Exhibit 2 [DELOITTE LOGO] Deloitte & Touche Ltda. Edificio Corfivalle Calle 16 Sur N degrees 43A - 49 Piso 9 y 10 A.A. 404 Nit. 860.005.813-4 Medellin Colombia Tel. +57(4) 3138899 FAX: +57(4) 3133225 www.deloitte.com INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 333-12658 of Bancolombia S.A. on Form F-3 of our report dated March 15, 2004 (which report expresses an unqualified opinion and includes explanatory paragraphs relating to the impact of significant differences between Colombian GAAP and U.S. GAAP and the translation of convenience from Colombian pesos amounts into U.S. dollar amounts) on the consolidated financial statements of Bancolombia S.A. as at and for the year ended December 31, 2003, appearing in the Annual Report on Form 20-F of Bancolombia S.A. for the year ended December 31, 2003. /s/ Deloitte & Touche Ltda DELOITTE & TOUCHE LTDA. Medellin, Colombia March 15, 2004 Una firma miembro de Audit.Tax.Consulting.Financial Advisory. Deloitte Touche Tohmatsu