• A specialized JPMorgan Chase focused on financing international trade across Latin America.
• Like the Export-Import Bank for Latin America and the Caribbean.

• Trade Finance Lending: Provides various forms of short and medium-term financing, including direct loans, syndicated facilities, and financial leasing, to support international trade activities.
• Trade Finance Guarantees: Offers financial guarantees, such as letters of credit and stand-by letters of credit, to mitigate commercial and other risks in trade transactions.
• Structured Trade Financing: Provides specialized trade finance solutions like factoring and vendor financing to optimize trade receivables and supply chain financing.
• Treasury Solutions: Offers treasury services including term deposits and private placements for liquidity management and investment needs.

Major Customers

• Financial institutions
• Corporations
• Sovereigns and state-owned entities

Jorge L. Salas Taurel, Chief Executive Officer
Jorge L. Salas Taurel has served as Chief Executive Officer of Banco Latinoamericano de Comercio Exterior since March 2020. Prior to this role, he was the President and Chief Executive Officer of Banesco USA from 2014 to 2020. He also held the position of General Manager of Banesco, S.A., Panama, from 2008 to 2014, and was the founder and General Manager of Banesco -Todo Ticket- Venezuela. Mr. Salas is an international banker with extensive experience in the financial services industry across Latin America and the United States. He holds a Master's degree in Business Administration and a Master's degree in Public Policy, both from the University of Chicago.

Annette van Hoorde de Solis, Executive Vice President and Chief Financial Officer
Annette van Hoorde de Solis was appointed Executive Vice President and Chief Financial Officer in April 2025. She joined Bladex in August 2005 and has accumulated nearly two decades of experience within the company, serving in various capacities. These roles included Assistant Vice President and Senior Vice President of Funding and Asset-Liability Management within the Bank's Treasury and Capital Markets Department. Mrs. van Hoorde de Solis holds a Bachelor of Engineering (B.E.) degree in Industrial and Systems Engineering from Virginia Tech and has prior experience at other leading financial institutions.

Samuel Canineu, Executive Vice President - Commercial Banking
Samuel Canineu was appointed Executive Vice President – Commercial Banking in August 2021. In this role, he is responsible for the bank's core lending and client relationship business.

Eduardo Vivone, Executive Vice President - Treasury and Capital Markets
Eduardo Vivone serves as the Executive Vice President of Treasury and Capital Markets.

Alejandro Tizzoni, Executive Vice President - Chief Risk Officer
Alejandro Tizzoni holds the position of Executive Vice President and Chief Risk Officer.

The key risks to Banco Latinoamericano de Comercio Exterior (BLX) primarily stem from its operational focus on foreign trade financing within Latin America and the Caribbean. These risks include:

1. Macroeconomic and Geopolitical Instability in Latin America: The bank's performance is highly susceptible to the economic and political conditions of the region where it primarily operates. Uncertainty in the Latin American macroeconomic environment, including factors like economic instability, currency fluctuations, inflation, and currency devaluation, can significantly impact loan growth and credit risk. Political shifts and regulatory changes further add complexity and risk for international traders and financial institutions in the region. Additionally, broader geopolitical concerns such as US/Mexico tariffs and commodity price weakness can also affect the bank's operating environment and client demand for its services.
2. Interest Rate Risk and Margin Compression: Fluctuations in interest rates and market liquidity directly influence the bank's net interest margins (NIM), a key profitability metric. While higher rates have at times been a tailwind, a sustained period of lower rates and increased liquidity can lead to margin compression, negatively impacting BLX's spreads and overall profitability. Managing interest rate risk is a significant challenge for Latin American banking systems, where net interest income often represents a larger portion of total revenue.
3. Credit Risk: Although Banco Latinoamericano de Comercio Exterior is noted for its strong risk management and conservative underwriting practices, and generally "pristine" asset quality, the inherent nature of lending in a region prone to economic volatility means credit risk remains a key concern. Weak economic growth within Latin America could contribute to future delinquency problems in credit portfolios. The ability of the bank's clients, including financial institutions, corporations, and state-owned entities, to repay their obligations is directly tied to the economic health and stability of their respective countries.

The addressable markets for Banco Latinoamericano de Comercio Exterior (BLX)'s main products and services in Latin America and the Caribbean are detailed below:

• Trade Finance (including bilateral loans, structured and syndicated credits, loan commitments, financial guarantee contracts, and co-financing arrangements): The Latin America trade finance market generated a revenue of USD 6,074.3 million in 2024. This market is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.5% from 2025 to 2030, with an expected revenue of USD 8,346.8 million by 2030. Letters of credit were identified as the largest revenue-generating instrument type within this market in 2024.
• Syndicated Loans and Credits: The syndicated loan market in Latin America reached a volume of USD 36.7 billion in 2024, reflecting a 21% year-on-year growth. This volume was distributed across 67 transactions and marked the highest since the pandemic.
• Structured Trade Financing (Factoring and Vendor Financing): The Latin America factoring services market size was valued at USD 145.47 billion in 2022. It is anticipated to grow at a CAGR of 11.9% from 2023 to 2030, reaching an estimated USD 346.02 billion by 2030. Additionally, the Latin America reverse factoring market size reached USD 54.8 billion in 2025 and is projected to grow to USD 212.3 billion by 2034.
• Financial Leasing: The financial leasing services market in South America was valued at USD 14.31 billion in 2025. Another report indicates that the Latin America market for financial leasing services was approximately USD 10.79 billion (USD 10,792.11 million) in 2024 and is expected to grow at a CAGR of 11.4% from 2024 to 2031.
• Treasury Solutions (Term Deposits and Private Placements): Null

Banco Latinoamericano de Comercio Exterior (BLX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Sustained Commercial Portfolio Growth: The bank anticipates continued expansion in its commercial portfolio, encompassing both its loan book and contingent portfolio. In 2025, the commercial portfolio grew by 11.5% year-over-year, with a more than 20% increase in the contingent portfolio. This growth is strategically focused on regions offering attractive risk-adjusted opportunities and strong client activity, with Guatemala, Colombia, Mexico, the Dominican Republic, and Argentina identified as leading contributors to loan growth.
2. Growth and Diversification of Fee-Generating Businesses: BLX is emphasizing the expansion of its non-interest income streams. In 2025, non-interest income reached a record high, increasing by 54% year-over-year and accounting for 20% of total revenues. This surge was primarily fueled by strong performance in Letters of Credit, supported by the implementation of a new trade platform, and further diversified by new Nasdaq FX/derivatives platforms.
3. Enhanced Funding Mix through Deposit Growth: The company's strategy includes continued growth in its deposit base, which significantly improved its funding mix in 2025, with deposits growing by 22% year-over-year and representing over 60% of total funding. This shift towards a more efficient cost of funds supports sustained lending activities and helps to maintain net interest margins amidst competitive environments and rate fluctuations.
4. Targeted Geographic Expansion and Client Activity: BLX is focusing its loan growth in specific Latin American and Caribbean countries where it identifies attractive risk-adjusted opportunities and robust client activity. This targeted approach in markets such as Guatemala, Colombia, Mexico, the Dominican Republic, and Argentina is expected to continue contributing significantly to the bank's commercial portfolio expansion.
5. Investments in Technology and Digital Capabilities: The bank is making strategic investments in technology and digital capabilities to enhance efficiency and scale its businesses, particularly its fee-generating services. These "top-of-the-line IT platforms" are designed to enable more efficient operations and support the future growth of fee-based income.

Share Repurchases

• In February 2024, Banco Latinoamericano de Comercio Exterior announced a common stock repurchase plan authorized for up to $50,000,000.
• As of the Q1 2025 earnings call (reported March 2026), the company stated it had no share repurchase plan.
• The 6-month share buyback ratio for Banco Latinoamericano de Comercio Exterior was -0.21% as of September 2025, suggesting no buybacks or potential share issuance in that period.

Capital Expenditures

• As of September 2025, Banco Latinoamericano de Comercio Exterior's Capex-to-Revenue ratio was -0.00, indicating minimal capital expenditures.
• The Capex-to-Operating-Cash-Flow ratio for the company was also -0.00 as of September 2025, consistent with low capital expenditure for a financial institution.