| Investments in Associates | ||||||||
| Company Name | Main activity | Country | % of Ownership interest | Included in earnings (1) | Total OCI (2) | OCI (Equity method) (3) | OCI (CTA)(4) | Carrying amount |
| In millions of COP | ||||||||
| PA Viva Malls | Development and operation of commercial spaces | Colombia | 49.00% (5) | 144,146 | - | - | - | 757,886 |
| Protección S.A. | Administration of pension funds and severances | Colombia | 20.58% | 72,576 | 12,465 | 1,236 | - | 471,312 |
| Titularizadora Colombiana S.A. Hitos* | Mortgage portfolio securities | Colombia | 26.98% | 3,305 | (1,389) | (768) | - | 35,346 |
| Redeban Multicolor S.A.* | Network data transmission services | Colombia | 20.36% | 1,906 | (651) | - | - | 17,951 |
| Internacional Ejecutiva de Aviación S.A.S. * | Aircraft and aircraft travel | Colombia | 33.33% | 1,071 | 209 | - | - | 10,707 |
| Concesiones CCFC S.A. | Construction of public works through an awarding system | Colombia | 25.50% | 6,756 | (756) | (3) | - | 9,383 |
| ACH Colombia S.A. * | Electronic transfer services | Colombia | 19.94% | 3,109 | (952) | - | - | 7,338 |
| Reintegra S.A.S. * | Collections and recovery of portfolio | Colombia | 46.00% | 1,471 | 1,742 | (1,754) | - | 7,155 |
| Servicio Salvadoreño de Protección, S. A. de C.V. * | Custodial services and transfer of monetary types | El Salvador | 24.40% | 418 | (727) | 238 | 153 | 6,219 |
| Servicios Financieros, S.A. de C.V. * | Processing of financial transactions and electronic payment methods | El Salvador | 46.72% | (226) | 9 | - | (5) | 3,302 |
| ACH de El Salvador, S. A. de C.V. * | Electronic transfer services | El Salvador | 24.40% | 123 | 6 | - | (1) | 1,011 |
| Panamerican Pharmaceutical Holding Inc.(6) * | Advisory services, consultation, representation, agent for individuals or company | Panama | 21.00% | (1,171) | (1,417) | 196 | (67) | - |
| Avefarma S.A.S(6)* | Manufacture and distribution of glass packing for pharmaceutical products | Colombia | 21.00% | 6,307 | (11,704) | (10,831) | - | - |
| Glassfarma Tech S.A.S (6) * | Manufacturing, elaboration and commercialization of packages and pharmaceutical products | Colombia | 21.00% | (458) | 127 | 139 | - | - |
| Net investments in associates | 239,333 | (3,038) | (11,547)(7) | 80 | 1,327,610 | |||
| (1) | Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2017. See note 24.5 Dividends received, and share of profits of equity method investees |
| (2) | Corresponds to the accumulated other comprehensive income as of December 31, 2017. |
| (3) | Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2017. |
| (4) | Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2017. |
| (5) | As of December 31, 2017 the increses of ownership interest is related to capital contributions during the year 2017 |
| (6) | As of December 31, 2017 the Bank classified the investment in Avefarma S.A.S., Glassfarma Tech S.A.S and Panamerican Pharmaceutical Holding inc as "assets held for sale", due to the fact that the management has currently been implementing a plan to sell these assets. See note 12 assets held for sale and inventories. |
| (7) | See Consolidated Statement of Comprehensive income. |
| (*) | For the purposes of applying the equity method of accounting, financial statements at November 30, 2017 have been used, except for Redeban Multicolor S.A., for which we use the financial statements ended at October 31, 2017. However, the Bank does not consider that appropriate adjustments have to be made since no significant transactions took place between that date and December 31, 2017. |
| Investments in Associates | ||||||||
| Company Name | Main activity | Country | % of Ownership interest | Included in earnings (1) | Total OCI (2) | OCI (Equity method) (3) | OCI (CTA)(4) | Carrying amount |
| In millions of COP | ||||||||
| Protección S.A.* | Administration of pension funds and severances | Colombia | 20.58% | 54,304 | 11,229 | 725 | - | 434,318 |
| PA Viva Malls (5) | Development and operation of commercial spaces | Colombia | 30.68% | - | - | - | - | 388,595 |
| Titularizadora Colombiana S.A. Hitos* | Mortgage portfolio securities | Colombia | 26.98% | 2,619 | (621) | 11 | - | 35,930 |
| Redeban Multicolor S.A.* | Network data transmission services | Colombia | 20.36% | 319 | (651) | (49) | - | 17,006 |
| Avefarma S.A.S* | Manufacture and distribution of glass packing for pharmaceutical products | Colombia | 21.00% | (2,378) | (873) | (1,202) | - | 12,079 |
| Panamerican Pharmaceutical Holding Inc.* | Advisory services, consultation, representation, agent for individuals or company | Panama | 21.00% | (1,196) | (1,613) | (1,863) | 2,934 | 9,820 |
| Internacional Ejecutiva de Aviación S.A.S.* | A ircraft and aircraft travel | Colombia | 33.33% | 1,038 | 209 | 209 | - | 9,636 |
| Reintegra S.A.S.* | Collections and recovery of portfolio | Colombia | 46.00% | (1,309) | 3,496 | 805 | - | 8,604 |
| ACH Colombia S.A.* | Electronic transfer services | Colombia | 19.94% | 3,129 | (952) | (878) | - | 6,223 |
| Concesiones CCFC S.A.* | Construction of public works through an awarding system | Colombia | 25.50% | 6,606 | (753) | (4) | - | 5,742 |
| Servicio Salvadoreño de Protección, S. A. de C.V.* | Custodial services and transfer of monetary types | El Salvador | 24.40% | 436 | (965) | 957 | 13 | 5,448 |
| Servicios Financieros, S.A. de C.V.* | Processing of financial transactions and electronic payment methods | El Salvador | 46.72% | 56 | 9 | (93) | 62 | 3,550 |
| Glassfarma Tech S.A.S* | Manufacturing, elaboration and commercialization of packages and pharmaceutical products | Colombia | 21.00% | 425 | (12) | (348) | - | 2,522 |
| ACH de El Salvador, S. A. de C.V.* | Electronic transfer services | El Salvador | 24.40% | 210 | 6 | (58) | 20 | 891 |
| Multiactivos S.A. (6) | Securitization of non-mortgage assets | Colombia | - | 183 | - | 70 | - | - |
| Concesiones Urbanas S.A. (winding up) (7) | Construction of civil engineering projects | Colombia | - | (141) | - | - | - | - |
| Net investments in associates | 64,301 | 8,509 | (1,718)(8) | 3,029 | 940,364 | |||
| (1) | Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2016. See note 24.5 Dividends received, and share of profits of equity method investees |
| (2) | Corresponds to the accumulated other comprehensive income as of December 31, 2016. |
| (3) | Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2016. |
| (4) | Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2016. |
| (5) | PA Viva Malls, an investment in an associate of Fondo inmobiliario Colombia Inmobiliario which contributed COP 388,595 in December 2016 to participate in 49% of the company. In partnership with Grupo Éxito, which owns 51%, the company's corporate purpose will be the development and management of real estate. |
| (6) | On October 19, 2016 Multiactivos S.A was wound up. |
| (7) | On November 23, 2016 Concesiones Urbanas S.A was wound up. |
| (8) | See Consolidated Statement of Comprehensive income |
| (*) | For the purposes of applying the equity method of accounting, financial statements at November 30, 2016 have been used, due to the fact that no more recent financial information was available. However, the Bank does not consider that appropriate adjustments have to be made since no significant transactions took place between that date and December 31, 2016. |