Company: CIB
Filing Date: 2025-11-14
Form Type: 6-K
Source: 0002058897-25-000052
Chunk: 22

Company: Grupo Cibest S.A.
Filing Date: 2025-11-14
Form: 6-K
Chunk 22
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 the period from October 2025 to March 2026. During this period, banks will maintain the temporary parameters for the Liquidity Reserve requirement established in the standard to strengthen the financial system’s liquidity and ensure its stability. Additionally, investment banks are included as new obligated entities, differentiated applicable coefficients are introduced, and tokenized securities are incorporated as instruments subject to reserve requirements.

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#### Political Risk
During the third quarter of 2025, several factors were identified that could represent relevant political risks for the countries of Colombia, Panama, Guatemala, and El Salvador.

#### Colombia
At the local level during the third quarter of 2025, in Colombia political risk revolved around difficulties in the government’s administrative management and the country’s economic performance. In particular, the discussion has focused on budgetary and fiscal matters that will continue to affect debt ratings, investor confidence, and the business environment in the country. Although Congress approved a budget for 2026 that is COP 10 trillion lower than what the government intended, it is still underfunded by COP 16 trillion (or COP 35.4 trillion according to the Autonomous Committee of the Fiscal Rule), which will depend on the passage of the Financing Law that will face a complex process in Congress during the pre-election year.

The country’s fiscal results will continue to impact monetary policy due to their potential inflationary implications. It is also noteworthy that the government’s constant criticism of the Central Bank’s management (alleging decisions driven by political rather than technical motivations) could be affecting the institution’s credibility and trust.

In terms of institutional framework, the government has deepened its trend of appointing individuals close to the political movement to occupy certain positions.

On the judicial front, important decisions remain pending that could have economic and political implications for the country. The Constitutional Court still has to rule on the constitutionality of the pension reform, which could impact capital market flows. Likewise, several lawsuits have been filed before the Council of State regarding the General Budget of the Nation and the escape clause of the Fiscal Rule, which could lead to changes in the budget and fiscal needs for 2026. The government has also been critical of judicial decisions that do not favor it, again pointing to alleged political interests.

Externally, diplomatic relations between Colombia and the United States are going through a complex moment due to discussions between the presidents of both countries. This situation could result in: (i) the materialization of cuts to resources that the United States sends to Colombia as indicated by the U.S. president (