Bloomberg News

Interbolsa Shareholders Fire CEO Jaramillo and CFO Arabia

December 07, 2012

Shareholders in Interbolsa SA fired Chief Executive Officer Rodrigo Jaramillo and Chief Financial Officer Jorge Arabia, after the group’s brokerage collapsed last month.

The shareholders also refused to accept the resignations of Interbolsa’s board members, the company said in a regulatory filing. Seven members of the board quit on Nov. 2.

Finance Minister Mauricio Cardenas said Nov. 7 that regulators would liquidate Interbolsa’s brokerage after it had failed to meet a loan payment a week earlier.

In the minutes to its November board published today, Colombia’s central bank cited a high “risk perception of some local agents” in its unexpected decision to cut interest rates last month. Policy makers cut the benchmark rate to 4.5 percent from 4.75 percent Nov. 23, surprising 31 of 33 analysts surveyed by Bloomberg.

To contact the reporter on this story: Christine Jenkins in Bogota at cjenkins28@bloomberg.net

To contact the editor responsible for this story: Matthew Bristow at mbristow5@bloomberg.net


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