonzalo Alberto Pérez Rojas, Hernando José Gómez Restrepo, Roberto Steiner Sampedro, Luis Fernando Restrepo Echavarria, Andres Felipe Mejía Cardona, and Arturo Condo Tamayo.

Finally, at the meeting, the assembly chose PwC to conduct the bank’s fiscal audit.

Photo: Bancolombia headquarters in Medellín, Colombia. (Credit: Bancolombia)