To the Board of Directors and Stockholders of
Bancolombia S.A.:

We consent to incorporation by reference in the registration statement on Form
F-3 of Bancolombia S.A. of our report dated January 21, 2003, except note 30,
which is as of March 12, 2003, relating to the consolidated balance sheets of
Bancolombia S.A. and subsidiaries as of December 31, 2002, and the related
consolidated statements of operations, stockholders' equity and cash flows for
each of the years in two-year period ended December 31, 2002 which report
appears in the December 31, 2003, annual report on Form 20-F of Bancolombia
S.A. Our report refers to changes in classification and valuation of investment
securities.

                                              KPMG Ltda.

Medellin, Colombia
March 15, 2004