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

For the month of May, 2010.

Comission File Number 001-32535

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): ¨

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): ¨

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-                    .
 
 
 
 
 
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.

 
BANCOLOMBIA S.A.
 
(Registrant)
   
Date:  May 27, 2010 
By: 
/s/  JAIME ALBERTO VELÁSQUEZ B.
   
Name:   Jaime Alberto Velásquez B.  
   
Title:    Vice President of Finance  
 
 
 
 
 

 
CORRECTION TO PRIOR INFORMATION: Bancolombia Announces Consolidated Financial
Results for 1Q10 & Bancolombia Announces Consolidated Financial Results for 4Q09
 
Medellín, Colombia, May 27, 2010

This Form 6-K is being furnished solely to correct an error in the Forms 6-K furnished March 1 and   May 7, 2010, relating to  the classification of Bancolombia’s loan portfolio into corporate, retail, financial leases and mortgage loans.

The following table contains the corrected information.
 
LOAN PORTFOLIO
  
As of
    
Growth
  
(COP million)
  
31-Mar-09
    
31-Dec-09
    
31-Mar-10
    
Mar-10/Dec-09
    
Mar-10/Mar-09
  
                               
CORPORATE
                              
Working capital loans Loans funded by
     19,912,726       18,513,872       18,155,416       -1.94 %     -8.83 %
Funded by domestic development banks
     1,139,681       527,723       416,809       -21.02 %     -63.43 %
Trade Financing
     1,759,618       1,174,295       1,419,113       20.85 %     -19.35 %
Overdrafts
     106,149       50,602       86,468       70.88 %     -18.54 %
Credit Cards
     45,081       35,409       38,798       9.57 %     -13.94 %
TOTAL CORPORATE
     22,963,255       20,301,901       20,116,604       -0.91 %     -12.40 %
RETAIL AND SMEs
                                        
Working capital loans
     4,180,779       4,371,046       4,496,309       2.87 %     7.55 %
Personal loans
     4,390,615       3,774,768       3,611,806       -4.32 %     -17.74 %
Funded by domestic development banks
     887,381       801,847       772,129       -3.71 %     -12.99 %
Credit Cards
     2,495,335       2,389,059       2,379,969       -0.38 %     -4.62 %
Overdrafts
     300,937       188,613       251,934       33.57 %     -16.28 %
Automobile loans
     1,313,282       1,222,017       1,211,770       -0.84 %     -7.73 %
Trade Financing
     119,932       53,298       74,424       39.64 %     -37.94 %
TOTAL RETAIL AND SMEs
     13,688,261       12,800,648       12,798,341       -0.02 %     -6.50 %
MORTGAGE
     3,521,499       3,469,424       3,603,657       3.87 %     2.33 %
FINANCIAL LEASES
     5,670,912       5,470,001       5,427,246       -0.78 %     -4.30 %
Total loans and financial leases
     45,843,927       42,041,974       41,945,848       -0.23 %     -8.50 %
Allowance for loan losses
     (2,350,943 )     (2,431,667 )     (2,452,205 )     0.84 %     4.31 %
Total loans and financial leases, net
     43,492,984       39,610,307       39,493,643       -0.29 %     -9.20 %
  
Bancolombia notes that this correction does not have an impact on the Balance Sheet or statement of income reported in the Form 6-Ks furnished on March 1 and May 7.