Gonvernance slider


Driven by our vision.
Guided by our values.

Message to Shareholders

Miguel Heras

Miguel Heras Castro, Chairman of the Board of Directors

Although major parts of the world managed to control the spread of the COVID-19 virus and economies began to reopen, 2021 continued to bring significant changes for everyone. The pandemic has clearly continued to shape people’s daily lives, forcing businesses and governments to adapt accordingly as the levels of concern about the emergence of new COVID-19 variants has the potential to induce renewed economic disruptions.


According to the IMF, the Latin American and Caribbean region grew by an estimated 6.8% in 2021, driven by favorable external conditions and the easing of pandemic related shut down and restrictions. Strong demand in key export destinations like the United States and China, high commodity prices, and continued high volumes of remittances to Central American and Caribbean countries were supportive of strong economic growth in 2021. Latin American trade flows increased by 31% last year, according to the Economist Intelligence Unit - EIU.


Fiscal support was reduced in most Latin American countries in 2021. Some countries started to strengthen their budget positions, but further fiscal consolidation is needed in others to ensure debt sustainability. Several economies, however, introduced additional substantial new expansionary measures in 2021. These included a third round of pension withdrawals allowed in Chile and the extension of emergency payments to households until 2022 in Colombia.


Inflation increased throughout the Region, and in most cases, it exceeded the targets set by central banks. This increase is attributed to the consolidation of demand associated with the economic reopening, the increase in food and energy prices, and in some countries, the depreciation of the currency and the strong increases in the money supply.


Given the Region’s history of high inflation, central banks reacted quickly and decisively to the sharp rise in consumer prices. The speed of monetary policy tightening differed across countries depending on their position in the economic cycle, and the degree and scope of price pressures and central bank credibility. In Brazil, Chile, Colombia, Mexico and Peru, policy rates rose between 1.25 and 7.25 percentage points over the course of 2021. In some cases, these increases were combined with forward guidance that signaled further rate increases in the coming months.


Against this backdrop, Bladex managed to close the year 2021 on a very positive note, after consecutive quarters of continued growth, both in terms of income and loan portfolio, achieving earnings of US$62.7 million in 2021. The Bank’s commercial portfolio stood at US$6.5 billion, composed of US$5.7 billion in loans and US$805 million in letters of credit and other off- balance sheet exposures.


As of December 31, 2021, Bladex’s commercial portfolio remained well diversified and focused on high quality exposures, with 43% in investment grade countries, 48% with financial institutions and 17% with sovereign and state-owned corporations. In addition, the Bank’s investment portfolio, increased to US$825 million dollars, composed of US$631 million in bonds, related to investment management activities aimed to complement the Bank’s commercial portfolio and US$194 million of corporate debt securities classified as high-quality liquid assets.


Reviewing the balance sheet, the year closed with a total of US$47.1 million in allowance for credit losses or 0.6% of the total Credit Portfolio, while the impaired portfolio stood at 0.2% of total loans, which highlights the strengths of our business model and the soundness of our loan portfolio.


Bladex’s financial position remains solid, with a healthy and well-diversified asset composition, and a strong funding structure with increased tenors and diversification. Total assets increased to US$8 billion, or 28% with respect to 2020, surpassing 2019 pre-Covid levels, on the back of the rebuilding of loan portfolio balances close to pre-pandemic levels, coupled with the constitution of the investment portfolio, denoting resilient level of deposits and diversified funding with ample access to capital markets, showcased by new successful bond issuances in Mexican capital markets, as well as several private placements among investors in Europe, Asia, the Americas and Africa.


The continued growth in the Bank’s deposit base also denotes the growth of its new Yankee CD program, through which the Bank has been able to attract a new investor pool to further enhance the diversification of its financial resources, coupled with the steady support from the Bank’s Class A shareholders.


The Bank maintained a solid Basel III Tier 1 capital ratio of 19.1%, after having kept the annual dividend at US$1 per share and the successful completion of its open market stock repurchase program in a total amount of US$60 million, under which 3.6 million shares were repurchased since its launch in mid-May of 2021.


Bladex’s strong financial position and performance in 2021, with its solid capitalization, sound asset quality and diversification and prudent risk management, as well as its adequate liquidity management and diversified and stable funding base, have also been recognized by the relevant rating agencies. We are very pleased to inform you that all three main rating agencies ratified the Bank’s international investment grade ratings and improved its outlook to stable from negative in the midst of the COVID-19 pandemic, as was affirmed by S&P in April 2021, followed by Fitch’s rating action in September 2021. Moody’s had already done it in 2020.


Senior Management at Bladex also experienced important changes in 2021 with the arrival of two seasoned professionals like Samuel Canineu, as the new Chief Commercial Officer, and Olazhir Ledezma, in charge of the Strategic Planning Office.


In 2021, the Board also laid the foundation for further growth by reinforcing the Strategic Planning Office and approving other relevant changes to the Bank’s organizational structure and management incentive plans, aiming to boost its ability to process a larger number of transactions and offer more structured trade solutions to better serve our customers’ needs throughout the Region.


The Bank is mindful of the need to conduct its business and generate value for our stockholders in a sustainable manner. The Board and Senior Management recognize that strong governance, environmental stewardship, and social responsibility are critical to building 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) matters relevant to our business over time. Through various initiatives, we aim to make a positive impact in our communities, embed social and environmental considerations in our businesses and investment decisions, provide a supportive and inclusive workplace environment, and act in environmentally conscious ways.


As an overseer of risk and a steward of long-term shareholder value, the Board has the ultimate responsibility for the oversight of the ESG-related risks and opportunities that may impact our business. Beginning this year, the Compliance and Anti-Money Laundering Committee will provide primary oversight of our ESG initiatives and programs. This Committee is best positioned to oversee ESG due to the expertise and make up of its directors, and the existing strong focus on governance and compliance topics that are critical to our business. Other Committees will also play a relevant role and receive regular updates on ESG progress and goals.


Also, in keeping with the Board's commitment to gender diversity in leadership and representation, as a result of an extensive and thorough selection process carried out by the Board's Compensation Committee, and following its recommendation, the Board has nominated Ms. Lorenza Martinez Trigueros, to be elected at this Annual Shareholder´s meeting, as one of three candidates to represent our Class E shareholders at the Board. If elected, she will become the third female Director of the Bank and we are confident that her professional experience in the Financial Sector, public and private, coupled with her knowledge in the fields of fintech and digital transformation, will be of significant value to the Bank.


On the corporate social responsibility front, the work carried out during the year by the Fundación Crece Latinoamérica-Gonzalo Menéndez Duque, reaffirms the commitment of our Organization to directly support the sustained development of the communities where we are privileged to operate. In partnership with nonprofit organizations, the Foundation has continued to promote community development and employee engagement through its corporate volunteering. These efforts have been primarily focused on education initiatives, including financial education and inclusion, scholarships for higher education, infrastructure of destroyed schools due to hurricanes, internet and remote learning for students during the COVID-19 pandemic, furniture and supplies for underprivileged schools.


At Bladex, Human Capital is the backbone for all the Bank’s business activities and, as such, employees’ wellbeing is one of the keys for meeting the Bank’s objectives. The Bank’s Human Development Department takes a holistic approach that evaluates the full employee experience, from recruitment and selection, to benefits, to training and professional development, to engagement and volunteering. We want Bladex to be a great place to work and build a career, providing opportunities of professional growth for all our employees. In adapting to the new reality resulting from the pandemic, the Bank ensures compliance with health and bio-safety standards to provide a safe working environment as employees returned to the office.


Before concluding these remarks, I would like to share a few thoughts regarding the impacts of the Russian invasion to Ukraine in our Region.


Even though Latin America is geographically far from the epicenter of the conflict and does not have particularly deep trade or financial and bank linkages with Russia, Belarus and Ukraine, the Region is bound to feel the ripple effects of the conflict; but not all effects are negative.


Except for Central America and most of the Caribbean who are net commodities importers, all other major Latin America economies are major commodity exporters, though the commodities export book varies significantly across countries. Commodities trade balance surpluses are sizeable and a major source of foreign exchange, and in most places also a relevant source of fiscal revenue. Hence, rallying commodity prices lead to stronger terms of trade and stronger local currency fundamentals inasmuch as they support growth, and lead to stronger fiscal and current account balances.


While commodity price increases are a favorable development for net commodity exporters in Latin America, lower growth and higher inflation are not. In our Region, growth forecasts have been revised down, inflation has risen and official interest rates are now expected to move further into restrictive territory.


We will continue to closely monitor the situation and assess the risks and opportunities related thereto accordingly.


To conclude, I would like to offer my appreciation not only to the Bank’s Directors, administration and workforce, but to our customers, and to all our stakeholders. Importantly, I would like to thank our stockholders, once again, for the support and trust they have placed in Bladex and its Board of Directors. We remain faithful to our corporate values and our commitment to ensure that Bladex continues playing an increasingly important role in supporting trade and regional integration across Latin America.


I take this opportunity to express our gratitude, on behalf of the Board of Directors and the Bank, to Herminio Blanco and Joao Pecego for all the hard work and dedication during their tenure as Directors of Bladex, representing Class E and Class A shareholders, respectively. Their outstanding contributions and stewardship throughout the many years they served, both as Directors and Chairs of key committees, have played a crucial role in the success of the Bank in many aspects. Herminio and Joao, thank you for all that you have done for Bladex and this Board.


Thank you very much.

Annual Shareholders Meeting, April 27, 2022.

Board of Directors

The Board of Directors is currently comprised of eight members, as follows: two Directors elected by the holders of Class "A" common shares (central banks, banks and state-owned entities); four Directors elected by holders of Class "E" common shares (private investors); and two Directors elected by holders of all common shares.

Class A



Class "A" Director, Independent
Audit Committee, Member
Compensation Committee, Member
Fausto de Andrade Ribeiro, Director of the Board since 2022, is Chief Executive Officer of Banco do Brasil since 2021. Since 2021 is Chairman of the Board of Banco Votorantim S.A., Brasilprev S.A., UBS BB and Regional Chairman of Associação de Administradoras de Consórcios since 2020.


Class "A" Director, Independent
Audit Committee, Chairman
Compensation Committee, Member
Anti-money Laundering, Compliance and Sustainability Committee, Member
José Alberto Garzón, Director of Board since 2017, is Legal Vice President and General Secretary of Banco de Comercio Exterior de Colombia S.A. (Bancoldex) in Colombia since 2003, Administrative Vice President from 2016 to 2017 and in various other capacities with Bancoldex since 1995, holding the positions of Director of the Legal Department and Attorney in the Legal Department.

Class E



Class "E" Director, Independent
Finance and Business Committee, Chairman
Risk Policy and Assessment Committee, Member
Mario Covo, Director of the Board since 1999, is Founding Partner of DanaMar LLC in New York, a financial consulting firm established in 2013, and of Larch Lane Partners, an investment advisory firm established in 2019. He was a Founding Partner of Helios, a Founding Partner of Finaccess International, Inc. and a Founding Partner of Columbus Advisors.
miguel heras


Class "E" Director, Independent
Risk Policy and Assessment Committee, Chairman
Finance and Business Committee, Member
Miguel Heras Castro, Director of the Board since 2015 and was elected Chairman of the Board in 2019. Mr. Heras is the Founder and Managing Partner of MKH Capital Partners, a private equity firm based in Florida, U.S.A. Since 1999, he has served as Managing Director and as a member of the Board of Directors of Inversiones Bahia, Ltd. in Panama, the largest investment group in Central America, focusing on the financial, infrastructure, energy, real estate, and communications markets.


Class "E" Director
Anti-money Laundering, Compliance and Sustainability Committee, Chairman
Finance and Business Committee, Member
Risk Policy and Assessment Committee, Member
Ricardo Manuel Arango, Director of the Board since 2016, is Senior Partner of the law firm of Arias, Fábrega & Fábrega in Panama. Since 2004, Mr. Arango has held several leadership positions in the firm, contributing to shape the organization into a leading Latin-American law firm.


Class "E" Director, Independent
Finance and Business Committee, Member
Risk Policy and Assessment Committee, Member
Roland Holst, Director of the Board since 2017, was Treasurer and Member Ex-Officio of the Board from May 2017 to October 2017 and was previously a Board member from 2014 to 2017. Dr. Holst is a board member of Sudameris Bank, Paraguay since 2017 and served as a Director of the Board of Banco Central del Paraguay from 2012 to 2017.

All Classes



All Classes Director
Finance and Business Committee, Member
Anti-money Laundering, Compliance and Sustainability Committee, Member
Risk Policy and Assessment Committee, Member
Alexandra M. Aguirre, has been a Director of Bladex since 2020. Ms. Aguirre has been a partner at the firm Holland and Knight LLP since June 2022. She was previously a partner at Morrison & Foerster, LLP from 2019 to 2022 and a shareholder of Greenberg Trauring LLP.


All Classes Director, Independent
Compensation Committee, Chairman
Audit Committee, Member
Isela Costantini, Director of the Board since 2019, is Chief Executive Officer of GST Financial Services in Argentina. She is a member of the boards of each of San Miguel S.A. since 2019, IRSA S.A. since 2017, and the Food Bank of Argentina since 2015.

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
  • Isela Costantini
  • Fausto de Andrade Ribeiro


Compensation Committee

  • Isela Costantini - Chairman
  • José Alberto Garzón
  • Fausto de Andrade Ribeiro


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 Castro - Chairman
  • Alexandra M. Aguirre
  • Ricardo Manuel Arango
  • Mario Covo
  • Roland Holst


Finance and Business Committee

  • Mario Covo - Chairman
  • Ricardo Manuel Arango
  • Alexandra M. Aguirre
  • Miguel Heras Castro
  • 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.

    Compensation Committee

    The Compensation 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 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.


    Chief Executive Officer


    Executive Vice President
    Commercial Banking


    Executive Vice President
    Chief Operating Officer


    Executive Vice President
    Chief Financial Officer


    Executive Vice President
    Treasury and Capital Markets


    Executive Vice President
    Chief Risk Officer


    Executive Vice President
    Chief Legal Officer and Corporate Secretary


    Executive Vice President
    Chief Audit Officer


    Executive Vice President
    Strategic Planning


    Executive Vice President
    Chief Investor Relations Officer



    Chief Executive Officer

    Jorge 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.



    Executive Vice President - Commercial Banking

    Samuel 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.



    Executive Vice President - Chief Operating Officer

    Erica Lijtztain was appointed Executive Vice President, Chief Operating Officer in February 2018, and has served as Senior Vice President, Corporate Services, since June 2017. She previously served various capacities for Banco Patagonia, S.A. in Argentina: Executive Manager – Risk Management from 2015 to 2017, Budget and Information Manager from 2008 to 2015, Manager – Special Projects from 2003 to 2008, and Manager – Commercial Planning and Control from 2001 to 2003.


    Ms. Lijtztain is a Certified International Investment Analyst, and holds a Master’s degree in Business Administration from University Torcuato di Tella, Argentina, and a Bachelor’s degree in Economic Science – Actuary from University of Buenos Aires, Argentina.



    Executive Vice President - Chief Financial Officer

    Ana 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).



    Executive Vice President - Treasury and Capital Markets

    Eduardo 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.



    Executive Vice President - Chief Risk Officer

    Alejandro 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.



    Executive Vice President - Chief Legal Officer and Corporate Secretary

    Jorge 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.



    Executive Vice President - Chief Audit Officer

    Adriana 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.



    Executive Vice President - Strategic Planning

    Olazhir 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).



    Executive Vice President - Chief Investor Relations Officer

    Carlos 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 December 30, 2022, there were 36,324,555.73 issued and outstanding common shares.

    Class A       Central Banks, Banks and State-Owned Entities (17.46%)

    Central Banks, Banks and State-Owned Entities.


    Class B       Banks and Financial Institutions (5.75%)

    Banks and Financial Institutions.


    Class E       Private Investors (76.79%)

    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"


    • 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.



    • Atlantic Bank Limited



    • 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.



    • Banco de Chile
    • Banco de Crédito e Inversiones
    • Scotiabank Chile



    • Bancolombia


    Costa Rica

    • Banco Davivienda Costa Rica S.A.



    • Banco del Pacífico


    El Salvador

    • Banco de Fomento Agropecuario



    • 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



    • Banque Nationale de Credit



    • 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.



    • National Commercial Bank Jamaica, Ltd.
    • National Export-Import Bank of Jamaica



    • The Korea Exchange Bank (now KEB Hana Bank)



    • Banco Nacional de Comercio Exterior, S.N.C.
    • BBVA Bancomer, S.A.
    • Nacional Financiera, S.A.



    • Bancolombia (Panamá), S.A.
    • Metrobank
    • Ministerio de Economía y Finanzas
    • Multibank
    • Popular Bank Ltd. Inc.



    • 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




    By Regular Mail:
    P.O. Box 43078
    Providence, RI 02940-3078


    By Courier Delivery:
    150 Royall St.
    Canton, MA 02021

    Toll Free number: (800) 522-6645

    Foreign Holders Toll Number: +1 (781) 575-4223




    Online inquires:

    Legal Structure

    legal structure


    Operational Risk

    Operational Risk



    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: 


    • 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.

    • Promote a culture of risk awareness through a complete training program available to all employees.

    • 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.

    • 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:


    • Operational Risk Policy and Manual and Event and Incident Guidelines

    • Global limit and specific operational risk limits

    • Operational Risk Indicators

    • Tool for event and incident management

    • Operational Risk Matrices

    • 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:


    • Act as the liaison between the areas and the Operational Risk Unit

    • Provide the information by recording the events and incidents in the database

    • Development of the process map of your area, identifying the key risks of your processes, evaluating existing controls and proposing action plans.

    • 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

    • 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




    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:


    • Informational capsules

    • Inductions, Seminars and Sessions of Know Your Bladex

    • Awareness of the reporting of events and incidents of Operational Risk

    • Definition of Operational Risk Managers and their responsibilities

    • Follow-up on action plans for events and incidents

    • Monitoring of the Operational Risk account and its records

    • Inform the Risk Policy and Assessment Committee of the events and incidents reported and the evolution of annual losses


    Follow Us

    Stay informed and connect with us on

    LinkedIn, Instagram, and Facebook.

    See Bladex videos on the Bladex YouTube channel.

    Contact Us

    Bladex has staff in over 23 countries

    throughout the Latin American region.

    Reach out to us here.