Bancolombia SA said its board appointed Maria Cristina Arrastía vice president of business, a newly created position reporting directly to the group's CEO.

Cristina Arrastía, who has been working as Bancolombia's vice president of retail and SME banking, will now be responsible for leading the group's individual banking, small and medium-sized enterprises, and corporate business segments.

She will also "consolidate other support areas such as marketing, products, customer service and analytics, among others," the bank said.

The company also announced that Gonzalo Toro and Gabriel Di Lelle are retiring from their respective positions as vice president of corporate banking and vice president of digital innovation and transformation.