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.


           DECISIONS OF BANCOLOMBIA'S BOARD OF DIRECTORS RELATING THE
            POSSIBLE COMBINATION WITH CONAVI S.A. AND CORFINSURA S.A.

MEDELLIN, COLOMBIA. OCTOBER 5, 2004

JP MORGAN SECURITIES INC.

With the purpose of furthering the study that will determine the feasibility of
a combination between BANCOLOMBIA, CONAVI and CORFINSURA, the Board of Directors
of BANCOLOMBIA S.A. has approved the hiring of JP Morgan Securities Inc. to
undertake the independent technical study that will determine the value of each
of the financial institutions that would take part in the combination and the
corresponding exchange ratio.

In order for the study to comply with section 2 of article 62 of the Estatuto
Organico del Sistema Financiero (Decree 663 of 1993, as amended), the
Superintendency of Banking will be asked to determine the suitability and
independence of JP Morgan Securities Inc. for the performance of the study, in
the terms of section 3 of the above mentioned article. In accordance with the
(Colombian) law, the professional firm that undertakes the technical independent
study "must be hired by the interested entities by mutual consent", and
accordingly, CONAVI and CORFINSURA have agreed with the hiring of the above
mentioned firm for the aforementioned effects.

FAIRNESS OPINION

In order to have the best elements of judgment about the valuation process that
JP Morgan Securities, Inc. will undertake, in case its suitability and
independence is certified by the Superintendency of Banking, the Bank's Board of
Directors also authorized the administration to hire an investment banking firm,
who would be hired solely by the Bank, to analyze the independent technical
study and issue a fairness opinion concerning JP Morgan's such study.

PRESERVING THE TRADEMARKS

In the event the general shareholder meetings of the three financial
institutions decide to go forward with the combination, the Board has
recommended that, if possible, the trademarks of said entities be preserved by
the entity or entities that survive or result from the combination.

If Bancolombia does decide to combine with Conavi and Corfinsura, 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.