XML 62 R37.htm IDEA: XBRL DOCUMENT v3.23.1
RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2022
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 28. RELATED PARTY TRANSACTIONS

IAS 24 Related Party Disclosures requires that an entity discloses:

(a)Transactions with its related parties; and
(b)Relationships between a parent and its subsidiaries irrespective of whether there have been transactions between them.

Under IAS 24, an entity must disclose transactions with its related parties, outstanding balances, including commitments, recognized in the consolidated and separate financial statements of a parent or investors with joint control or significant influence over, an investee presented in accordance with IFRS 10 Consolidated Financial Statements.

Under this standard parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions, or one other party controls both. This definition applies to the Bank in the cases below:

Stockholders with ownership interest equal or higher than 20% of the Bank’s capital:
-Grupo de Inversiones Suramericana S.A.
-Fondo Bancolombia ADR Program.
Members of Board of Directors and Senior Management, understood as the President and corporate Vice-presidents, as well as their close relatives (spouse and children) and the companies in which they have a participation of 10% or more  of the Bank's capital.
Associates and joint ventures for which Bancolombia S.A. or any of the subsidiaries of the Group provide commercial banking services and deposits. For these purposes, all companies in which Grupo Bancolombia has joint control or significant influence have been included. For more information see note 8. Investments in associates and joint control.

Bancolombia S.A. or some of the subsidiaries of the Grupo Bancolombia provide banking and financial services to its related parties in order to satisfy their liquidity needs, and except for the intercompany merger agreement described below, these transactions are conducted on similar terms to third-party transactions and are not individually material. In the case of treasury operations, Bancolombia operates between its own position and its related parties through transactional channels or systems established for this purpose and under the conditions established by current regulations.

Between the Parent Company and its related parties, during the periods ending at December 31, 2022, 2021 and 2020, there were no:

-Loans that for its contractual terms do not represent a lending transaction.
-Loans with interest rates different to those that are ordinarily paid or charged to third parties in similar conditions of term, risk, etc.
-Operations whose characteristics differ from those carried out with third parties
-Guarantees, pledges or commitments given or received in respect of the aforementioned transactions.

As of December 31, 2022

Stockholders with an

interest equal or

Directors and

Associates and

higher than 20% of

senior

joint ventures

the Bank's capital(1)

management

In millions of COP

Assets

Financial assets investments

5,711

-

51,991

Derivative financial instruments

191

5

8

Loans and advances to customers

947,150

28,935

342,896

Allowance for loans, advances and lease losses

(9,746)

(49)

(3,470)

Investment in associates and joint ventures

-

-

2,915,633

Other assets

54,842

41

209,350

Total assets

998,148

28,932

3,516,408

Liabilities

Deposits by customers

1,364,663

14,433

161,708

Derivative financial instruments

23

-

27,571

Other liabilities

163,385

56

54,017

Total liabilities

1,528,071

14,489

243,296

Income

Interest on loans and financial leases

74,896

1,249

21,715

Valuation on financial instruments

-

-

994

Fees and commissions income

929,721

100

20,574

Dividends and net income on equity investments

30

-

224,602

Net foreign exchange and Derivatives Foreign exchange contracts

(10,158)

984

(30,484)

Other operating income

50,816

28

99,855

Net income

1,045,305

2,361

337,256

Expenses

Interest expenses

112,403

301

8,483

Credit impairment charges, net

10,171

50

(550)

Fees and commissions expenses

19

-

180,951

Employee benefits

76,455

(2)

117

(3)

-

Other administrative and general expenses

161,367

2,056

30,792

Total expenses

360,415

2,524

219,676

(1)Includes Grupo Sura conglomerate.
(2)Includes the benefit provided to employees for insurance policies.
(3)Corresponds to the benefit of special credit rates for employees.

As of December 31, 2021

Stockholders with an

interest equal or

Directors and

Associates and

higher than 20% of

senior

joint ventures

the Bank’s capital(1)

management

In millions of COP

Assets

Financial assets investments

2,755

-

9,635

Derivative financial instruments

-

25

-

Loans and advances to customers

937,190

17,821

234,956

Allowance for loans, advances and lease losses

(3,028)

(84)

(5,360)

Investment in associates and joint ventures

-

-

2,720,559

Other assets

7,644

913

172,636

Total assets

944,561

18,675

3,132,426

Liabilities

Deposits by customers

2,101,846

8,175

194,864

Derivative financial instruments

-

6

8,565

Other liabilities

1,120

368

36,596

Total liabilities

2,102,966

8,549

240,025

Income

Interest on loans and financial leases

29,092

759

11,443

Valuation on financial instruments

-

-

1,560

Fees and commissions income

737,402

98

13,056

Dividends and net income on equity investments

58

-

289,423

Net foreign exchange and Derivatives Foreign exchange contracts

(1,840)

1,112

(9,966)

Other operating income

278

-

55,524

Net income

764,990

1,969

361,040

Expenses

Interest expenses

16,564

93

1,403

Credit impairment charges, net

3,043

92

5,123

Fees and commissions expenses

17

-

130,950

Employee benefits

60,221

(2)

19

(3)

-

Other administrative and general expenses

14,148

1,724

32,071

Total expenses

93,993

1,928

169,547

(1)Includes Grupo Sura conglomerate.
(2)Includes the benefit provided to employees for insurance policies.
(3)Corresponds to the benefit of special credit rates for employees.

As of December 31, 2020

Stockholders with an

interest equal or

Directors and

Associates and

higher than 20% of

senior

joint ventures

the Bank’s capital(1)

management

In millions of COP

Assets

Financial assets investments

742

-

9,786

Derivative financial instruments

-

108

2,327

Loans and advances to customers

1,080,819

17,270

231,371

Allowance for loans, advances and lease losses

(3,035)

(71)

(153)

Investment in associates and joint ventures

-

-

2,506,315

Other assets

11,549

2,122

59,158

Total assets

1,090,075

19,429

2,808,804

Liabilities

Deposits by customers

2,136,705

8,092

178,401

Derivative financial instruments

544

-

6,420

Other liabilities

6,672

-

20,340

Total liabilities

2,143,921

8,092

205,161

Income

Interest on loans and financial leases

47,928

950

6,793

Valuation on financial instruments

-

-

889

Fees and commissions income

763,839

25

16,690

Dividends and net income on equity investments

78

-

136,596

Net foreign exchange and Derivatives Foreign exchange contracts

2,383

160

6,668

Other operating income

4,735

-

50,022

Net income

818,963

1,135

217,658

Expenses

Interest expenses

43,129

156

9,246

Credit impairment charges, net

3,046

86

588

Fees and commissions expenses

16

-

72,675

Employee benefits

57,740

(2)

2

(3)

-

Other administrative and general expenses

109,654

1,729

23,524

Total expenses

213,585

1,973

106,033

(1)Includes Grupo Sura conglomerate.
(2)Includes the benefit provided to employees for insurance policies.
(3)Corresponds to the benefit of special credit rates for employees.

During the years ending December 31, 2022, 2021 and 2020, the Bank paid fees to the directors of  COP 1,937, COP 1,655 and COP 1,675, respectively, as compensation for attending meetings of the Board and its Committees.

The payments to senior management in the same periods were COP 15,776, COP 10,487 and COP 14,786 for short-term retributions and COP 552, COP 604 and COP 50 for long-term retributions. In 2022, there was a consolidation of the contributions of the Senior Management Pension Plan for COP 36,962 (See Note 19.3 Retirement Pension Premium Plan and Senior Management Pension Plan Premium), and there were payments for post-employment benefits of COP 642 in 2022, COP 3,207 in 2021 and 9,592 in 2020.

The Parent Company, which is also the ultimate parent company, is Bancolombia S.A. Transactions between companies included in consolidation, described in the significant accounting policies, see Note 2.C.1 Subsidiaries, meet the definition of related party transactions and were eliminated from the consolidated financial statements.