BOGOTA — Colombia's largest lending institution, Bancolombia begins a public offering Friday for 64 million preferred shares worth $886 million.

In a statement late Thursday, the bank said the shares will first be offered exclusively in the local market to current shareholders for a period of 15 working days, but that any shares left over will be offered outside of Colombia in the form of American Depositary Receipts.

The price set for Bancolombia's preferred shares in the issuance is 26,000 pesos ($13.84), a 7.8% discount from the COP28,200 closing level Thursday. The shares are down 1.8% since the bank announced last week that it approved rules for the share issuance.

Bancolombia said proceeds from the offering will go toward "general corporate purposes of Bancolombia, including lending and financing [for] its clients, as well as to consolidate the capital adequacy that will allow the business growth according with international standards."

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