Bladex and Greenbridge Capital - Toesca and TC Latam JV- announce launching of Latin American factoring platform

Rhea-AI Summary

Banco Latinoamericano de Comercio Exterior - Bladex (NYSE:BLX) partners with TC Latin America Partners and Toesca Asset Management to launch Greenbridge Capital, a regional private lending platform. The first factoring vehicle will be funded by Bladex, with operations starting in Chile and plans to expand to Colombia, Peru, and Mexico. The initial financing capacity is up to US$200 million, focusing on the Chilean factoring market.

PANAMA CITY, Nov. 24, 2023 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior - Bladex (NYSE:BLX), TC Latin America Partners (TC Latam) and Toesca Asset Management (Toesca) announce the launch of Greenbridge Capital, a regional private lending platform, whose first factoring vehicle will be funded by Bladex.

The joint venture will begin operations in Chile before the end of 2023 with plans to expand to other countries in the region such as Colombia, Peru and Mexico. The first vehicle, with a financing capacity of up to US$200 million, will focus exclusively on the Chilean factoring market.

"Chile is the first step in a regional business plan.  Our extensive experience in the factoring market allows us to identify attractive opportunities in a market that is still very fragmented," said Manuel Ossa, a partner at Greenbridge Capital. 

Greenbridge Capital's strategy seeks to maintain a revolving portfolio of short-term invoices from high-credit rated companies. To achieve this, it will leverage the experience of the founding team, as well as its operational infrastructure and local presence.

"We are very excited about the business plan and the potential that the participation of such a relevant regional player as Bladex in its structuring and financing represents," said Gregorio Schneider, partner at Greenbridge Capital.

Through this initiative, Bladex will enter into a line of business that will allow it to continue diversifying its product portfolio in Latin America.

"Structures of this nature are an essential part of our strategic plan and allow us to access more attractive yields without changing our risk profile through arbitrage and structuring," said Samuel Canineu, Chief Commercial Officer of Bladex.

Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, initiated operations in 1979 to promote foreign trade finance and economic integration in the region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, and the United States of America, supporting the regional expansion and servicing its customer base, which includes financial institutions and corporations. Bladex is listed on the NYSE in the United States of America (NYSE: BLX), since 1992, and its shareholders include: central banks and state-owned banks and entities representing 23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors through its public listing.

Greenbridge Capital, is a joint venture between Toesca Asset Management and TC Latin America Partners, focused on making investments in the private credit sector in Latin America. The factoring platform will be the second major initiative of this alliance, after having launched in 2019 a credit platform to finance the construction of residential real estate projects in Colombia. Additionally, the firm is working on consolidating vehicles to finance renewable energy infrastructure projects in the region.

TC Latin America Partners, is an institutional investment fund manager focused on Latin America. The firm was founded in 2012, is registered as an investment advisor with the U.S. Securities and Exchange Commission (SEC) and has offices in New York, Bogota, Lima, Mexico City and Santo Domingo.

Toesca Asset Management, is a fund manager specializing in alternative investments in the Americas. It was founded in 2016 by a group of independent executives who have worked together for over 20 years. To date it has raised more than US$ 2 billion for its various asset classes (infrastructure, real estate, private credit, equities and farmland).

For further information, please contact:

Bladex:
Samuel Canineu - Chief Commercial Officer
E-mail address: scanineu@bladex.com
Head Office Address:  Torre V, Business Park, Ave. La Rotonda, Urb. Costa del Este,
Panama, Republic of Panama

TC Latin America Partners
Juliana Soto
jsoto@tclatam.com
www.tclatam.com

Toesca Asset Management
Daniel Moroso
Daniel.moroso@toesca.com
www.toesca.com

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SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)

FAQ

What is the name of the regional private lending platform launched by Banco Latinoamericano de Comercio Exterior, TC Latin America Partners, and Toesca Asset Management?

The regional private lending platform is called Greenbridge Capital.

What is the ticker symbol for Banco Latinoamericano de Comercio Exterior?

The ticker symbol for Banco Latinoamericano de Comercio Exterior is BLX.

What is the initial financing capacity of the first factoring vehicle funded by Bladex for Greenbridge Capital?

The initial financing capacity is up to US$200 million.

In which country will Greenbridge Capital begin its operations?

Greenbridge Capital will begin its operations in Chile before the end of 2023.

What is the strategy of Greenbridge Capital for its first factoring vehicle?

The strategy is to maintain a revolving portfolio of short-term invoices from high-credit rated companies in the Chilean factoring market.