Colombia's national directorate of taxes and customs imposed a fine of about 19.83 billion Colombian pesos, equivalent to around US$6.4 million, on Bancolombia SA for submitting incomplete, inaccurate and untimely information.

"Bancolombia will take all available legal actions to contest this decision," the bank said in a statement, without providing any additional details.

As of Oct. 12, US$1 was equivalent to 3,089.90 Colombian pesos.