PANAMA
CITY, Nov. 7, 2024 /PRNewswire/ -- Banco
Latinoamericano de Comercio Exterior, S.A. - Bladex (NYSE: BLX)
announced the successful closing of an institution-led US$86 million syndicated loan to strengthen
Grupo Monge's business and extend
its maturity profile. The transaction is the third syndicated loan
managed by Bladex for Grupo Monge,
which was oversubscribed 70% above the original amount,
consolidating a long-term strategic relationship of trust and
confidence between the two organizations and the participating
financial institutions.
Grupo Monge, with more than 50
years of experience in Central
America, is one of the leading retailers of durable goods
and consumer finance, operating 664 stores in five countries:
Costa Rica, Guatemala, Honduras, Nicaragua and El
Salvador. The company is known for its focus on financial
inclusion, facilitating access to durable goods, particularly for
the unbanked and low-income sectors.
The syndicated loan, structured and led by Bladex, included
participation from prominent banks in the region, reinforcing the
Bank's ability to bring together strategic allies to finance its
customers' growth. The transaction underscores Bladex's commitment
to economic development in Latin
America by facilitating access to credit for companies
seeking to expand in emerging markets.
These resources will allow the Group to deepen its strategy of
financing micro-loans to individuals and small businesses, support
the financial inclusion of customers in the informal sector of the
economy, and diversify its sources of funding by bringing new
counterparties and/or banking relationships to the Group.
"We are proud to have led this transaction for Grupo Monge, providing it with the necessary
resources to expand in the Central American region. This syndicated
loan not only supports the growth of an emblematic company in the
region, but also underscores our purpose to be a bridge to promote
the economic development of Latin
America," said Warren
Bonilla, Senior Vice President for Central America and the Caribbean. "This transaction is a testament to
Bladex's commitment to accompany our customers at every stage of
their growth."
For Franco Naranjo, CFO of
Grupo Monge, "with this credit
facility, we are expanding our ability to promote the development
of more individuals and families from the unbanked and low-income
sectors, both in urban and rural areas, by providing financing
opportunities for the purchase of durable goods such as
motorcycles, electronics, white goods and other essential
items.
It is important to note that part of the funds will be allocated
to Financiera Monge in Costa Rica
to continue its consolidation and expansion process.
We are grateful for the trust and support of Bladex and the
participating institutions, as this funding is essential to reach
more people and improve their lives."
By leading this operation, Bladex reinforces its role as a
facilitator of growth and development in Latin America, promoting projects that
contribute to the economic well-being of the region. The Bank's
ability to structure syndicated loans demonstrates its commitment
to creating opportunities and promoting inclusive and sustainable
growth.
Bladex is a multinational bank, originally created by the
Central Banks of Latin America and
the Caribbean, which began
operations in 1979 with the aim of promoting foreign trade and
economic integration in the region. Headquartered in Panama, the Bank has offices in Argentina, Brazil, Colombia, Mexico and the
United States of America, in addition to its representative
license in Peru, to promote
regional development and expand its customer base, which includes
financial institutions and corporations.
Bladex has been listed on the New York Stock Exchange (symbol:
BLX) since 1992 and its shareholders include Central Banks, banks
and government entities from 23 Latin American countries, as well
as financial institutions, institutional investors and
individuals.
CONTACT:
Warren Bonilla B. - Head of
Central America and the
Caribbean
E-mail address: wbonilla@bladex.com
Tel: +507 210-8500
Head Office Address: Torre V, Business Park, Ave. La Rotonda,
Urb. Costa del Este, Panama,
Republic of Panama
www.bladex.com
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SOURCE Banco Latinoamericano de Comercio Exterior, S.A.
(Bladex)