UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

Bancolombia S.A.

(Translation of registrant’s name into English)

Cra. 48 # 26-85
Medellín, Colombia
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ                    Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(2): o

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o                    No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    .

 

 

BANCOLOMBIA S.A. ANNOUNCES MORTGAGE SECURITIZATION

Medellín, Colombia, March 5, 2009

BANCOLOMBIA S.A. (“Bancolombia”) (NYSE:CIB) announces that it sold mortgage loans in Pesos, to Titularizadora Colombiana S.A. (“Titularizadora”) amounting to approximately Ps. $ 218.8 billion (approximately US$ 84.5 million)*. These mortgage loans will be secured by Titularizadora through the issuance of mortgage-backed securities.

The purpose of this transaction is to continue the transfer of Bancolombia’s mortgage loans to the capital markets.

* Representative Market Rate: March 05, 2008 Ps. 2,589.48 = US$ 1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.