PANAMA CITY, April 24, 2023 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, "Bladex", or "the Bank"), a Panama-based multinational bank established by the central banks of 23 Latin-American and Caribbean countries to promote foreign trade and economic integration in the Region, today announced that its Board of Directors appointed Ms. Angelica Ruiz Celis as a Class E Independent Director on March 30, 2023 and is recommending the reelection of Dr. Mario Covo as Independent Director representing Class E shareholders for its 2023 Annual General Shareholders Meeting scheduled for Wednesday, April 26, 2023, at 10:30 a.m. (Panama time), at Santa Maria Hotel, Santa María, Panama City, Panama. Class A board members will be proposed for election by Class A shareholders on or before the meeting.
After a thorough selection process conducted by the Nomination and Compensation Committee, Ms. Ruiz was appointed as a Board member following the resignation of a female director and in accordance with the Board's priority to maintain gender diversity. It also aligns with Panamanian laws and regulations that require at least 30% of female representation on the Board. The Board prioritized selecting a Mexican candidate due to the significant role of the Mexican market in Latina America and Bladex's growth strategy. Ms. Ruiz has been recognized one of Forbes´ 100 Most Influential Women in Mexico in 2021, Bloomberg´s Most Influential Leaders in LATAM in 2021 and a Leader in Energy by the Petroleum and Energy Ranking in 2018. Her background in the energy and oil and gas sectors, as well as in trade and commodities, also adds to the collective experience and knowledge of the Board, ensuring that informed decision-making and strategic planning for the organization's future growth are in place. The addition of Ms. Ruiz to the Board also expands the Bank's knowledge of region and further strengthens the organization's governance and management.
Additionally, the Committee responsible for the nomination process has recommended Dr. Covo for reelection based on rigorous standards and in compliance with the Bank's Corporate Governance and applicable regulations. It reflects the confidence of the Committee in his ability to continue to contribute effectively to the Bank's long term sustainable growth plan lending his capital markets experience and providing the necessary continuity as Bladex successfully executes its Strategic Plan announced in the second quarter of 2022, in which Dr. Covo played an active role in developing alongside Management.
"The appointment of Angelica Ruiz and the ongoing presence of Mario Covo on our Board of Directors will mark a significant step forward for our company. Their extensive expertise in capital markets, operations, industry, and the Latin American region will be instrumental in guiding us towards continued success as we execute on our Strategic Plan. With Angelica's deep understanding of the Mexican market, we are well-positioned to unlock new growth opportunities for Bladex. Meanwhile, Mario's exceptional leadership skills and unwavering commitment to our organization have been critical in driving the formulation of our Strategic Plan and ensuring that we stay on track to achieve our long-term objectives.
Our Strategic Plan is designed to leverage our unique business model and maximize profitability by expanding our client base, enhancing our treasury services, increasing our deposit base, structuring working capital solutions, and automating key processes. Our strong first quarter 2023 results demonstrate that we are on the right track. We were pleased to announce an increase in expected 2023 ROE guidance from an original 10% to 11% range to a new higher range of between 11% and 13% by year-end. I am confident that we have the right team and strategy in place to continue delivering value to our shareholders and achieving our goals," said Miguel Heras, Chairman of the Board.
Below are brief biographies of Dr. Covo and Ms. Ruiz.
Angelica Ruiz Celis (Independent; Class E)
With over 20 years of experience, Ms. Ruiz' exceptional leadership and regional expertise spanning more than eight Latin American countries, in various executive roles including the energy industry, strategy, operations, and commercial sectors with a global focus, qualify her to serve on the Bladex Board.
Since 2020, Ms. Ruiz has served as the Regional President LATAM and Senior Vice President for BP Group and from 2018 to 2020 she held the position of President Mexico Head of Country for BP. Previously, Ms. Ruiz served as Vice President Managing Director LATAM for Vestas from 2015 to 2018 and held several leadership roles at Petrofac Integrated Energy Services, Mexico, including Strategy and Commercial Director, Chief Financial Officer and Business Services Director from 2011 to 2014. Prior to that, Ms. Ruiz was General Manager-MD, Commercial and Business Development Global Manager and Strategy and Planning Manager at Grupo Mexicana de Servicios Subacuáticos S.A. de C.V., Strategy and Transformation, Outsourcing and Project Manager at CAP Gemini Ernst & Young. Ms. Ruiz is a graduate of the London Business School´s, Executive Education-Leadership program, and has specialized in Oil & Gas Education at the University of Texas, Austin. She holds an MBA from Instituto Panamericano en Alta Dirección (IPADE) and the Ivey Business School at WU Ontario, Canada. Additionally, Ms. Ruiz earned a B.A. in Economics, Engineering and Operations Management at Instituto Tecnológico Autónomo de México, and a B.A. in Mathematics at Boston University.
Mario Covo (Independent; Class E)
Dr. Mario Covo is a Class "E" Independent Director, Chairman of the Finance and Business Committee and a member of the Risk Policy and Assessment Committee. He has been a Director of the Board since 1999, is Founding Partner of DanaMar LLC in New York, a financial consulting firm and of Larch Lane Partners, an investment advisory firm, among other financial advisory firms over the years. Dr. Covo was Head of Emerging Markets-Capital Markets at Merrill Lynch and in the Latin American Merchant Banking Group of Bankers Trust Company. Earlier in his career he was an international economist focusing primarily on Latin America. Dr. Covo holds a Ph.D. in Economics from Rice University and a B.A. with honors from Instituto Tecnológico Autónomo de Mexico. He resides in New York.
About Bladex
Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to promote foreign trade and economic integration in the Region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, the United States of America, and a Representative License in Peru, supporting the regional expansion and servicing of 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.
For further information on Bladex, please access its website at www.bladex.com or contact:
Carlos Daniel Raad – Chief Investor Relations Officer
E-mail address: craad@bladex.com / ir@bladex.com
Tel.: (+507) 366-4925 ext. 7925
Head Office Address: Torre V, Business Park, Ave. La Rotonda, Urb. Costa del Este, Panama, Republic of Panama
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SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)
