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Message to Shareholders

Miguel Heras

Miguel Heras, Chairman of the Board of Directors

Dear Shareholders, it is a privilege to present to you today the significant achievements and progress made by Bladex in a year that has undoubtedly been a milestone in our history.


First and foremost, I would like to express my deep appreciation for the confidence you have placed in Bladex and our renewed leadership team. Their valuable contributions and support have been fundamental to our success and continued growth.


The year 2023 has been exceptional for Bladex, reflecting the success of our long- term strategy and our unwavering commitment to sustainable growth. Our mission to support foreign trade in Latin America, which we embarked on 45 years ago, has never been more relevant, especially at a time when the global economic landscape is showing signs of slowing and volatility.


I will now proceed with some reflections on the business environment of 2023, and provide you with an account of your Bank's performance and results during this fiscal year. Finally, I will share some thoughts on the outlook for the current year and what lies ahead.


The risks of a global recession in 2023 have diminished as the year has progressed, tipping the balance toward a soft landing scenario. The weak and even negative growth forecasts of the first half of the year were repeatedly revised upwards. Despite the intensification and resurgence of some geopolitical conflicts, economic activity proved resilient, with both demand and supply picking up. According to the International Monetary Fund, the global economy grew by 3.1% in 2023.


In Latin America and the Caribbean, we noted that the region experienced a significant economic slowdown, with growth of only 2.5%. This slowdown occurred against a backdrop of high inflation, tight monetary conditions, weak global trade and adverse weather events. Although this growth rate is below the global performance, it reflects the region's resilience to the volatility of the global environment, framed by recurrent interest rate hikes in advanced economies and geopolitical factors.


Despite these difficulties, growth in Brazil and Mexico (two countries that together account for 45% of the region's GDP) exceeded earlier forecasts. Brazil's positive performance was driven by higher-than-expected agricultural production, strong private consumption and rising exports in the first three quarters of the year. Similarly, Mexico saw higher than expected growth in both private consumption and investment.


In contrast, growth in other major LAC economies, such as Argentina, Colombia and Peru, was weaker than expected, and recent business surveys point to weakening confidence and manufacturing activity. Overall, inflation in the region continued to decline in 2023, with Argentina being an important exception. The deceleration in inflation across most of the region likely reflects the initial monetary tightening that began in 2021. As a result, real interest rates rose last year as inflation fell.


The figures for Latin America also highlight the willingness of most central banks in the region to opt for tight monetary policy to contain inflationary pressures and anchor expectations, while weighing the risks to consumption and investment. However, higher interest rates have put pressure on debt service costs, increasing the need for fiscal consolidation.


External conditions have evolved differently across the region. Energy exporters have continued to benefit from high fossil fuel prices, while the slowdown in external growth, particularly in China, has put pressure on metal prices and export earnings of metal producers. Agricultural commodity prices remain high compared to pre-pandemic levels. However, varying weather conditions have resulted in some exporters benefitting more than others. Conditions have been favorable for Brazil's soybean crop, while Argentina's grain production has declined due to a prolonged drought.


In this regional context, I would like to share with you some aspects of the Bank's exceptional results in 2023:


After two years of implementing a 5-year strategic plan, Bladex is a different bank. While remaining resolutely committed to its DNA as a Latin American foreign trade bank with an inherently low-risk business model, our Bank now continues to execute its strategic plan, which seeks to generate returns consistently above our Bank's historical returns.


The strategic plan we are executing is the brainchild of a renewed management team, now rewarded by a redesigned variable compensation program that is clearly aligned with the long-term goals of our shareholders.


We are at a crucial point in the transition from optimizing to expanding our product offering. On the other hand, the Bank is today at the upper end of the range of profitability targets for 2026. In other words, after two years, we have achieved the annual profitability that we originally set out to achieve by the end of the fifth year of the Strategic Plan.


The key objectives of the optimization phase have been successfully achieved. We are now more efficient in our use of capital, and we have optimized key processes to ensure faster customer onboarding and improved operational capabilities. The effective completion of this first phase has enabled the Bank to significantly expand its customer base in strategic markets and also to increase lending margins for an efficient pricing policy across a much larger customer base.


As a result, our loan portfolio grew by 9% compared to 2022. In addition, the commercial portfolio has grown by 30% since the start of the plan.


Not only has the loan portfolio reached record levels, but more importantly, it has remained as diversified and healthy as ever, with delinquency levels close to zero. Deposits, on the other hand, grew 38% year-over-year to over $4.4 billion, a new record in the Bank's history. This further strengthens our solid funding structure and reflects the great benefits of cross-selling to existing customers, as well as the confidence that a wide range of investors from different regions have placed in the Bank.


On the profitability front, I am pleased to report that net interest income totaled $233 million, an increase of 58% year-over-year. In addition, our net interest margin reached an all-time high of 2.5%, a 78 basis point improvement over the prior year, and our focus on fee income also yielded remarkable results, increasing 64% from 2022 to a record $32.5 million.


The Bank's 2023 net income was $166 million, an increase of 81% year-over-year and a return on equity of 14.7%. During 2023, we experienced a sustained increase in profitability, concluding with a strong fourth quarter in which annualized return on equity reached 15.5%, confirming the sustained double-digit growth we committed to in this very room just under a year ago.


Total assets reached $10.744 million, an annualized increase of 16% over 2022, supported by a strong loan portfolio, complemented by a stable investment securities portfolio and a very healthy liquidity position.


The Bank's cash position, mostly placed with the Federal Reserve Bank of New York, resulted in year-end liquidity levels of 19% of assets and 45% of deposits. These ratios underscore our prudent approach to liquidity management given the nature of our business model. The commercial portfolio, consisting primarily of loans and letters of credit, again reached a record level of $8,521 million at year- end, up 11% from 2002.


Bladex also maintains a $1 billion investment securities portfolio, which provides further diversification of country risk and consists primarily of assets eligible for discount at the Federal Reserve's discount window through our New York Agency.


The Bank's funding sources remain well diversified across products, geographies and maturities. Deposits, which accounted for 49% of total funding sources at year- end, reached an all-time high of more than $4.4 billion, an increase of 38% over the prior year.


This significant growth reflects the combined effect of our cross-selling strategy and the success of our Yankee CD program, which provides granularity to our funding base, as well as the continued significant participation of our Class A shareholders.


The Bank's short-term debt and commitments account for 19% of its funding base. These consist of correspondent bank lines and public and private issues with maturities of up to one year. Bladex maintains a broad base of correspondent banks worldwide and complements its sound deposit base with loans and long- term debt, which represented 29% of the Bank's total funding at year-end. The Bank currently has outstanding bonds in the U.S., Mexican and Panamanian debt capital markets, as well as private placements under our EMTN program in several regions.


Strong revenue growth continues to have a positive impact on the Bank's efficiency levels, allowing the cost-to-income ratio to remain at approximately 27% over the 4 quarters of 2023.


Expenses for the full year 2023 increased by 32%, mainly due to a higher salary base from new hires, as our headcount has increased by nearly 50% over the last 2 years, in line with our focus on strengthening Bladex's execution capabilities as outlined in our strategic plan. In addition, in 2023, we increased our performance- based variable compensation, which is directly tied to the Bank's strong results.


In 2024, we entered the second phase of our strategic plan, which focuses on expanding the Bank's product base by focusing on broadening the offering of treasury and working capital solutions to our customers.


At this stage, growth expectations are similar, although there are potential downside risks stemming from geopolitical tensions and key elections in several regions of the world, including Latin America.


Crucially for Bladex, world trade is also expected to rebound strongly in 2024, with growth of 3.2%, after stagnating in 2023. Although not our base case, a potential slowdown in the Chinese economy will affect commodity prices and therefore trade. Especially with South American countries.


According to the International Monetary Fund, growth in Latin America will be very close to 2% in 2024. We expect domestic interest rates to remain high for the most part due to ongoing inflationary pressures, although A-rated central banks such as the Central Bank of Brazil, Chile and Peru have started to lower their rates. Countries such as the Dominican Republic, Guatemala, Uruguay, Paraguay and Costa Rica are well positioned to sail into 2024 due to solid economic fundamentals and sound public policies.


In this scenario, we expect our commercial portfolio to grow between 5% and 7%, and deposits to grow at twice that rate, becoming a larger part of our funding mix. But while balance sheet growth remains important, our top priority for 2024 will be to maintain the level of return on equity we have achieved.


We expect to maintain margins at the level we achieved in 2023, which is a net interest margin of around 2.5%. As I mentioned earlier, we are moving from the optimization phase to the expansion phase of our 5-year strategic plan. This will require significant investments in our digital transformation process, which is why the Bank's projected efficiency ratio for 2024 is slightly above the 2023 level, at around 30%. As a result, we expect our return on equity for this year to be between 14% and 15%.


Our capital ratio should remain within our previously defined range of 15% to 16% of the Basel III Tier 1 ratio.


As part of our capital management strategy, last February we announced two important decisions to optimize the use of the Bank's capital: (i) the Board of Directors has decided to maintain the dividend at $0.50 per share, which will continue to be a fixed amount in US dollars, declared and paid quarterly. If the current year's guidance is met, we expect the dividend level to represent a payout ratio of approximately 40% of earnings for the year; and (ii) in February, the Board also approved a share repurchase program authorizing repurchases of up to US$ 50 million.


Both initiatives are a direct result of planned strategic execution that has exceeded profitability expectations. As such, they are considered complementary and serve different purposes in our capital management strategy. A higher dividend payout is a natural consequence of a strongly capitalized bank that has reached a new threshold of profitability, while the possibility of a repurchase was conceived with an opportunistic approach to address specific situations where, with capital above our target levels, the Bank could repurchase shares if their market price did not reflect our ability to generate future earnings. This approach demonstrates our overall commitment to maximizing total return for you, our shareholders.


On the other hand, the increasing responsibilities placed on Board members by various regulators and our fiduciary duty to you, our shareholders, require a firm 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 further strengthen Corporate Governance standards and contribute to an efficient and effective internal control structure.


We are mindful of the need to conduct business in a sustainable manner and create value for our shareholders. The Board of Directors and Management recognize that sound corporate governance, environmental management and social responsibility are fundamental to achieving long-term business success. We remain 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 seek to have a positive impact on our communities, to integrate social and environmental considerations into our business and investment decisions, to create an inclusive and supportive work environment, and act in an environmentally conscious manner.


As a monitor of risk and steward of long-term shareholder value, this Board recognizes its ultimate responsibility to oversee the sustainability risks and opportunities that may affect our business.


Consistent with the Board's commitment to gender diversity in leadership and representation, as a result of an extensive and thorough candidate evaluation process conducted by the members of the Board, the eligibility and compliance with the requirements of Ms. Tarciana Gomes Medeiros was confirmed to be nominated by Banco do Brasil to fill the vacancy created by the resignation of Mr. Fausto De Andrade Ribeiro, effective yesterday, whose candidacy will be submitted to the consideration of the Class A Shareholders to be elected for the remaining term of office, i.e. until April 2025. I would like to thank Ms. Silvina Batakis and Mr. De Andrade Ribeiro for their commitment and hard work during their time on the Board.


On the other hand, after a rigorous process of identification, evaluation, selection and nomination, the Board of Directors has decided to propose to the shareholders the re-election of Ms. Isela Costantini and Ms. Alexandra Aguirre and myself as Directors representing all classes of shares and Class E, respectively.


The Bank continues to act in accordance with our commitment to ensure the highest standards of Corporate Governance. We are making the decisions and taking the actions necessary to do so. In doing so, we will continue to strengthen our operational and internal control systems. This is not only in line with international best practice and the requirements of the various regulators with whom we interact, but also with the objective of keeping our business focused on our core corporate values.


On the other hand, I am particularly pleased to report that we continue to consolidate the work developed by our Fundación Crece Latinoamérica within a holistic vision of our social investment. We continue to move forward with determination in our commitment to provide greater opportunities to the communities we are privileged to serve. From the Foundation Board, we are implementing a new strategy that aligns our Foundation's actions with the new realities of society, incorporating environmental impact initiatives into our lines of action, such as the execution of works that promote the recycling and reuse of plastics to serve the inhabitants of the communities. In this process, we involve our employees as an active part of volunteering and adapt ourselves to the emerging trends in the field, in line with the development of the Bank's Strategic Plan 2022- 2026.


On behalf of Bladex, I would like to thank you once again for your unwavering support. It is your trust that drives us to continue to exceed expectations and contribute to the economic development of our region. I am confident that together we will write the next chapter in Bladex's success story.


Annual Shareholders Meeting, April 17, 2024

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



Class "A" Director, Independent
Audit Committee, Chairman
Nomination, Compensation and Operations Committee, Member
Anti-money Laundering, Compliance and Sustainability Committee, Member
José Alberto Garzón, Member of the Board since 2017, is Legal Vice President and General Secretary at 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

Angelica Ruiz Celis


Class "E" Director, Independent
Audit Committee, Member
Nomination, Compensation and Operations Committee, Member
Angélica Ruiz Celis, Member of the Board since March 2023, is Senior Vice President at BP since 2020 and was Head of Country for Mexico at BP from 2018 to 2020.


Class "E" Director, Independent
Finance and Business Committee, Chairman
Risk Policy and Assessment Committee, Member
Mario Covo, Member 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
Risk Policy and Assessment Committee, Chairman
Finance and Business Committee, Member
Miguel Heras, Member of the Board since 2015, and as Chairman of the Board since 2019. Mr. Heras is the Founder and Managing Partner at 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, Member 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, Member 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, Member of the Board since 2020, is Partner at Holland and Knight, LLP, Miami, Florida since June 2022. Previously, Ms. Aguirre was a partner at Morrison & Foerster, LLP from 2019 to 2022.


All Classes Director, Independent
Nomination, Compensation and Operations Committee, Chairman
Audit Committee, Member
Isela Costantini, Member of the Board since 2019, is Chief Executive Officer at GST Financial Services in Argentina. Ms. Costantini is member of the boards of Barrick Gold Corporation, Prosegur S.A., San Miguel S.A., Food Bank of Argentina and is a Counsel member of CIPPEC (Centro de Implementación de Políticas Públicas para la Equidad y el Crecimiento).

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
  • Angélica Ruiz


Nomination, Compensation and Operations Committee

  • Isela Costantini - Chairman
  • 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


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.


    Chief Executive Officer


    Executive Vice President
    Commercial Banking


    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


    Executive Vice President
    Chief Compliance 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 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.



    Executive Vice President - Chief Compliance Officer

    Tatiana Calzada has served as Executive Vice President, Chief Compliance Officer since December 2023. Before joining the Bank, she served in Citibank, N.A. (Panama Branch) as Director- Anti Money Laundering Cluster Head for Caribbean and Central America from January 2023 to December 2023, Senior Vice-President Anti Money Laundering Cluster Head for Caribbean and Central America from 2021 to 2023, Senior Vice-President Panama Anti Money Laundering Head and Central America Anti Money Laundering Cluster Head from 2018 to 2021, Senior Vice- President Anti Money Laundering Compliance Risk Management Latin America Financial Institutions Head and Anti Money Laundering Caribbean Cluster Head from 2016 to 2018, Senior Vice- President Panama Country Compliance Head from 2012 to 2016. Prior to serving in Citibank, Mrs. Calzada served as Chief Legal Counsel for the Bank from 1997 to 2012 and Lawyer at Patton, Moreno & Asvat in Panama from 1995 to 1996.

    Ms. Calzada has a Law and Political Science degree from Universidad Católica Santa María La Antigua in Panama, and a Master’s Degree in International Law, Trade, and Finance from Tulane University. She was admitted to practice law in Panama by the Panamanian Supreme Court of Justice in 1994. Mrs. Calzada is also a Certified Professional in Anti Money Laundering (CPAML) by the Financial and International Business Association (FIBA), certified by the Florida International University since 2013, and is a Certified Public Translator (Spanish-English and vice versa) in Panama since 1992.

    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 March 31, 2024, there were 36,727,297.73 issued and outstanding common shares.

    Class A       Central Banks, Banks and State-Owned Entities (17.27%)

    Central Banks, Banks and State-Owned Entities.


    Class B       Banks and Financial Institutions (5.69%)

    Banks and Financial Institutions.


    Class E       Private Investors (77.04%)

    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. (Extraordinary Liquidation, Source: 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. (now 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 (now Banco Cuscatlán)
    • 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


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    throughout the Latin American region.

    Reach out to us here.