Bladex Announces Up To $60,000,000 Common Stock Repurchase Plan

Rhea-AI Summary

Banco Latinoamericano de Comercio Exterior, S.A. (BLX) has authorized a stock repurchase program of up to $60 million. This initiative is designed to enhance shareholder value and demonstrates the bank's commitment to using its capital effectively. The repurchases will occur through open market transactions and other compliant means, subject to market conditions and management's discretion. The program may be terminated at any time, emphasizing its flexibility in response to financial performance and liquidity needs.

Positive

• Authorization of a $60 million stock repurchase program to enhance shareholder value.
• Demonstrates confidence in the company's capital position and liquidity.

Negative

• None.

PANAMA CITY, Republic of Panama, May 5, 2021 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. ("Bladex" or the "Bank"), today announced that its Board of Directors has authorized a repurchase program of up to $60 million of the Bank's common stock.

The repurchase program is intended to comply with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended ("Rule 10b-18").  Purchases under the repurchase program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with Rule 10b-18.  However, the Bank has no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management's discretion and will depend on the Bank's capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and other market conditions.  The Bank may, in the sole discretion of its Board of Directors, terminate the repurchase program at any time while it is in effect.

Forward-Looking Statements

This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in Bladex's most recent reports filed on Form 20-F with, and furnished on Form 6-K to, the Securities and Exchange Commission, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Bladex disclaims any intent or obligation to update these forward-looking statements.

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:

Monica Cosulich - SVP, Finance and Investor Relations
E-mail address:  ir@bladex.com. Tel.: (+507) 210-8563
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)

FAQ

What is the purpose of Bladex's stock repurchase program?

The stock repurchase program aims to enhance shareholder value by buying back up to $60 million of common stock.

When was the stock repurchase program authorized by Bladex?

The stock repurchase program was authorized on May 5, 2021.

How much stock is Bladex planning to repurchase?

Bladex plans to repurchase up to $60 million of its common stock.

What factors will influence the stock repurchase timing for BLX?

The timing and amount of stock repurchased will depend on the bank's capital position, liquidity, financial performance, and market conditions.