Corporación Financiera Colombiana SA, or Corficolombiana, said its board appointed María Lorena Gutiérrez Botero the company's new chairman, replacing Bernardo Noreña Ocampo, who resigned in July for personal and professional reasons.

Gutiérrez, a former Colombian foreign trade minister, is expected to join Corficolombiana on Aug. 16 after regulators will approve her appointment, the company said.

Noreña, who will continue to work for parent company Grupo Aval Acciones y Valores SA on a consultancy basis, will assist Gutiérrez in a transition period through August.