Bancolombia :Talent ,culture &

value creation management in

mergers

Introduction
The case exhibits a survey of the fundamental certainties identified

with the merger procedure experienced by three organizations,

Bancolombia, Conavi and Corfinsura, in the Colombian monetary
business sector amid 2005 and 2006. The merger choice rises up out of
chiefs and senior officials imagining an approaching critical business
sector change alteration in industry regulation, change in worldwide
ability and solidification of primary players and their further
reaction so as to adjust to the new financial conditions. Considering
the way that the achievement rate of merger procedures is not above
30 %, the supported monetary results accomplished by Bancolombia
from the earliest starting point of the incorporation procedure are
hearty markers that welcome investigation into what was done

Being one we are more

Santa marta meeting:
Hired T&P consulting
Made the golden rules of integration thus creating a road map

which gives unity of direction

Jairo burgos was elected as the integration project leader
Created a cross company integration teams
Prompt definition of upper level structures to avoid role and
responsibility ambiguity
Made sure that employees who were facing imminent changes in
the working conditions were responded to quickly thus constant
and prompt communication built a feeling of trust and confidence

Being one we are more

Used the term integration instead of merger to point out

that all 3 companies are benefitting

Best practices of all three organisations were taken eg the
systems and telecommunication of old bancolombia was
taken
Short term wins:
Showed how the integration provided new opportunities
thereby shifting the focus to the future eg newer products
give more experience as a banker

How far do you want to reach

Employee retention strategy
People divided in 4 categories Key, Critical, subject for

relocation/transfer, to be dismissed.
Training
The new company needed synergised knowledge and new skills
but the resistance to change had to be overcome hence a
training program was designed with the help of T&P created
the feeling of mutually helping employees to achieve targets
Employees were presented with options for professional
devlopment

Cultural transformation
Cultural transformation workshops

Team of cross company employees form various hierarchal

levels formed to train on facilitation skills first work shop
started with top management in order to build a new
vision of the merged entity
Aim was to achieve that all employees understand the banks
strategy and internalize the corporate values expected in
terms of behaviours and attitudes thus giving unity of
direction

Cultural transformation
starting point were the new vision mission and corporate
values agreed upon the santa marta meeting
Objective : show people opportunities generated by the
merger and to internalize the culture that would support
the new business model also people were asked for their
reflections which lead to participation as well as breaking
the ice