Bancolombia SA said its board approved a global program forthe issuance of up to $1.50 billion in short-term notes.

The notes will have maturities thatmay vary from one month to three years, and will be issued by Bancolombia SA PanamaBranch, according to a Form 6-K. The program has an indefinite duration.

Bancolombia will use the proceedsfrom the sales for general corporate purposes.