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Banco Latinoamericano de Comercio Exterior, S.A. (Bladex), established in 1979, is a multinational bank originally founded by the central banks of Latin American and Caribbean countries to enhance foreign trade and regional integration. Headquartered in Panama, Bladex operates through offices in Argentina, Brazil, Colombia, Mexico, the United States of America, and a representative office in Peru.
The bank provides financial solutions to financial institutions, companies, and investors engaged in business within Latin America, offering a vital link to international capital markets. Bladex's services span two main segments: the Commercial Business Segment and the Treasury Business Segment. These segments help streamline trade finance and ensure effective liquidity management across the region.
Bladex's competitive edge is rooted in its extensive regional presence and expertise in trade finance. The bank facilitates connectivity within Latin America and between the region and the rest of the world, offering its clients a broad array of financial solutions. These include foreign trade financing, working capital loans, and structured trade finance products designed to support the diverse needs of its clientele.
In terms of financial performance, Bladex has achieved remarkable growth. For instance, the net income for the fourth quarter of 2023 reached US$46.4 million, with a record annual income of US$166.2 million—an 81% increase from the previous year. The bank also saw a substantial 58% year-over-year increase in net interest income, amounting to US$233 million. Fee income experienced a 64% rise, totaling US$32.5 million in 2023.
Bladex's strategic initiatives have also led to impressive milestones, such as a US$9.5 billion loan portfolio, representing a 9% year-over-year growth, and deposits of US$4.408 billion—a 38% increase from the previous year. The bank's commercial portfolio grew by about 10% to a record US$8.521 billion by the end of the fourth quarter of 2023.
Recently, Bladex's Board of Directors authorized a repurchase program of up to $50 million of the Bank's common stock, reflecting its commitment to returning excess capital to shareholders. Additionally, the bank has successfully closed new loan facilities, including a US$400 million global syndicated loan and a US$500 million Club Deal Long Term Facility for Grupo de Inversiones Suramericana, S.A., highlighting its strong relationships and significant role in regional financial markets.
Baldex is listed on the New York Stock Exchange (NYSE: BLX) and has a diverse shareholder base that includes central banks, state-owned banks, commercial banks, financial institutions, and institutional and retail investors. For more information, please visit www.bladex.com.
Banco Latinoamericano de Comercio Exterior (NYSE: BLX) announced the appointment of Angelica Ruiz Celis as an Independent Director on March 30, 2023, following the resignation of a female director. This move reinforces the Board's commitment to gender diversity, aligning with Panamanian regulations requiring at least 30% female representation.
Ms. Ruiz brings over 20 years of experience in the energy and commodities sectors, enhancing the Board's expertise. Concurrently, Dr. Mario Covo has been recommended for reelection to maintain continuity in leadership. The Bank's strategic focus is on expanding its client base and increasing profitability, with an updated return on equity guidance for 2023 raised to between 11% and 13%. This leadership change is anticipated to support Bladex's growth strategy and strengthen its governance.
Banco Latinoamericano de Comercio Exterior (Bladex), listed as NYSE:BLX, reported strong financial results for 1Q23, with a net profit of
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