PANAMA
CITY, April 24, 2023 /PRNewswire/ -- Banco
Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, "Bladex", or
"the Bank"), a Panama-based
multinational bank established by the central banks of 23
Latin-American and Caribbean
countries to promote foreign trade and economic integration in the
Region, today announced that its Board of Directors appointed Ms.
Angelica Ruiz Celis as a Class E
Independent Director on March 30,
2023 and is recommending the reelection of Dr. Mario Covo as Independent Director representing
Class E shareholders for its 2023 Annual General Shareholders
Meeting scheduled for Wednesday, April 26,
2023, at 10:30 a.m.
(Panama time), at Santa Maria
Hotel, Santa María, Panama City,
Panama. Class A board members will be proposed for election
by Class A shareholders on or before the meeting.
After a thorough selection process conducted by the Nomination
and Compensation Committee, Ms. Ruiz was appointed as a Board
member following the resignation of a female director and in
accordance with the Board's priority to maintain gender diversity.
It also aligns with Panamanian laws and regulations that require at
least 30% of female representation on the Board. The Board
prioritized selecting a Mexican candidate due to the significant
role of the Mexican market in Latina
America and Bladex's growth strategy. Ms. Ruiz has been
recognized one of Forbes´ 100 Most Influential Women in
Mexico in 2021, Bloomberg´s Most
Influential Leaders in LATAM in 2021 and a Leader in Energy by the
Petroleum and Energy Ranking in 2018. Her background in the energy
and oil and gas sectors, as well as in trade and commodities, also
adds to the collective experience and knowledge of the Board,
ensuring that informed decision-making and strategic planning for
the organization's future growth are in place. The addition of Ms.
Ruiz to the Board also expands the Bank's knowledge of region and
further strengthens the organization's governance and
management.
Additionally, the Committee responsible for the nomination
process has recommended Dr. Covo for reelection based on rigorous
standards and in compliance with the Bank's Corporate Governance
and applicable regulations. It reflects the confidence of the
Committee in his ability to continue to contribute effectively to
the Bank's long term sustainable growth plan lending his capital
markets experience and providing the necessary continuity as Bladex
successfully executes its Strategic Plan announced in the second
quarter of 2022, in which Dr. Covo played an active role in
developing alongside Management.
"The appointment of Angelica Ruiz
and the ongoing presence of Mario
Covo on our Board of Directors will mark a significant step
forward for our company. Their extensive expertise in capital
markets, operations, industry, and the Latin American region will
be instrumental in guiding us towards continued success as we
execute on our Strategic Plan. With Angelica's deep understanding
of the Mexican market, we are well-positioned to unlock new growth
opportunities for Bladex. Meanwhile, Mario's exceptional leadership
skills and unwavering commitment to our organization have been
critical in driving the formulation of our Strategic Plan and
ensuring that we stay on track to achieve our long-term
objectives.
Our Strategic Plan is designed to leverage our unique business
model and maximize profitability by expanding our client base,
enhancing our treasury services, increasing our deposit base,
structuring working capital solutions, and automating key
processes. Our strong first quarter 2023 results demonstrate that
we are on the right track. We were pleased to announce an
increase in expected 2023 ROE guidance from an original 10% to 11%
range to a new higher range of between 11% and 13% by
year-end. I am confident that we have the right team and
strategy in place to continue delivering value to our shareholders
and achieving our goals," said Miguel
Heras, Chairman of the Board.
Below are brief biographies of Dr. Covo and Ms. Ruiz.
Angelica Ruiz Celis
(Independent; Class E)
With over 20 years of experience, Ms. Ruiz' exceptional
leadership and regional expertise spanning more than eight Latin
American countries, in various executive roles including the energy
industry, strategy, operations, and commercial sectors with a
global focus, qualify her to serve on the Bladex Board.
Since 2020, Ms. Ruiz has served as the Regional President LATAM
and Senior Vice President for BP Group and from 2018 to 2020 she
held the position of President Mexico Head of Country for BP.
Previously, Ms. Ruiz served as Vice President Managing Director
LATAM for Vestas from 2015 to 2018 and held several leadership
roles at Petrofac Integrated Energy Services, Mexico, including Strategy and Commercial
Director, Chief Financial Officer and Business Services Director
from 2011 to 2014. Prior to that, Ms. Ruiz was General Manager-MD,
Commercial and Business Development Global Manager and Strategy and
Planning Manager at Grupo Mexicana de Servicios Subacuáticos S.A.
de C.V., Strategy and Transformation, Outsourcing and Project
Manager at CAP Gemini Ernst & Young. Ms. Ruiz is a
graduate of the London Business School´s, Executive
Education-Leadership program, and has specialized in Oil & Gas
Education at the University of Texas,
Austin. She holds an MBA from Instituto Panamericano en Alta
Dirección (IPADE) and the Ivey Business School at WU Ontario,
Canada. Additionally, Ms. Ruiz earned a B.A. in Economics,
Engineering and Operations Management at Instituto Tecnológico
Autónomo de México, and a B.A. in Mathematics at Boston University.
Mario Covo (Independent; Class
E)
Dr. Mario Covo is a Class "E"
Independent Director, Chairman of the Finance and Business
Committee and a member of the Risk Policy and Assessment Committee.
He has been a Director of the Board since 1999, is Founding Partner
of DanaMar LLC in New York, a
financial consulting firm and of Larch Lane Partners, an investment
advisory firm, among other financial advisory firms over the years.
Dr. Covo was Head of Emerging Markets-Capital Markets at Merrill
Lynch and in the Latin American Merchant Banking Group of Bankers
Trust Company. Earlier in his career he was an international
economist focusing primarily on Latin
America. Dr. Covo holds a Ph.D. in Economics from
Rice University and a B.A. with honors
from Instituto Tecnológico Autónomo de Mexico. He
resides in New York.
About Bladex
Bladex, a multinational bank originally established by the
central banks of Latin-American and Caribbean countries, began operations in 1979
to promote foreign trade and economic integration in the Region.
The Bank, headquartered in Panama,
also has offices in Argentina,
Brazil, Colombia, Mexico, the United
States of America, and a Representative License in
Peru, supporting the regional
expansion and servicing of its customer base, which includes
financial institutions and corporations. Bladex is listed on the
NYSE in the United States of
America (NYSE: BLX), since 1992, and its shareholders
include: central banks and state-owned banks and entities
representing 23 Latin American countries, commercial banks and
financial institutions, and institutional and retail investors
through its public listing.
For further information on Bladex, please access its website at
www.bladex.com or contact:
Carlos Daniel Raad – Chief
Investor Relations Officer
E-mail address: craad@bladex.com / ir@bladex.com
Tel.: (+507) 366-4925 ext. 7925
Head Office Address: Torre V, Business Park, Ave. La Rotonda, Urb.
Costa del Este, Panama, Republic
of Panama
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SOURCE Banco Latinoamericano de Comercio Exterior, S.A.
(Bladex)