Last month, Colombia's largest bank, Bancolombia, upped its dividend by nearly 10 percent although the bank's president, Jorge Londono, warned that 2009 would be a tough year due to the current economic climate. What is the outlook for Bancolombia in 2009? Will Colombia's banking sector fare better in the crisis because of what some have called its strict regulation and a focus on credit-worthy investors, or is it as susceptible to the economic downturn as other banking sectors in the region?

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