Bancolombia says proposes issuance of new shares

BOGOTA, July 8 (Reuters) - Colombia's biggest bank, Bancolombia (CIB.N) BIC.CN, on Wednesday proposed the issuance of up to 80 million preferred shares, bank President Jorge Londono told holders at a meeting in Medellin.

Bancolombia currently has 278.12 million preferred shares in circulation. The bank has said it needs to raise money to fund its regional expansion plans. (Reporting by Javier Mozzo, editing by Gerald E. McCormick)