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Governance

Driven by our vision.
Guided by our values.

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 2024. A year that has seen a number of record milestones for your Bank, with exceptional performance across key metrics, surpassing the ambitious goals we set for the year.


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


I will now share some highlights of the business environment of 2024 and of the Bank’s results during that fiscal year, as well as some thoughts on the outlook for the current year and what lies ahead.


The International Monetary Fund reports that the global economy expanded by 3.2%, demonstrating resilience amidst geopolitical tensions and fluctuating commodity prices. However, Latin America faced a significant economic slowdown, with growth limited to 1.9%. This deceleration was influenced by high inflation across the globe, stringent monetary conditions and weak global trade. Despite these obstacles, countries like Brazil and Dominican Republic exhibited stronger-than-anticipated growth, fueled by robust agricultural production and private consumption.


Conversely, other major Latin American economies such as Argentina, Colombia, and Peru experienced weaker growth, with business surveys indicating declining confidence and manufacturing activity.

External economic conditions also varied across Latin America. According to the United Nations Conference on Trade and Development, global trade in services expanded by more than 6% in 2024, while trade in goods recovered at a 2% rate in 2024 after having registered almost no expansion in 2023.


Energy exporters continued to benefit from high fossil fuel prices, whereas the slowdown in external growth, particularly in China, exerted pressure on export revenues for metal producers. Agricultural commodity prices remained elevated compared to pre-pandemic levels, although weather conditions led to mixed outcomes for exporters. The soybean harvest thrived in Brazil and Argentina.


In this regional context, the Bank achieved historic results:


Total assets reached $11.9 billion dollars, an annualized increase of 10% over 2023, supported by a strong loan book, complemented by a stable investment securities portfolio and a very healthy liquidity position.


In 2024, our Commercial Portfolio grew by 18%, reaching a record of 10 billion dollars. This growth was particularly strong in Brazil, the Dominican Republic and Guatemala, reflecting our robust expansion, profitability, and diversification.


Additionally, the health of our portfolio remained excellent with nonperforming loans close to zero once again, highlighting our disciplined risk management practices.


The Bank’s Investment Securities Portfolio reflects a focus on investment- grade, non-Latam issuers, primarily in the U.S., thereby further diversifying our overall country risk exposure. Additionally, this portfolio serves as a liquidity buffer, as most of these securities are booked in our New York Agency and are eligible collateral at the Fed’s discount window.


On the funding side, deposits experienced a significant increase in year-end closing balance of 23% and an even higher 33% in average deposit balance for the year, surpassing our guidance of 30% growth. As part of our strategic initiatives, Bladex has significantly increased deposits from corporate clients, enhancing our funding stability while strengthening client relationships. Our Yankee CD program, which operates out of our New York Agency, remains a key component of this growth, representing 22% of total deposits and providing dispersion to our deposit base. In terms of profitability, net interest income has maintained an upward trend, supported by increased volumes and effective funding cost management, resulting in a stable net interest margin of 2.47% for the year.


In 2024, fee income also reached unprecedented levels, growing by 37% compared to the previous year. Our efficiency ratio stood below 27%, despite the investments in technological transformation and in line with the guidance provided to the market. All that, combined resulted in an all-time high annual net income of $206 million dollars, marking a 24% increase from the previous year and a return on equity of 16.2%, which is 153 basis points higher than in 2023.


Lastly, our capital ratio remained strong with a Tier 1 capital ratio of 15.5%, which is on the high end of our defined target range. Bladex’s equity base continues to be strengthened by robust earnings generation. In light of these strong financial results and sustained performance, our Board of Directors approved an increase in our quarterly dividend from $0.50 cents to 62 and a half cents per share. This decision reflects our confidence in Bladex’s earnings trajectory and our commitment to delivering value to shareholders, while maintaining a strong capitalization aligned with our target at current levels, ensuring financial flexibility to support strategic growth initiatives and sustain our investment-grade ratings.


We are now three years into our five-year strategic plan, which we started executing in 2022. The results have clearly exceeded expectations. During this period, we have achieved several critical milestones. As we have mentioned in the past, the idea of the plan has always been to take advantage of Bladex structural comparative advantages, making your Bank significantly more profitable, more efficient and increasing its product offering, but changing neither the profile of our customers, large banks and corporations, nor the nature of our commercial portfolio, which remains and will remain short term and widely diversified throughout the region. This enables us to swiftly adjust credit exposures to ensure the focus remains on transactions and relationships where the risk-return balance is optimal.


The first phase of the plan now successfully concluded focused on efficiency. Today, we have a much more efficient deployment of our balance sheet in terms of use of capital in the region and overall capital levels. We have also optimized processes of the Bank, allowing us to reduce client onboarding times by 52%, expand our client base by 70% and increase our deposit base by 78%.
 
We are currently in Phase 2 of our plan that is focused on broadening our products offering. To that end, the Bank is deploying the necessary technological platforms to scale its initiatives. One of these is our trade finance platform.


That project is 56% complete and is scheduled to be launched in the second half of the year. This new platform is expected to substantially transform our letters of credit units by providing a state-of-the-art digital client interface and enhancing transaction processing capabilities for working capital solutions.


Additionally, our new Treasury platform implementation is in its initial stage, we are finalizing adjustments with the vendor to ensure a seamless rollout and we anticipate that the first phase of this new treasury software will be ready for deployment by mid-2026. This initiative will enhance our ability to offer FX and derivative products, facilitate lending in local currencies as well as to allow us to expand our range of investment products. The remarkable achievements of 2024 are essentially the result of a successful execution of the first phase of our strategic plan, and, to a lesser extent, of the favorable interest rate environment that we have experienced during the year. As we advance into Phase 2, we expect to see additional benefits especially from noninterest income generation as these capabilities are rolled out in the near future.


While uncertainty in the trade landscape has recently taken centerstage and the situation continues to evolve, causing disruption of key value chains, Latin America seems to be well positioned with respect to other regions, like Asia, which could represent good opportunities for Bladex.


Against this backdrop, for 2025 we anticipate a commercial portfolio growth of 10% to 12% and average deposits are expected to increase 15% to 17% with a net interest margin in the 2.3% area. Despite continued investments in IT platforms, we aim to maintain our efficiency ratio at around 27% and to achieve a return on equity between 15% and 16%, while maintaining a strong Basel III capital ratio.


And this, of course, assumes that the dividend that we just declared is maintained throughout the course of the year. We are confident in our ability to adapt to the changes of the new trade reality, maintaining operational efficiency and seizing profitable opportunities that will most likely arise. The bank is seeing a robust pipeline of opportunities and is confident about its ability to execute in the current environment.
 
The Board of Directors and Management recognize that sound corporate governance, environmental management and social responsibility are fundamental to achieving long-term business success. 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.


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.


During 2024, we continued to make significant strides in our sustainability efforts. We began quantifying our greenhouse gas (GHG) emissions and conducted an initial analysis of our financed emissions using the Partnership for Carbon Accounting Financials (PCAF) methodology. We also implemented sustainable practices in our day-to-day operations, such as a paperless culture and recycling programs, resulting in the recycling of more than one ton of materials during the year.


Our Fundación Crece Latinoamérica continues to make a positive impact on our communities, integrating social and environmental considerations into our business decisions. We are dedicated to creating an inclusive and supportive work environment and acting in an environmentally conscious manner.

This commitment to sustainability is also reflected in our ongoing projects, such as the Fundación Llena una Botella de Amor initiative, which promotes environmental management and recycling in Panama. The Bank and volunteer employees have also engaged in reforestation activities in partnership with the Panama Canal, planting 1,200 native trees in deforested areas, and, more recently, has joined Marea Verde Panama in its mission to mitigate the damaging effects of plastic and other solid waste pollution to the rivers, coasts, and seas of Panama.


The Board also remains true in its commitment to uphold the highest standards of Corporate Governance. In that sense, following a rigorous evaluation and nomination process, the Board of Directors has decided to propose the re-election of Mrs. Angélica Ruiz Celis, Mr. Ricardo Arango and Mr. Roland Holst, as Directors representing Class E shareholders. Additionally, Ms. Tarciana Gomes Medeiros, who’s one-year term expires today, has been nominated by Banco Do Brasil for re-election as Director representing Class A shareholders in accordance with the Bank’s policies and procedures. If elected, all candidates will serve a three-year term.


Finally, on behalf of Bladex, I extend my heartfelt gratitude to our cherished shareholders for your steadfast support. Your trust empowers us to consistently surpass expectations and foster the economic growth of our region. I’m confident that we will continue to build upon Bladex's legacy of success.

 

Annual Shareholders Meeting, April 29, 2025

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

Daniel Tillard

DANIEL TILLARD

Class "A" Director, Independent
Audit Committee, Member
Nomination, Compensation and Operations Committee, Member
Daniel Tillard, Member of the Board of Directors since September 2024. Mr. Tillard is the current President of Banco de la Nación Argentina since December 2023. During two consecutive presidential terms (2015-2019 and 2019-2023), he was President of Banco de la Provincia de Córdoba; Director of Banco Provincia de Buenos Aires (2007-2015); President of Provincia Bursátil S.A. (2007-2015); Director of Red Link (2007-2015); and Alternate Director of SEDESA Seguros de Depósitos S.A. (2007-2015).
José A. Garzón

JOSE ALBERTO GARZÓN

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.
Tarciana Gomes Medeiros

TARCIANA GOMES MEDEIROS

Class "A" Director
Audit Committee, Member
Nomination, Compensation and Operations Committee, Member
Tarciana Gomes Medeiros, Member of the Board of Directors since April 2024. Ms. Medeiros is CEO and member of the Board of Directors of Banco do Brasil since 2023 and is currently a member of the Board of Directors of Brasilprev Seguros e Previdencia S.A. (a private pension and insurance company), Elo Participaçãoes, Brazilian Federation of Banking Associations (FEBRABAN) and Fundação Banco do Brasil.

Class E

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ANGÉLICA 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.
Mario Covo

MARIO COVO

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

MIGUEL HERAS - CHAIRMAN

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.
Ricardo Arango

RICARDO MANUEL ARANGO

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.
Roland Holst

ROLAND HOLST

Class "E" Director, Independent
Audit 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

Alexandra Aguirre

ALEXANDRA M. AGUIRRE

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.
Isela Costantini

ISELA COSTANTINI

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
  • Roland Holst
  • Isela Costantini
  • Tarciana Gomes Medeiros
  • Angélica Ruiz
  • Daniel Tillard

 

Nomination, Compensation and Operations Committee

  • Isela Costantini - Chairman
  • José Alberto Garzón
  • Angélica Ruiz
  • Tarciana Gomes Medeiros
  • Daniel Tillard

 

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
  • Executive Vice President - Compliance 
  • Senior Vice President - Compliance New York

 

Risk Policy and Assessment Committee

  • Miguel Heras - Chairman
  • Alexandra M. Aguirre
  • Ricardo Manuel Arango
  • Herminio A.Blanco
  • Mario Covo
  • Roland Holst

 

Finance and Business Committee

  • Mario Covo - Chairman
  • Ricardo Manuel Arango
  • Alexandra M. Aguirre
  • Herminio A. Blanco
  • Miguel Heras

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

Bladex exec team

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

ANNETTE VAN HOORDE DE SOLIS

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

TATIANA CALZADA

Executive Vice President
Chief Compliance Officer

GERALDINE FRANCIS ABREU CUMARÍN

Executive Vice President
Technology & Operations (Chief Technology Officer)

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JORGE L. SALAS TAUREL

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.
 

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SAMUEL CANINEU

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.

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ANNETTE VAN HOORDE DE SOLIS

Executive Vice President - Chief Financial Officer

Annette van Hoorde de Solis has served as Executive Vice President - Chief Financial Officer (CFO) since April 2025. She joined the company in 2005 as a Project Manager and has served 19 years in various capacities, mostly within the Treasury and Capital Markets area. Her most recent roles was Senior Vice Presient II -  Funding and Asset and Liability Management.

 

Ms. Solis holds a Bachelor's degree in Industrial and Sustems Engineering form Virginia Polytechnic Institute and State University (USA).

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EDUARDO VIVONE

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.

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ALEJANDRO TIZZONI

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.
 

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JORGE LUIS REAL

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.

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ADRIANA LIZZETH DÍAZ FORERO

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.

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OLAZHIR LEDEZMA

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).

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CARLOS DANIEL RAAD BAENE

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.

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TATIANA CALZADA

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.

Geraldine Francis Abreu Cumarín

GERALDINE FRANCIS ABREU CUMARÍN

Executive Vice President – Technology & Operations (Chief Technology Officer)

Geraldine Francis Abreu Cumarín was appointed as Executive Vice President, Technology & Operations (Chief Technology Officer) in September 2024, after a career of more than 25 years leading technological transformations in various companies in Latin American financial sector, with a recognized track record as a senior IT executive at Banesco, Credicard Consortium, Banco Plaza in Venezuela and Iuvity, where she contributed to the implementation of high-impact initiatives for important financial institutions in Colombia, including Davivienda, Bancolombia and HelmBank in the United States. Additionally, Ms. Abreu has extensive experience in Digital Channels, Payment Methods, as well as in the Management of Highly Complex Projects.

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, 2025, there were 37,154,366.86 issued and outstanding common shares.

Class A       Central Banks, Banks and State-Owned Entities (17.06%)

Central Banks, Banks and State-Owned Entities.

 

Class B       Banks and Financial Institutions (4.61%)

Banks and Financial Institutions.

 

Class E       Private Investors (78.32%)

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 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 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

 

Costa Rica

  • Banco Davivienda Costa Rica S.A.

 

Ecuador

  • Banco del Pacífico

 

El Salvador

  • Banco de Fomento Agropecuario

 

Guatemala

  • 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

 

Haiti

  • Banque Nationale de Credit

 

Honduras

  • 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.

 

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

  • 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

legal structure

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Operational Risk

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: 

 

  • 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

 

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:

 

  • 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

 

Fraud Risk

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Definition

 

Fraud Risk refers to the possibility of financial losses resulting from fraudulent activities carried out by internal or external actors. These activities may involve process manipulation, weaknesses in internal controls, abuse of trust, or unauthorized use of the Bank's assets and resources. This category of risk encompasses internal and external fraud, cyberattacks, and the misuse of confidential information.

 

Objectives of Fraud Risk Management  

 

Fraud Risk Management aims to:

 

  • Identify, prevent, and mitigate fraud risks through the implementation of strong internal controls and advanced technological tools.

  • Promote an organizational culture based on ethics, transparency, and zero tolerance for fraud through awareness and training programs.

  • Establish a monitoring and early warning system that proactively detects suspicious activities, ensuring compliance with regulations set forth by the Superintendency of Banks of Panama and international standards such as Basel, COSO, and SOX.

  • Implement effective mechanisms for reporting and tracking fraudulent activities, strengthening internal and external whistleblowing channels.

 

Approach to Fraud Risk Management

 

At Bladex, Fraud Risk Management is structured around the identification, assessment, mitigation, monitoring, and control of such risks. To this end, the Bank has adopted the principles set forth by COSO 2013 and the Fraud Risk Management Guide, which include:

 

  • Integrating fraud risk management into Corporate Governance, ensuring that control policies and procedures align with the Bank’s strategic objectives.

  • EConducting thorough fraud risk assessments, identifying vulnerable areas, and establishing corrective measures.

  • Developing preventive and detective control activities, ensuring the reduction of potential risks.

  • Defining and utilizing key risk indicators, allowing for fraud risk assessment and prevention.

  • Establishing fraud reporting and response processes, including investigation protocols and security gap corrections.

  • Continuously monitoring the effectiveness of the fraud risk management framework, focusing on continuous improvement.

 

To ensure the proper implementation of this strategy, a three-line defense model is applied:  

 

  • First Line of Defense: Business units and employees responsible for applying and maintaining established controls.

  • Second Line of Defense: The Fraud Risk Management Unit, responsible for overseeing and optimizing prevention and detection processes.

  • Third Line of Defense: Internal Audit, which independently evaluates the effectiveness of risk management and recommends necessary adjustments.

 

Implemented Actions and Achievements

 

To strengthen fraud prevention and ensure regulatory compliance, Bladex has developed multiple initiatives: 

 

  • Specialized training programs, aimed at enhancing employee awareness and knowledge of fraud risks.

  • Execution of strategic projects, focused on identifying and reinforcing internal fraud risk management controls.

  • Creation of the Fraud Risk Management and Corporate Insurance Manager role, to lead and coordinate efforts in this area.

  • Establishment of an evaluation committee, responsible for analyzing and handling fraud reports.

  • Updating and strengthening the Fraud Risk Management Policy, incorporating an approach focused on operational security and establishing a clear process for reporting and assessing incidents through the Bank’s Ethics Line.

 

With these measures, Bladex reaffirms its commitment to transparency, security, and the protection of the interests of its clients, employees, and stakeholders.

 

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