Governance
Driven by our vision.
Guided by our values.
Message to Shareholders
Miguel Heras, Chairman of the Board of Directors
It is an honor to address you today to share our achievements, the challenges we face and our prospects for the future in an increasingly competitive and changing financial market.
First and foremost, I would like to express my deep appreciation for the trust you have placed in Bladex and our renewed leadership team. Their valuable contribution and support have been crucial to our success and sustained expansion.
In 2022, Bladex celebrated 30 years of listing as an issuer on the New York Stock Exchange. It is my pleasure to note this fact as I commence my remarks. Since its founding, Bladex's mission, as entrusted by its founders, has been to support the development and integration of Latin America through the financing of foreign trade in the region.
Its incorporation, 43 years ago, represented a historic effort of cooperation among 23 Latin American countries, and being listed on the world's most important stock exchange has enhanced our impact as a hard-currency financing vehicle for Latin American companies engaged in foreign trade. During times of crisis in our cherished region, precisely when the export sector is critical for economic recovery, Bladex has played a particularly important role.
I will now reflect on the business environment for 2022, report on the performance and results of your Bank during this fiscal year, and conclude with some views on the current year's outlook and what lies ahead.
The Latin American and Caribbean region is projected to grow by 3.9% in 2022. Despite disruptions from the invasion of Ukraine and global interest rate hikes, the economies of Latin America fared well last year. Early and decisive actions by the region's central banks, our Class A shareholders, allowed for a gradual absorption of global shocks.
There is no doubt that robust economic activity in the region and high commodity prices favorably impacted the Bank's performance last year. No less certain is the fact that the actions taken within the framework of our 2022-2026 Strategic Plan enabled us to play a significant role as a driver of foreign trade in the region.
According to the IMF, Latin America’s GDP growth is projected to moderate to 1.6% in 2023 and 2.2% in 2024. On the other hand, foreign trade growth for the region is estimated at 1.9% and 3.9%, respectively.
Looking ahead, it is evident that 2023 will be a challenging year. Latin America's macroeconomic and financial landscape is far from stable and balanced. We see it as a year of transition in three respects:
(1) Transition from high growth to below trend growth for GDP and foreign trade;
(2) Transition from peak inflation to more moderate but still above target inflation; and
(3) Evolution to lower interest rates in the second half of 2023 but still elevated compared to the recent past.
In contrast to a more volatile regional environment, recent U.S. bank failures and the forced sale of Credit Suisse, Bladex maintains a solid balance sheet based on a unique business model to meet the current challenges of the global and regional financial markets.
Allow me to share with you, our shareholders, the following highlights of the Bank's performance in 2022:
The Bank's Net Income was US$92 million, a 47% increase year-over-year and a return on equity of close to 9%. During 2022, our profitability steadily increased, closing with a robust fourth quarter in which annualized return on equity reached 11.6%, positioning the Bank for a sustainable double-digit return going forward.
Total assets reached US$9.3 billion, an annual increase of 15%, based on a solid 18% growth in the loan portfolio, which reached US$6.8 billion at year- end. Contingent credits, which consist mainly of the issuance and confirmation of letters of credit, totaled US$900 million, which, added to the loan portfolio, led to a total commercial portfolio of US$7.7 billion at year- end, an increase of 18% over the previous year.
Our commercial business was complemented by an investment securities portfolio with a balance in excess of US$1 billion at the end of last year that allows us greater diversification of exposure by country.
In line with Basel standards, the Bank also maintained a prudent liquidity management strategy. At year-end 2022, the Bank's liquid assets represented 14% of total assets, comprised primarily of demand deposits placed with the Federal Reserve Bank of New York.
Asset growth was supported by a funding structure that remained highly diversified in terms of products, geographies and maturities. Historically, deposits have been the most cost-effective and dependable source of funding throughout economic cycles. At the end of 2022, deposits accounted for 40% of the Bank's total funding, with nearly half coming from Central Banks, our Class A shareholders, whom we thank for their sustained support and confidence in keeping part of their reserves in Bladex. In response, our clients, both banks and corporations, have been increasing their deposits, and our Yankee CD program has also shown a growing trend in volume, providing granularity and diversification to the depositor base. In addition to deposits, the Bank has access to a variety of international funding sources, including ample availability of bilateral lines of credit from a number of major correspondent banks and regular access to global capital markets and syndicated loans.
Our strong capitalization is one of the pillars supporting our business model. During 2022, the Bank achieved a more efficient use of its capital, dramatically increasing its loan portfolio, with higher returns, and allowing us to maintain the annual dividend at US$1 per share.
As the implementation of the Strategic Plan announced last year unfolds, Bladex has a distinct opportunity to increase its profitability, without altering its core business model or risk profile. Optimizing the use of capital, increasing cross-selling, together with fee-generating products and customized structured products with incremental returns, automating key processes, expanding the depositor base, and growing the client base are some of the avenues for growth laid down in the Strategic Plan that is currently being implemented.
Our revitalized commercial team, led by Samuel Canineu, has managed to expand the client base by 29% over the past year, leveraging our single point-of-contact relationship model and also enhancing cross-selling. Today, 15% of our customers now have at least one additional product.
In addition to hiring new sales executives in key markets, the Bank achieved a significant improvement in its new client onboarding process, which was reduced by 43% thanks to the redesign of key operating procedures to reduce inefficiencies and enable 30% higher transaction volume than the previous year.
The results for the first quarter of 2023, released a few days ago, attest to the fruits of the implementation and development of the Strategic Plan, denoting a focus on profitability, already showing an upward trend, with net income for the quarter of US$37 million, three times higher than the result of the first quarter of the previous year and a return on equity of 13.7%. Consistent with forecasts, given the more complex macro environment, the loan portfolio remained unchanged in the quarter in comparison with the year 2022, but remains healthy and with a diverse pipeline of future operations. The same can be said of the performance in the Bank's deposit base.
On the other hand, the increasing responsibilities assigned to Board members by the different regulators, and our fiduciary duty to you, our shareholders, calls for a determined and proactive stance on our part to strengthen Corporate Governance and maintain the soundness and safety of the Bank's operations. Therefore, we reaffirm our commitment to continue enforcing Corporate Governance standards, thereby contributing to an efficient and effective internal control structure.
We recognize the importance of conducting business and generating value for our shareholders in a sustainable manner. The Board of Directors and Management here present and Management acknowledge that sound governance, environmental management and social responsibility are essential to achieving long-term business success. We are committed to sustainable business practices and to implementing oversight and processes throughout our operations to effectively manage Environmental, Social and Governance (ESG) issues relevant to our business over time. Through various initiatives, we strive to have a positive impact on our communities, incorporate social and environmental factors into our business and investment decisions, provide an inclusive and supportive work environment, and act in an environmentally conscious manner.
As overseer of risk and steward of long-term shareholder value, the Board of Directors is ultimately responsible for monitoring ESG-related risks and opportunities that may impact our business.
In keeping with the Board's commitment to gender diversity in leadership and representation, as a result of an extensive and thorough selection process conducted by the Nomination, Compensation and Operations Committee of the Board of Directors and, following its recommendation, on March 30 of this year, the Board appointed Ms. Angélica Ruiz Celis to fill the position of Director, thus achieving, in addition to complying with Panamanian regulations and laws and in accordance with best governance practices, to have the participation of another outstanding woman, who will bring to the Board her recognized skills, capabilities and regional experience, as leader of an important global company in the energy sector for Mexico, a key country for the Bank's business and strategy, as well as for the Latin American region that she covers from her position in that company.
On the other hand, we are very pleased to propose Mr. Mario Covo for re- election to the Class E shareholders, who, after having undergone a rigorous selection process, was favored with this nomination. This reflects the confidence of the Nomination, Compensation and Operations Committee and this Board of Directors in Mr. Covo's ability to continue to contribute effectively to the long-term sustainable growth of the Bank, with his exceptional leadership skills and faithful commitment to this entity, putting into practice his vast experience in capital markets and ensuring the continuity required for the successful implementation of our Strategic Plan, in which he played an instrumental role.
A milestone I would like to highlight for the past year is the strengthening of the Investor Relations Department, whose reins were handed over to Mr. Carlos Raad, an outstanding and well-respected professional in the field, who joined as a member of the Bank's Executive Committee, denoting the importance for the Bank of strengthening relations with our shareholders and analysts, as well as seeking the growth of the investor base and increasing the Bank’s visibility.
On the other hand, I would like to highlight the fact that the Bank has successfully implemented the mechanisms for variable compensation of employees based on objective metrics, through the establishment of Balanced Score Cards, which seeks to incorporate best practices to align the compensation of the Bank's executives with the fulfillment of corporate and personal goals, thus providing greater transparency and objectivity to this process, for the benefit of the Bank's shareholders. This was one of the Bank's most significant accomplishments last year and has been the result of an outstanding effort by the Bank's Strategic Planning Office, in collaboration with the different areas of Management, under the direction of this Board of Directors.
In light of the foregoing, I am pleased to inform you that in 2022, Bladex was recognized for the second consecutive year as an excellent workplace by Great Place To Work, a fact that fills us with great pride and motivates us to continue improving the work environment as much as possible for the benefit of our employees and to cultivate all that makes us attractive for attracting and retaining the best human talent in the region.
The Bank continues to act in accordance with our commitment to ensure the highest standards of Corporate Governance, taking the necessary decisions and courses of action. In this manner, we will continue to bolster our operating and internal control systems, not only in line with international best practices and the requirements of the different regulators with which we interact, but also to maintain our focus on our corporate values of Integrity, Commitment, Respect, Humility, and Excellence.
In this regard, it gives me particular pleasure to inform you that we continue to consolidate the work developed by our Fundación Crece Latinoamérica, within the context of our holistic approach to social investment.
We have been steadfast over the past years in our commitment to offer greater opportunities to the communities we have the privilege of serving, and we are currently working with the Foundation’s Board to develop a new strategy that will allow us to align the Foundation's tasks with the new realities of society, incorporating employees as an active part of volunteering and new trends in ESG, in line with the implementation of the Bank's 2022- 2026 Strategic Plan.
Ladies and gentlemen, on behalf of this Board of Directors, I would like to express our special appreciation to you, as well as the support we have received the past year from our clients, our depositors, multilateral organizations, our correspondent banks, our investors and shareholder governments and, finally, from each and every one of our employees both in Panama and in the six countries where we are physically present. Their confidence, along with the satisfaction of our clients, will enable us to continue implementing our vision of Bladex's role as a financial institution of importance and relevance for foreign trade and regional integration in Latin America, and that works to create value for our shareholders and clients, thereby effectively contributing to the development of our beloved Region.
Thank you very much once again, ladies and gentlemen shareholders, for your presence today, and for your support and confidence.
Annual Shareholders Meeting, April 26, 2023
Board of Directors
The Board of Directors is comprised of ten members, as follows: three Directors elected by the holders of Class "A" common shares (central banks, banks and state-owned entities); five Directors elected by holders of Class "E" common shares (private investors); and two Directors elected by holders of all common shares.
Class A
FAUSTO DE ANDRADE RIBEIRO
Audit Committee, Member
Risk Policy and Assessment Committee, Member
JOSE ALBERTO GARZÓN
Audit Committee, Chairman
Nomination, Compensation and Operations Committee, Member
Anti-money Laundering, Compliance and Sustainability Committee, Member
SILVINA BATAKIS
Audit Committee, Member
Nomination, Compensation and Operations Committee, Member
Class E
ANGÉLICA RUIZ CELIS
Audit Committee, Member
Nomination, Compensation and Operations Committee, Member
MARIO COVO
Finance and Business Committee, Chairman
Risk Policy and Assessment Committee, Member
MIGUEL HERAS - CHAIRMAN
Risk Policy and Assessment Committee, Chairman
Finance and Business Committee, Member
RICARDO MANUEL ARANGO
Anti-money Laundering, Compliance and Sustainability Committee, Chairman
Finance and Business Committee, Member
Risk Policy and Assessment Committee, Member
ROLAND HOLST
Finance and Business Committee, Member
Risk Policy and Assessment Committee, Member
All Classes
ALEXANDRA M. AGUIRRE
Finance and Business Committee, Member
Anti-money Laundering, Compliance and Sustainability Committee, Member
Risk Policy and Assessment Committee, Member
ISELA COSTANTINI
Nomination, Compensation and Operations Committee, Chairman
Audit Committee, Member
Board Committees
The Board of Directors has set up Committees in which the Board has delegated powers and duties, subject to the provisions of the Articles of Incorporation and the By-Laws.
Audit Committee
- José Alberto Garzón - Chairman
- Silvina Batakis
- Isela Costantini
- Fausto de Andrade Ribeiro
- Angélica Ruiz
Nomination, Compensation and Operations Committee
- Isela Costantini - Chairman
- Silvina Batakis
- José Alberto Garzón
- Angélica Ruiz
Anti-money Laundering, Compliance and Sustainability Committee
- Ricardo Manuel Arango - Chairman
- Alexandra M. Aguirre
- José Alberto Garzón
- Chief Executive Officer
- Executive Vice President - Operations
- Executive Vice President - Business
- Executive Vice President - Audit
- Executive Vice President - Comprehensive Risk Management
- Executive Vice President - Legal and Corporate Secretary
- Executive Vice President - Strategic Planning
- Executive Vice President - Investor Relations
- Senior Vice President - Compliance Head Office
- Vice President - Compliance New York
Risk Policy and Assessment Committee
- Miguel Heras - Chairman
- Alexandra M. Aguirre
- Ricardo Manuel Arango
- Mario Covo
- Roland Holst
- Fausto de Andrade Ribeiro
Finance and Business Committee
- Mario Covo - Chairman
- Ricardo Manuel Arango
- Alexandra M. Aguirre
- Miguel Heras
- Roland Holst
Audit Committee
The Audit Committee (the “Committee”) of Banco Latinoamericano de Comercio Exterior, S.A. (the “Bank”) is a standing committee of the Board of Directors. The Committee is responsible to discharge certain duties established by applicable regulations and to assist the Board of Directors in fulfilling its oversight responsibilities for the financial reporting process, the integrity of the Bank’s financial statements, the system of internal control over financial reporting, the audit process and the process for monitoring compliance with legal and regulatory requirements, and with the Code of Ethics.
Anti - Money Laundering, Compliance and Sustainability Committee
The Anti - Money Laundering, Compliance and Sustainability Committee (the "Committee") of the Banco Latinoamericano de Comercio Exterior, S.A. (the "Bank") is a standing Committee of the Board of Directors ("The Board"), wherein also some members of the Bank’s Management participate, in compliance with the regulatory requirements from the Superintendency of Banks of the Republic of Panama.
The Committee will act in support of the Board, fulfilling its responsibilities in compliance matters while also fulfilling the functions attributed to them pursuant to applicable laws and regulations related to compliance, including the responsibility to direct the Bank’s Compliance Program on a strategic level.
For the purpose hereof, “compliance” includes all the laws and regulations that apply to the Bank and are related to: (i) Anti-Money Laundering and the Combating of the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (AML/CFT), (ii) The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), (iii) The Foreign Accounts Tax Compliance Act (FATCA), (iv) The OECD’s Common Reporting Standards (CRS), and (v) The Foreign Corrupt Practices Act (FCPA).
With respect to Environmental, Social and Governance (ESG) issues, on which the Bank's Sustainability is based, the Board provides that the Committee shall also be in charge of overseeing the initiatives and work carried out by Management towards the development, implementation and maintenance of a Sustainability program for the Bank, reporting to the Board on a regular basis and coordinating with other Board Committees in charge of certain aspects related to social and environmental issues.
Nomination, Compensation and Operations Committee
The Nomination, Compensation and Operations Commitee (the "Committee") of Banco Latinoamericano de Comercio Exterior, S.A. (the "Bank") is a standing committee of the Board of Directors. The Committee is responsible for submitting recommendations to the Board of Directors ("The Board") about the nomination of Directors, the benefits and compensation policies for the Directors, Officers, Executives and Employees, as well as for hiring and evaluating the performance of the Chief Executive Officer ("CEO"), the Bank’s human resources policies, corporate governance and Code of Ethics. The Committee is also responsible for making recommendations to the Board of Directors on matters related to the Bank’s operating model, processes, information technology and communications.
Risk Policy and Assessment Committee
The Risk Policy and Assessment Committee (the "Committee") of Banco Latinoamericano de Comercio Exterior, S.A. (the "Bank") is a standing committee of the Board of Directors. The Committee is responsible for reviewing and recommending to the Board of Directors (the “Board”), for its approval, all policies related to prudent enterprise risk management. The Committee also reviews and assesses exposures to the risks facing the business, within the risk levels the Bank is willing to take according to the related policies, including the review and assessment of the quality and profile of the Bank's credit facilities, the exposure to market and liquidity risks and the analysis of operational risks, which take into account the legal risks associated with the Bank's products.
The Committee performs its duties based on reports received regularly from Management Committee and through its interactions with the Enterprise Risk Management area and other members of the Bank's management. In performing its functions, the Committee shall apply criteria of reasonableness and materiality in the scope of its duties.
The Committee is not responsible for enforcing policies or compliance with legal limits or other restrictions that may apply. Such responsibilities fall under the Enterprise Risk Management function and Management of the Bank as a whole.
Finance and Business Committee
The Finance and Business Committee (the "Committee") of Banco Latinoamericano de Comercio Exterior, S.A. (the "Bank") a standing committee of the Board of Directors (the "Board"). The fundamental role of the Committee is to review and analyze all issues related to the development and execution of the Bank’s business and its financial management, including, among others, capital management, portfolio management (assets and liabilities), liquidity management, gap and funding management, tax related matters and, the financial performance of the Bank in general.
Executive Committee
The Bladex Executive Committee is a permanent committee of the Bank's Management. The main objective of the Executive Committee is to direct and carry out the administrative management of the Bank, based on the delegation of powers by the Board of Directors regarding the approval of operating expenses, investments and human resources.
JORGE L. SALAS TAUREL
Chief Executive Officer
SAMUEL CANINEU
Executive Vice President
Commercial Banking
ANA GRACIELA DE MÉNDEZ
Executive Vice President
Chief Financial Officer
EDUARDO VIVONE
Executive Vice President
Treasury and Capital Markets
ALEJANDRO TIZZONI
Executive Vice President
Chief Risk Officer
JORGE LUIS REAL
Executive Vice President
Chief Legal Officer and Corporate Secretary
ADRIANA LIZZETH DÍAZ FORERO
Executive Vice President
Chief Audit Officer
OLAZHIR LEDEZMA
Executive Vice President
Strategic Planning
CARLOS DANIEL RAAD BAENE
Executive Vice President
Chief Investor Relations Officer
JORGE L. SALAS TAUREL
Chief Executive OfficerJorge L. Salas Taurel is the Chief Executive Officer of the Bank since March 9, 2020. Previously Mr. Salas was President and Chief Executive Officer of Banesco USA, Coral Gables, Florida, United States from 2014 to 2020 and in various capacities in Banesco since 2000, including General Manager of Banesco, S.A., Panama from 2008 to 2014, Founder and General Manager of Banesco -Todo Ticket- Venezuela from 2005 to 2008, and Vice President-Corporate Banking from 2000 to 2005. Previously, Mr. Salas has served as Head of Oil and Gas Corporate Banking Division at Corpbanca, Venezuela from 1998 to 1999.
Mr. Salas holds a Degree in Business Administration (Banking and Finance) from Universidad Metropolitana, Venezuela, a Diploma for Specialization in Economics from the University of Colorado and Masters in Public Policy and in Business Administration from the University of Chicago.
SAMUEL CANINEU
Executive Vice President - Commercial BankingSamuel Canineu was appointed Executive Vice President – Commercial Banking in August 2021. From 2020 to 2021, he served as Chief Country Officer in Greensill, Sao Paulo, Brazil. From 2003 to 2020, he held various positions at ING Group in the Americas, including VP of Leverage Finance (New York), Head of Loan Syndications Latin America (New York), and CEO of ING Brazil.
Mr. Canineu holds a Bachelor´s Degree in Business Administration from Fundacao Getulio Vargas in Brazil and a Master’s Degree in Business Administration from Columbia University.
ANA GRACIELA DE MÉNDEZ
Executive Vice President - Chief Financial OfficerAna Graciela de Méndez has served as Executive Vice President, Chief Financial Officer or CFO of the Bank since December 2017. She previously served in various capacities within the Bank, including as Senior Vice President of Finance and the alternate to the CFO from 2014 to 2017, as Vice President of Financial Planning and Analysis from 2002 to 2014, and several other assignments within the Bank’s Finance, Commercial and Economic areas since 1990, when she joined the Bank.
Ms. Méndez holds a Master’s Degree in Finance from the A.B. Freeman School of Business at Tulane University (USA) and from the Business School at Universidad Francisco Marroquin (Guatemala); completed an Advanced Management Program from the Haas School of Business at UC Berkeley (USA); and holds a Bachelor’s Degree in Business and Economics with specialization in Economics and Mathematics, from Albertus Magnus College (USA).
EDUARDO VIVONE
Executive Vice President - Treasury and Capital MarketsEduardo Vivone was appointed Executive Vice President, Treasury and Capital Markets, in February 2018, and has served as Senior Vice President, Head of Treasury, since September 2013. He also served as Senior Vice President, Funding, from April through August 2013.
Before joining the Bank, he served as Head of Global Markets for HSBC Bank Panama from 2010 to 2012, Regional Sector Head, Government Sector – Global Banking, Americas for HSBC Securities, New York from 2007 to 2010, Head of Treasury for HSBC Bank, Spain from 2003 to 2007, Head of Balance Sheet Management and Forward Foreign Exchange for HSBC Bank, Argentina from 1998 to 2003, and he served diverse Relationship Management capacities for Banco Roberts, Buenos Aires from 1990 to 1997, being the last two years as Head of Treasury Planning.
Mr. Vivone is a Certified Public Accountant and holds a Master's degree in Finance from the University of CEMA, Buenos Aires, Argentina, and a Bachelor´s degree in Accounting from University of Buenos Aires, Argentina.
ALEJANDRO TIZZONI
Executive Vice President - Chief Risk OfficerAlejandro Tizzoni has served as Executive Vice President – Chief Risk Officer since April 2016. He previously served as Senior Vice President of Risk Management, and also held other positions within Bladex's Risk Department over the past ten years. Mr. Tizzoni previously served for nine years in different roles in the credit risk area in banking and the international private sector in Argentina.
Mr. Tizzoni holds a Master's Degree in Risk Management from the NYU Stern School of Business, an MBA from the University of Louisville, and a Bachelor's Degree in Business Administration and Certified Public Accountant, both from the University of Buenos Aires.
JORGE LUIS REAL
Executive Vice President - Chief Legal Officer and Corporate SecretaryJorge Luis Real serves as Executive Vice President - Chief Legal Officer and Corporate Secretary. He joined Bladex as Vice President, Head of Legal Risk in 2014, was appointed Secretary of the Board of Directors in April 2016 and in December of the same year, was promoted to Senior Vice President, Chief Legal Officer of the Bank.
Before joining the Bank, he served as Coordinator of Latin American Legal Affairs at BNP Paribas New York from 2010 to 2014, Head of Legal Department at BNP Paribas Panama from 2005 to 2010. Previously, he was the Head of Legal Department at Panama Group of BBVA from 2000 to 2005, and Lawyer at Mauad & Mauad Panama in 2000.
Mr. Real holds a Master’s degree in Commercial Law from Université de Paris II - Panthéon-Assas, a Law and Political Science degree from Universidad Santa María la Antigua and was admitted to practice law in Panama by the Supreme Court of Justice of Panama in 1998.
ADRIANA LIZZETH DÍAZ FORERO
Executive Vice President - Chief Audit OfficerAdriana Lizzeth Díaz Forero was appointed Executive Vice President, Chief Audit Officer in June 2021. Previously, Mrs. Díaz served as Vice President of Audit in Multibank Panama from 2020 to 2021. From 2012 to 2019, Mrs. Díaz held positions in Audit departments of several companies from Grupo Aval Colombia, among which Banco de Occidente and Fiduciaria de Occidente stand out. From 2002 to 2012, Mrs. Díaz held several management positions in Deloitte Colombia.
Mrs. Díaz is a Certified Public Accountant with a Degree in Accounting from Universidad La Gran Colombia, and holds a Master’s Degree in Business Administration and a Specialization in Financial Management, all from Universidad de Los Andes, Colombia.
OLAZHIR LEDEZMA
Executive Vice President - Strategic PlanningOlazhir Ledezma was appointed Executive Vice President – Strategic Planning in July 2021. From 2014 to 2021, he served as Director in Partners in Performance, where he drove the efficiency and operational transformation of complex organizations. Previously, he was Vice President – Commercial Planning in Belcorp, Lima, Peru, from 2012 to 2014. Before this experience, he was Partner in McKinsey & Co. for 14 years, and Brand Manager in Heinz from 1994 to 1996.
Mr. Ledezma graduated as Mechanical Engineer from Simon Bolivar University in Caracas, Venezuela, and holds two Master’s Degrees, one in Business Administration (MBA) and another in Manufacturing Engineering, from the University of Michigan (USA).
CARLOS DANIEL RAAD BAENE
Executive Vice President - Chief Investor Relations OfficerCarlos Daniel Raad Baene was appointed Executive Vice President, Chief Investor Relations Officer in June 2022. Previously, he developed his career at Bancolombia where he held various positions starting as Senior Trader from 2005 to 2014, Manager of Structured Operations from 2014 to 2020, and his most recent position was Director of Investor Relations (IRO) from 2020 to 2022.
Mr. Raad holds a degree in Industrial Engineering with a Master's Degree in Business Administration, both from Universidad de Los Andes, Colombia; and graduated from the International MBA Exchange Program at IE Business School, Madrid, Spain.
Ownership Composition
This shareholding structure gives Bladex greater strength and flexibility to accomplish its mission through a proven mechanism for the promotion and financing of Latin American trade.
As of June 30, 2023, there were 36,510,192.73 issued and outstanding common shares.
Class A Central Banks, Banks and State-Owned Entities (17.37%)
Central Banks, Banks and State-Owned Entities.
Class B Banks and Financial Institutions (5.72%)
Banks and Financial Institutions.
Class E Private Investors (76.91%)
Private Investors.
Class F State entities and agencies of non-Latin American countries (0%)
Only be issued in the name of state entities and agencies of non-Latin American countries, including, among others, central banks and banks in which the State is the majority shareholder, of those countries; or multilateral financial institutions, be it international or regional institutions.
Class "A"
- Argentina - Banco de la Nación Argentina
- Barbados - Central Bank of Barbados
- Bolivia - Ministerio de Economía y Finanzas Públicas
- Brazil - Banco do Brasil
- Chile - Banco del Estado de Chile
- Colombia - Banco de Comercio Exterior de Colombia, S.A.
- Costa Rica - Banco Central de Costa Rica
- Dominican Republic - Banco de Reservas de la República Dominicana
- Ecuador - Banco Central del Ecuador
- El Salvador - Banco Central de Reserva de El Salvador
- Guatemala - Banco de Guatemala
- Haiti - Banque de la Republique D'Haiti
- Honduras - Banco Central de Honduras
- Jamaica - National Export-Import Bank of Jamaica
- Mexico - Banco de Mexico
- Nicaragua - Banco Central de Nicaragua
- Panama - Banco Nacional de Panamá
- Paraguay - Banco Central del Paraguay
- Peru - Banco de la Nación
- Suriname - Centrale Bank van Suriname
- Trinidad and Tobago - Central Bank of Trinidad and Tobago
- Uruguay - Banco de la República Oriental del Uruguay
- Bolivarian Republic of Venezuela - Banco de Comercio Exterior de Venezuela
Class "B"
Argentina
- Banco Avellaneda S.A. (In Liquidation - Resolution No. 515 of November 1, 1991, Source: Central Bank of the Republic of Argentina)
- Banco de Corrientes S.A.
- Banco de Formosa S.A.
- Banco de Galicia y Buenos Aires S.A.
- Banco de Italia y Río de la Plata S.A. (In Liquidation - Resolution No. 841 of December 11, 1987, Source: Central Bank of the Republic of Argentina)
- Banco de la Ciudad de Buenos Aires
- Banco de la Nación Argentina
- Banco de La Pampa
- Banco de la Provincia de Buenos Aires
- Banco de la Provincia de Córdoba
- Banco de la Provincia del Neuquén
- Banco de San Juan S.A.
- Banco de Santa Cruz
- Banco de Valores S.A.
- Banco Finansur S.A.
- Banco Interfinanzas, S.A.
- Banco Macro, S.A.
- Banco Patagonia S.A.
- Nuevo Banco de Santa Fe, S.A.
Belice
- Atlantic Bank Limited
Brazil
- Banco ABC Brasil S.A.
- Banco Banorte S.A. (Liquidación Extraordinaria, Fuente: Banco Central de Brasil)
- Banco Bradesco S.A.
- Banco do Estado do Para S.A.
- Banco Itaú
- Banco Santander Brasil S.A.
- Banestado, S.A. Participacoes, Adm. y Serv.
- China Construction Bank (Brasil) Banco Múltiplo S.A.
Chile
- Banco de Chile
- Banco de Crédito e Inversiones
- Scotiabank Chile
Colombia
- Bancolombia
Costa Rica
- Banco Davivienda Costa Rica S.A.
Ecuador
- Banco del Pacífico
El Salvador
- Banco de Fomento Agropecuario
Guatemala
- Banco Agromercantil de Guatemala, S.A.
- Banco de Guatemala
- Banco G&T Continental, S.A.
- Banco Industrial, S.A.
- Banco Inmobiliario
- Banco Internacional, S.A.
- Banco Promotor, S.A.
- Banco Reformador, S.A. (ahora Banco de América Central, S.A.).
- Corporación Financiera Nacional-Corfina
- Crédito Hipotecario Nacional de Guatemala
Haiti
- Banque Nationale de Credit
Honduras
- Banco Atlántida, S.A.
- Banco de los Trabajadores.
- Banco de Occidente, S.A.
- Banco Financiera Comercial Hondureña, S.A. (Banco Ficohsa)
- Banco Nacional de Desarrollo Agrícola
- Financiera Centroamericana, S.A.
Jamaica
- National Commercial Bank Jamaica, Ltd.
- National Export-Import Bank of Jamaica
Korea
- The Korea Exchange Bank (now KEB Hana Bank)
Mexico
- Banco Nacional de Comercio Exterior, S.N.C.
- BBVA Bancomer, S.A.
- Nacional Financiera, S.A.
Panama
- Bancolombia (Panamá), S.A.
- Metrobank
- Ministerio de Economía y Finanzas
- Multibank
- Popular Bank Ltd. Inc.
Peru
- Banco Internacional del Perú
- Corporación Financiera de Desarrollo, S.A.
República Dominicana
- Banco Popular Dominicano
Transfer Agent for Class "E" Common Shares listed on the New York Stock Exchange
Computershare
By Regular Mail:
P.O. Box 43078
Providence, RI 02940-3078
U.S.A.
By Courier Delivery:
150 Royall St.
Canton, MA 02021
U.S.A.
Toll Free number: (800) 522-6645
Foreign Holders Toll Number: +1 (781) 575-4223
Website: www.computershare.com/investor
Online inquires: https://www-us.computershare.com/investor/Contact
Legal Structure
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Operational Risk
Definition
Operational Risk is the possibility of incurring losses due to deficiencies, failures or inadequacies of the human resource, of the processes, of the technology, of the infrastructure, of management information, of the models used, or due to the occurrence of external events. This definition includes the legal risk associated with such factors; but excludes losses from loss of profit, reputational risk and strategic risk.
The main objectives of Operational Risk include at least:
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Identify and mitigate the risks to which the bank is exposed, regardless of the existence of losses, developing a series of controls to mitigate these risks within the framework of internal controls.
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Promote a culture of risk awareness through a complete training program available to all employees.
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Follow best practices to measure and evaluate operational risks in an objective manner, complying with the standards established by the Superintendence of Banks of Panama, guidelines recommended by the Basel Committee and regulators of the different jurisdictions in which the Bank operates.
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Monitor risk exposures and ensure that they remain within the limits approved by the Board of Directors.
Operational Risk Management
In Bladex, Operational Risk Management is carried out through various tasks and activities seeking to reinforce our main non-financial and operational risks and in strict compliance with the guidelines of international and local regulations under the Operational Risk and Integral Risk Management.
We have defined and formalized the methodology for the management of Operational Risk according to its stages (identification, measurement, mitigation, monitoring, control and information) through:
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Operational Risk Policy and Manual and Event and Incident Guidelines
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Global limit and specific operational risk limits
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Operational Risk Indicators
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Tool for event and incident management
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Operational Risk Matrices
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Operational Risk Database
For the correct implementation for Operational Risk Management effective, coordination between Risk Managers is required Operational (First Line of Defense), and the Operational Risk Unit (Second Line of Defense).
In Bladex we designate Operational Risk Managers in the different areas of the Banks, with the following responsibilities:
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Act as the liaison between the areas and the Operational Risk Unit
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Provide the information by recording the events and incidents in the database
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Development of the process map of your area, identifying the key risks of your processes, evaluating existing controls and proposing action plans.
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Keep your Vice Presidency timely and continuously informed about the previously identified critical risks, about the report of events and incidents of Operational Risk and about the Risk Map
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Report findings with medium and high risk resulting from its Internal Audit Report, that are related to Operational Risk or that have produced losses to the Bank
Accomplishment
To strengthen the management of Operational Risk in Bladex and comply with regulatory provisions, we have worked to raise awareness among employees about the importance of the Risk Framework through the following mechanisms:
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Informational capsules
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Inductions, Seminars and Sessions of Know Your Bladex
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Awareness of the reporting of events and incidents of Operational Risk
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Definition of Operational Risk Managers and their responsibilities
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Follow-up on action plans for events and incidents
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Monitoring of the Operational Risk account and its records
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Inform the Risk Policy and Assessment Committee of the events and incidents reported and the evolution of annual losses
Relevant Documents
Our Corporate Governance structure is the key component of the way we manage the Organization and enables us to ensure strict compliance with the rules and regulations of the different regulatory authorities Bladex reports to.
