CONFORMED COPY


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington D.C. 20549

                                    FORM 6-K

                        REPORT OF FOREIGN PRIVATE ISSUER
                      Pursuant to Rule 13a-16 or 15d-16 of
                      the Securities Exchange Act of 1933

                         For the month of February 2005


                                BANCOLOMBIA S.A.
                 (Translation of Registrant's name into English)

                               Calle 50 No. 51-66
                               Medellin, Colombia
                    (Address of principal executive offices)




(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)

           Form 20-F     X                         Form 40-F

(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)

           Yes                                      No     X

(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-              .)

This Report on Form 6-K shall be incorporated by reference into the registrant's
registration statement on Form F-3 (File No. 333-12658).

                                   SIGNATURE

  Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                          BANCOLOMBIA S.A.
                                           (Registrant)




Date: February 18, 2005                  By /s/ JAIME ALBERTO VELASQUEZ B.
                                            ------------------------------------
                                         Name: Jaime Alberto Velasquez B.
                                         Title: Vice President of Finance



[BANCOLOMBIA GRAPHIC]                                     [CIB LISTED NYSE LOGO]

            BANCOLOMBIA S.A. ANNOUNCES DATE FOR GENERAL SHAREHOLDERS
                  MEETING AND PROPOSED DISTRIBUTION OF PROFITS


MEDELLIN, COLOMBIA. FEBRUARY 18, 2005*

The Board of Directors of BANCOLOMBIA S.A. (NYSE: CIB) decided in its meeting
today to authorize the President to call the ordinary General Shareholders
meeting to be held on March 28, 2005 at 10:30 a.m., in the Metropolitan Theatre
of Medellin, Colombia.

During the same meeting, it will be proposed to the Shareholders that they
decree in relation to the profits earned by the Bank for fiscal year 2004 and
after effecting the necessary legal reserve and creating a mandatory reserve for
investment portfolio valuation, a quarterly dividend of COP 94 per share per
quarter for a total of COP 376 per year, to be paid after the last business day
of each calendar quarter, which represents a 38.24% increase over the decreed
dividend for 2004.

Additionally, to provide for the exchange by Conavi and Corfinsura shareholders
of their shares in those entities, in accordance with the merger agreement that
will be presented for the approval of the shareholders, and to maintain a
reserve that allows Bancolombia to satisfy later needs for its capitalization,
the Board will propose to the Shareholders an increase in the authorized capital
of COP 165,000,000,000, which would increase authorized capital from COP
335,000,000,000 to COP 500,000,000,000.



CONTACTS:
JAIME A. VELASQUEZ      MAURICIO BOTERO         FAX: (574) 2317208
FINANCIAL VP            IR MANAGER              WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666     TEL.: (574) 5108866     INVESTORRELATIONS@BANCOLOMBIA.CO