Filed by: Bancolombia S.A.
               Pursuant to Rule 425 under the Securities Act of 1933, as amended
                                                  Commission File No.: 333-09478
                                               Subject Company: Bancolombia S.A.



                      DECISION OF THE BOARD OF DIRECTORS OF
                        SURAMERICANA DE INVERSIONES S.A.



MEDELLIN, COLOMBIA. SEPTEMBER 14, 2004


We have been informed today by the Legal Representative of Suramericana de
Inversiones S.A. that the board of such company has authorized him to request
that Bancolombia S.A., Conavi Banco Comercial y de Ahorros S.A. and Corfinsura
S.A. undertake the necessary studies to evaluate their combination.


The studies will relate to all the material aspects of any such combination so
that, if the combination is technically and legally feasible, the necessary
procedures may be initiated within each of the subject companies and before the
regulatory authorities, so that each entity may make the decisions it deems
appropriate in respect of the proposed combination

If Bancolombia S.A. does decide to combine with Conavi Banco Comercial y de
Ahorros S.A. and Corfinsura S.A., it may do so by a process involving the filing
with the U.S. Securities and Exchange Commission (the "SEC") of a registration
statement on Form F-4 and other relevant documents concerning any such
combination. We urge investors to read any such registration statement and any
other relevant documents if and when filed with the SEC because they will
contain important information. If filed, you may obtain any such documents free
of charge at the SEC's website (www.sec.gov). In addition, you may obtain a copy
of any such registration statement and any incorporated documents free of charge
from Mauricio Botero at (574) 510 8866. A copy of this document has been or will
be filed with the SEC pursuant to Rules 165 and 425 under the U.S. Securities
Act of 1933.








CONTACTS
                                          
JAIME A. VELASQUEZ     MAURICIO BOTERO          FAX: (574) 2317208
FINANCIAL VP           IR MANAGER               WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666    TEL.: (574) 5108866      INVESTORRELATIONS@BANCOLOMBIA.CO