Filed by Bancolombia S.A.

Pursuant to Rule 425 under the Securities Act of 1933

Commission File No.: 001-32535

2024 Grupo Bancolombia’s CorporateEvolution October2024

2024 Executive Summary Grupo Bancolombia’s corporate evolution Grupo Bancolombia has decided to evolve its corporate structure by creating Grupo Cibest (“Holding Company”), a new Holding Company that will serve as the parent for all of Grupo Bancolombia’s lines of business The main goal is to provide more flexibility for corporate development, strengthen the allocation of capital and align Grupo Bancolombia’s structure with that of other large publicly traded banking entities in Latin AmericaRegulatory capital will benefit from the transaction as the goodwill will be deconsolidated from the regulated banking entityinColombia Significant reduction of exposure to FX volatility of regulatory capital Flexibility to implement share repurchase programs Such corporate evolution will not entail changes to the operations, debt structure, divestment of assets nor the withdrawal fromany of Grupo Bancolombia’s current lines of business, implying no change for Grupo Bancolombia’sclients, personnel or suppliers Bancolombia’sshareholders will receive shares of the new Holding Company through a 1:1 conversion ratio, maintaining the underlying value,and their Bancolombiashares will be canceled The corporate evolution will require approval from shareholders and regulators 2

2024 Current structure under Grupo Bancolombia Bancolombia currently acts as a bank and a Holding Company… Notes: Subsidiaries shown represent the main operations. In the case of Banco Agricola, Banco Agromercantil and Bancolombia Panama, ownership corresponds to the bank and does not consider additional entities within El Salvador, Guatemala or Panama (not considering Banistmo for the latter). 80.5% 100.0% Current location of publicly traded debt and equity 100.0% 97.4% 99.7% 100.0% 98.8% Shareholders 100.0% Fiduciaria Valores Banca de Inversion 100.0% 100.0% Current location of publicly traded debt Assets to be transferred Financial Business in Central America Financial Business in Colombia Non-financial businesses Ownership xx% Financial Business offshore 3

2024 Incorporation of Holding Company …. and will evolve into an individual banking entity operating under a newly created Holding Company Transfer of certainBancolombia Panama& Banca de Inversionassets1 Bancolombiatransfers certainassets to GrupoCibest Resulting structure 1 3 2 4 Incorporated Grupo Cibest Legal advisors Marginal Stake Banca de Inversion Shareholders Shares 100.0% Shareholders Shareholders 100.0% Assets4 Other Entities5 Assets4 Other Entities5 100.0% Notes: 1 Transfer of certain Bancolombia Panama assets to Beneficiary Bancolombia Panama with a subsequent merger of Subsidiary Bancolombia Panama and Bancolombia and, finally, a Transfer of certain Banca de Inversion assets to Bancolombia; 2 Transferred assets include Banco Agricola, Banco Agromercantil, and other assets; 3 Transferred assets include Nequi, Renting, Wenia, Wompi and Negocios Digitales; 4 Transferred assets include Banistmo, Banco Agricola, Banco Agromercantil, Nequi, Negocios Digitales, Renting, Wompi, and Wenia; 5 Other entities include Bancolombia Puerto Rico, Bancolombia Panama, Fiduciaria Bancolombia, Valores Bancolombia, Banca de Inversion and Fondos de Inversion Colectivo (FIC) Transfer Assets2 Assets3 Beneficiary Bancolombia Panama4

2024 …. and will evolve into an individual banking entity operating under a newly created Holding Company (cont’d) Current structure under Grupo Bancolombia 80.5% 100.0% Current location of publicly traded existing debt and equity 100.0% 97.4% 99.7% 100.0% 98.8% Shareholders 100.0% Fiduciaria Valores Banca de Inversion 100.0% 100.0% Current location of publicly traded existing debt Assets to be transferred Financial Business in Central America Financial Business in Colombia Non-financial businesses Ownership xx% Financial Business offshore Ending structure under Grupo Cibest 100.0% 97.4% 99.7% Final location of publicly traded existing debt 100.0% 80.5% Colombian regulated banking entity To be incorporated in Colombia and to become the listed entity on the BVC and NYSE (including the common and preferred shares on the BVC and the preferred shares through American Depositary Receipts (“ADRs”) on the NYSE) 100.0% 100.0% 98.8% Fiduciaria Valores Banca de Inversion 100.0% 100.0% Shareholders Notes: Subsidiaries shown represent the main operations. In the case of Banco Agricola, Banco Agromercantil and Bancolombia Panama, ownership corresponds to the bank and does not consider additional entities within El Salvador, Guatemala or Panama (not considering Banistmo for the latter) Final location of publicly traded existing debt Consolidated Colombian Operation5

2024 The proposed evolution will catalyze tangible benefits in the near and long term… Notes: 1 The Sarbanes-Oxley (SOX) Act requires compliance with strict financial reporting, information security and auditing requirements in the United States Allows for a more efficient capital allocation strategy, optimizing CET1 Enhances Bancolombia’s story and simplifies messaging to stakeholders through a clearer corporate structure Provides strategic flexibility for corporate development purposes in Bancolombia and all its different subsidiaries Enables flexibility and agility for our organic business growth in a rapidly evolving banking landscape Aligns structure with large publicly traded banking entities in Latin America 6 Preserves strong corporate governance and a SOX1 compliant internal control system

2024 …such as a more efficient capital allocation for our banking operations in Colombia… Notes: 1 Consists of Bancolombia operations in Colombia, off-shore operations in Puerto Rico & Panama as well as the consolidation of Fiduciaria, Valores and Banca de Inversion Bancolombia Separation of goodwill from the regulated banking entity Under current regulations, goodwill is deducted from Tier 1 and Total Solvency ratios calculations in Colombia Furthermore, as exposure to FX volatility significantly reduces, it will provide stability to the bank’s solvency ratios USD COP FX Change: 500 COP  Current Grupo Bancolombia Tier 1 effect, bps Bancolombia Consolidated Colombian operations1 post-transaction Tier 1 effect, bps ~90% reduction in FX derived volatility in solvency B A Total: COP$40.8Bn Grupo Bancolombia as of 2Q24 Banco AgricolaRWA Bancolombia RWA BAM RWA Banistmo RWA Bancolombia PanamaRWA Goodwill Other Grupo Bancolombia’s Gross Solvency (before deductions)(47) (5) . .. 43% 8% 5% 4% 3% 13% 24% 7

2024 …while preserving its financial strength and securing an optimal solvency Notes: 1Consists of Bancolombia operations in Colombia, off-shore operations in Puerto Rico & Panama as well as the consolidation of Fiduciaria, Valores and Banca de Inversion Bancolombia; 2 Pro-forma The financial strength of Bancolombia’s operations will remain unchanged and exposure to FX volatility will decrease 105ps 6.0% 11.5% 498bps 487bps 542bps 445bps 445bps 110bps 133bps 190bps 81bps Consolidated Colombian Operations1 433bps Consolidated Colombian Operations1 102bps Total solvency ratio (%) Tier 1 ratio (%) 2 212.54% 12.83% 13.40% 12.31% 12.60% 12.52% 2.99% (6.30%) 3.23% 2Q23 3Q23 4Q23 1Q24 2Q24 Goodwill Capital deconsolidation RWA 2Q24 PF Historical Grupo Bancolombia Figures Solvency Regulatory Requirement 10.45% 10.87% 11.42% 10.45% 10.98% 10.33% 2.98% (6.30%) 2.66% 2Q23 3Q23 4Q23 1Q24 2Q24 Goodwill Capital deconsolidation RWA 2Q24 PF Historical Grupo Bancolombia Figures Tier 1 Regulatory Requirement 8

2024 The Holding Company will have healthy leverage coupled with ample access to liquidity sources… Holding Company –Main financial metrics Double Leverage1,3 Investments in subsidiaries + Goodwill & Intangibles Total Equity = = 103% TCE / TA Ratio4 Tangible Common Equity Tangible Assets = = 9% Debt / Net Income Ratio3 Total Debt Net Income = = 0.6x Dividend Coverage3 Total Debt Dividends received from operating subsidiaries = = 0.4x 24E PF2 Notes: Ratios calculated in local currency; 1 Subject to rating agency methodology (e.g.Moody’s and Fitch consider goodwill, while S&P does not); 2 Expected pro-forma; 3Calculated considering individual financial statements; 4Calculated considering consolidated financial statements ~ ~ ~ ~9

2024 Proposed US$300mm share repurchase program directed to all of Grupo Cibest’s shareholders Such share repurchase program will be proposed and will be dependent on market conditions, as well as approval by shareholders of both the proposed transaction and the share repurchase program …enabling its capacity to execute share repurchase programs EPS accretive Reinforces our confidence in Grupo Cibest’s shares Distribution to the shareholders of all types of shares 10

2024 Expected key process milestones Regulatory processes1 Final regulatory authorizations Notes: 1 Includes regulatory processes in Colombia, Panama, El Salvador, Guatemala, Puerto Rico and the United States 1Q25 4Q24 3Q24 2Q25 Corporate authorizations(inc. shareholder approval) Corporate evolution execution Corporate authorizations(inc. shareholder approval) for buyback program11

2024 Appendix Transaction structure: step-by-step

2024 Incorporation of Holding Company Transaction structure: step-by-step Transfer of certainBancolombiaPanama assets 1 2A Legal advisors, through a services agreement with Bancolombia, incorporated Holding Company Marginal initial capital: acquisition of a specific amount of Bancolombia’s shares Bancolombia establishes a company in Colombia that will act as a Beneficiary Bancolombia Panama The Beneficiary Bancolombia Panama is domiciled in Colombia Bancolombia Panama transfers assets to the Beneficiary Bancolombia Panama including Banco Agricola, Banco Agromercantil and other assets Incorporated Grupo Cibest Legal advisors Shareholders Beneficiary Bancolombia Panama Assets Bancolombia Panama Transfer Marginal Stake 13

2024 Transaction structure: step-by-step (cont’d) Transfer of certainBanca de Inversionassets 2C Banca de Inversion (“BIB”) to transfer to Bancolombia a selected portfolio of assets including Renting, Negocios Digitales, Nequi, and other assets Shareholders Bancolombia Panama Marginal Stake Assets Banca de Inversion Transfer BeneficiaryBancolombiaPanama merger 2B Merger of Beneficiary Bancolombia Panama into Bancolombia, with Bancolombia as the surviving entity Shareholders Beneficiary Bancolombia Panama Bancolombia Panama Marginal Stake Banca de Inversion Merger14

2024 Bancolombia transfers Transaction structure: step-by-step (cont’d) Result 3 4 Bancolombia transfers certain subsidiaries to the Holding Company Bancolombia’s shareholders (except Holding Company) will receive shares of Holding Company in exchange for their Bancolombia shares on a 1:1 ratio, and their shares in Bancolombia are canceled Holding Company makes a contribution in kind of Bancolombia shares to 4 subsidiaries (“Subs”, to be 100% owned by Grupo Cibest) to meet local corporate law requirements, owning 5.01% of Bancolombia Bancolombia shares and ADRs are delisted on the BVC and NYSE (there is no need for an OPA) Holding Company shares (ordinary and preferred) are listed on BVC and the preferred shares are listed on the NYSE through ADRs Holding Company registers as Colombian Holding Company Notes: 1 Transferred assets include Banistmo, Banco Agricola, Banco Agromercantil, Nequi, Digital Businesses, Renting, and other assets; 2 Other entities include Bancolombia Puerto Rico, Fiduciaria Bancolombia, Valores Bancolombia and Fondos de Inversion Colectivo (FIC) Bancolombia Panama Other Entities2 Bancolombia Panama Other Entities2 Banca de Inversion 4 Subs Shareholders Assets1 5.01% Contribution in kind Shares Holding + 4 Subs: 100% of Bancolombia’s shares Banca de Inversion 4 Subs Assets1 Shareholders 5.01% 100% 100.0% 94.99% 15

2024 ImportantInformation InconnectionwithBancolombia’sproposedcorporateevolution, BancolombiawillfileimportantdocumentswiththeUnitedStatesSecuritiesandExchangeCommission (the“SEC”),includingaRegistrationStatementonFormF-4andrelateddocuments.Investorsareurgedtocarefullyreadallsuchdocumentswhenthey becomeavailablebecausetheywillcontainimportantinformation.Investorsmayobtaincopiesofthedocuments, whenavailable,freeofchargeontheSEC’swebsiteatwww.sec.gov,aswellasfromBancolombiaontheInvestor Relationssectionofitswebsiteatwww.grupobancolombia.com/investor-relations. Forward-LookingStatements Thispresentationcontainsstatementsthatmayconstituteforward- lookingstatements.Theseforward-lookingstatementsarenotbasedonhistoricalfacts,butinsteadrepresentonlyBancolombia’sbeliefregardingfutureevents, manyofwhich,bytheirnature,areinherentlyuncertainandoutsideBancolombia’scontrol.Theseforward-lookingstatementsincludestatementsconcerningprojectedregulatoryandotherratiosandfinancialinformation. Inaddition,wordssuchas“anticipate,”“believe,”“estimate,”“approximate,”“expect,”“may,”“intend,”“plan,”“ predict,”“target,”“forecast,”“guideline,”“should,”“project”andsimilarwordsandexpressionsareintendedtoidentifyforward-lookingstatements.Allforward-lookingstatementsaremanagement’spresentexpectationsoffutureeventsandaresubjecttoanumberoffactorsandun certaintiesthatcouldcauseactualresultstodiffermateriallyfromthosedescribedintheforward-lookingstatementsandinclude,butarenotlimitedto:(i)changesingeneraleconomic,business,political,social, fiscalorotherconditionsinColombia,Panama,ElSalvador,GuatemalaortheothercountrieswhereBancolombiaoperates; takingintoaccount(a) economicchallengespersistingduetohighlevelsofinflation globallydriveninpartbysupplychaindisruptionsandgeopoliticaltensionssuchasthecontinuingarmedconflictinUkraineandconflictinthe MiddleEast,whichposepotentialimpactssuchashigherpricesforenergy,rawmaterialsandagriculturalitems,amongothers;and(b) anambitiouslegalreformagendathatthegovernmentofColombiaisimplementing;(ii) changesincapitalmarketsorinmarketsingeneralthatmayaffectpoliciesorattitudestowardslending;(iii) unanticipatedincreasesinBancolombia’sfinancingandothercosts,orBancolombia’sinabilitytoobtainadditionaldebtorequity financingonattractiveterms;(iv)prolongedinflation,changesinforeignexchangerates,interestratesandunemploymentrates; (v)sovereignrisks;(vi)liquidityrisks;(vii)increasesindelinquenciesbyBancolombia’sborrowers;(viii) lackofacceptanceofnewproductsorservicesbyBancolombia’stargetedcustomers;(ix)competitioninthebanking, financialservices,creditcardservices,insurance,assetmanagement,remittances, businessandotherindustriesinwhichBancolombiaoperates;(x)failuretorealizetheanticipatedbenefitsofthe Reorganizationandadverseregulatorydevelopments;(xi) adversedeterminationoflegalorregulatorydisputesorproceedingsandtheconsequencesthereof;(xii) changesinofficialpolicies,regulationsandtheColombiangovernment’sbankingpolicyaswellaschangesinlaws, regulationsorpoliciesinotherjurisdictionsinwhichBancolombiadoesbusiness;(xiii)factorsspecificto Bancolombia,includingchangestotheestimatesandassumptionsunderlyingBancolombia’sfinancialstatements, Bancolombia’ssuccessinidentifyingandmanagingrisks(suchastheincidenceofloandelinquencies),Bancolombia’ sinabilitytoachieveBancolombia’sfinancialandcapitaltargets, whichmayresultinfailuretoachieveanyoftheexpectedbenefitsofBancolombia’ sstrategies,areductioninBancolombia’screditratings,whichwoulddecreaseBancolombia’ sfundingavailability,failuretoachieveregulatorystresstestingandchangestothereliabilityandsecurityofBancolombia’ sdatamanagement,dataprivacy,informationandtechnologyinfrastructure,includingcyber-attackthreatswhichmayimpactBancolombia’sabilitytoserveclients;(xiv)failuretoattract,hireorretainkeytalent;and(xv) otherfactorsthatwillbeidentifiedordiscussedunder“RiskFactors”intheRegistrationStatementonFormF-4. Forward-lookingstatementsspeakonlyasofthedatetheyweremade,and Bancolombiaundertakesnoobligationtoupdatepubliclyorreviseanyforward-lookingstatementsafterthedateonwhichtheyaremadeinlightofnewinformation,futureeventsorotherfactors. NoOfferorSolicitation Thispresentationdoesnotconstituteanoffer,orasolicitationofanoffer,tobuyorsellanysecurities, norshalltherebeanysaleofsecurities,inanyjurisdictioninwhichsuchoffer, solicitationorsalewouldbeunlawfulpriortoregistrationorqualificationunderthesecuritieslawsofanysuchjurisdiction.