Company: CIB
Filing Date: 2025-08-15
Form Type: 6-K
Source: 0002058897-25-000035
Chunk: 17

Company: Grupo Cibest S.A.
Filing Date: 2025-08-15
Form: 6-K
Chunk 17
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S1 and S2); ii) the increase in the minimum wage; iii) a bill to stabilize the financial system that seeks to increase insurance premiums on deposits; iv) Proposal to authorize Investment Banking entities that integrate banking operations and digital asset service providers into a license, v) as well as the operational processes for the implementation of the Data Protection Law, and the regulation on cybersecurity and artificial intelligence.

On the other hand, the Foreign Agents Law was passed along with its regulations, aimed primarily at NGOs and foreign-funded actors that can influence the country. Although it does not apply directly to the financial sector, banks must act as withholding agents for the tax on financial transactions related to these subjects, which implies operational adjustments.

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In line with the agreements with the IMF 3 , two technical standards on liquidity for financial institutions were approved. The first (NRP-87) requires banks to reach 3% in liquid assets with respect to their daily balances, within a 16-month period between April 2025 and May 2026. The second (NPBT-14) establishes a temporary increase in the liquidity reserve for eight fourteen-quarters, between January and May 2025, with a discount of 68% on the cash balance reported as of September 30, 2022. Bancoagrícola meets both requirements.

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

#### Colombia
In terms of political risk, two risks associated with the country's fiscal situation could be faced: i) a new tax reform focused on eliminating tax benefits and particularly, exemptions from VAT, income tax, taxes on hydrocarbons, inheritances, remittances, as well as making permanent the taxes of the economic emergency of Catatumbo (stamp duty, VAT on online games of luck and chance and imports of hydrocarbons); and (ii) the implications it would have on the organization's debt ratings and the downgrade of the country's debt ratings.

These risks arise as a result of the complex fiscal situation faced by the government that led it to activate the escape clause of the fiscal rule. This legal mechanism allows the Ministry of Finance to suspend the application of the fiscal rule formula, with which the fiscal deficit could reach up to 7.1% of GDP in 2025 (vs. 5.1% proposed in the Financial Plan presented at the beginning of the year)