Bladex's investor presentation 2 q15
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Bladex‟s Corporate Presentation As of June 30, 2015
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Transcript of Bladex's investor presentation 2 q15
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Bladex‟s Corporate Presentation As of June 30, 2015
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Disclaimer
“This presentation contains forward-looking statements. These statements are made under the “safe harbor” provisions
established by the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks
and uncertainties. The forward-looking statements in this presentation reflect the expectations of the Bank’s management
and are based on currently available data; however, actual experience with respect to these factors is subject to future
events and uncertainties, which could materially impact the Bank’s expectations. A number of factors could cause actual
performance and results to differ materially from those contained in any forward-looking statement, including but not limited
to the following: the anticipated growth of the Bank’s credit portfolio, including its trade finance portfolio; the continuation of
the Bank’s preferred creditor status; the impact of increasing interest rates and of improving macroeconomic environment in
the Region on the Bank’s financial condition; the execution of the Bank’s strategies and initiatives, including its revenue
diversification strategy; the adequacy of the Bank’s allowance for credit losses; the need for additional provisions for credit
losses; the volatility of the Bank’s Treasury trading revenues; the Bank’s ability to achieve future growth and increase its
number of clients, the Bank’s ability to reduce its liquidity levels and increase its leverage; the Bank’s ability to maintain its
investment-grade credit ratings; the availability and mix of future sources of funding for the Bank’s lending operations;
potential trading losses; existing and future governmental banking and tax regulations; the possibility of fraud; and the
adequacy of the Bank’s sources of liquidity to replace large deposit withdrawals.”
2
3
Who We Are:
BLADEX - The Latin America Trade Finance Bank
A Leading Franchise with a Solid Track Record
The Latin America Trade Finance Bank Key Financial Highlights
Remarkable Trajectory: + 35 years of Success
Bladex is the Latin American Trade Finance Bank, providing integrated
financial solutions across Latin America‟s foreign trade value chain
First Latin American bank to be listed on the NYSE and to be rated
Investment Grade (both in 1992)
Currently rated Baa2 / BBB / BBB+, all with Stable outlook
Class “A” shareholders (Central Banks or designees from 23
Latin America (“LatAm”) countries) provide substantial support
and represent a direct link between the Bank and the governments
of Latin America
Multi-national DNA embedded in its ownership structure,
management and culture
Current Credit Ratings
FY2014 YoY (%)
Net Income (mm): $106.9 +26%
Net Interest Income (mm): $141.1 +15%
Return on Average Equity: 12% 10%(2)
Gross Loans (mm): $6,686 +9%
Total Assets (mm): $8,025 +7%
Total Deposits (mm): $2,507 +6%
Market Capitalization (mm): $1,167(1) +8%
Asset Quality (non-accruing loans
to commercial portfolio):
0.06% 0.05%(2)
1988
1992
2003
2005
2009
2014
Following incorporation in 1978, Bladex initiated its operations in 1979 and issued its
first bond in the international capital markets
Bladex is granted a license to operate as an agency by the New York State
Banking Authorities
Bladex is the First Latin American bank registered with the SEC for its IPO,
establishing a full listing on the NYSE
Bladex conducts a Common Stock Rights Offering, with stand-by
commitments issued by a group of Class A shareholders and multilateral
organizations
Bladex launches its client diversification strategy into trade-oriented
corporations; expansion of its suite of products and services
Bladex initiates funding diversification strategy: increase in central bank
deposits, local & international debt sales, syndicated loan facilities
Bladex cooperates with the International Finance Corporation to
establish the first critical commodities finance facility in Latin America
(1) As of December 31, 2014; (2) As of December 31, 2013
1979 Moody’s Fitch S&P
Date of Rating Dec. 2007 Jul. 2012 May 2008
Date of Confirmation Nov. 2014 Jul. 2015 Jul. 2015
Short-Term P-2 F2 A-2
Long-Term Baa2 BBB+ BBB
Perspective Stable Stable Stable
4
Strong and Unique Shareholder Structure
A unique shareholding structure
Class A shareholders provide substantial support to Bladex, representing a direct link between the Bank and the governments
of Latin America – most of which have granted preferred creditor status to the Bank – and also constituting the main source of
deposits, a very reliable funding source
Class A shareholders enjoy super-majority rights related to changes in the Bank‟s Articles of Incorporation
Class A shareholders can only sell shares to other class A shareholders, thus maintaining the essence of the existing
shareholder structure and ensuring support from central banks
Shareholder Composition Board of Directors Composition
Class A – Central Banks or
designees from 23 LatAm countries
Class B – LatAm & international
banks and financial institutions
Class E – Public Float (NYSE listed)
Out of 10 directors, 9 are
independent and one represents the
Bank‟s management (CEO)
5
Defined Value Proposition with Strong Business
Fundamentals
Business Value Proposition Strong Underlying Business Fundamentals
Business Products & Services Multi-Pronged Business Segmentation
Global provider of natural
resources with positive
demographics
Sustained growth
and sound
economic
policies
Pan Regional
Reach
Product & Market
Expertise
Agility &
Efficiency
Client Focused
In-depth knowledge of Latin America‟s local markets
Backed by 23 Latin American governments
Vast correspondent banking network throughout LatAm &
other regions of the world
Uniquely qualified staff with strong product expertise in
Trade Value Chain, Cross-border Finance, Supply-side &
Distribution, both intra-regional and inter-regional
Efficient organizational structure
LEAN workflows
LEAN, client focused culture with a single point of contact
Providing client-specific solutions
Focused on long-term relationships
CLIENT
BASE
REGIONS
COUNTRIES
INDUSTRY
SECTORS
Financial Institutions
Among top 10 in all
countries
Corporate banking
activity
Corporations
Foreign exchange
generation capacity
Growth oriented beyond
domestic market
Among top 10 in
respective industry
sector
Corporate governance
Focus on Strategic Sectors for the Region
O&G, Agribusiness, Food processing, Manufacturing
Driver of progress,
economic growth and
development
Supporting
specialization in
both primary and
manufacturing
sectors
Enhancing LatAm‟s
role in global and
regional value chains
Growth of „Multi-latinas‟ as
drivers of business expansion
Supporting business
integration boosted by
free trade agreements
Pre-export and
export finance
Import financing
Term loans and
revolving credit
facilities
Letters of credit
and guarantees
Banker's
acceptances
Tra
de F
inancin
g
Pre-export
financing with
contract
assignment and
other
guarantees
Vendor finance
(factoring,
reverse
factoring and
forfaiting)
Financing
guaranteed by
ECAs and/or
private
insurance
programs
Str
uctu
red T
rade S
olu
tions
Medium- and
long-term loans
Acquisition
finance
Trade-related
term loans
Trade & non-
trade revolving
credit facilities
Liability
management
Bridge loans
Syndic
ations
Leasing
Term loans
Guarantees
A/B financing
with
multilaterals
Working capital
loans
Fin
ancia
l Loans
Trade Non-Trade
Central
America
and the
Caribbean
Southern
Cone
Andean
Region
Mexico
Brazil
6
Business Model
Leverage Proven
Origination Capacity
LatAm GDP
Growth
LatAm Trade
Flow Growth
Bladex Client
Base Growth
Valued Products
& Services 3%+
ROAE
15%+
ROAE
12%+
ROAE
Bladex
Origination
Active
Portfolio
Management
~ 2%
NIM
~ 1.5%
ROAA
< 1.4%
Cost of Credit
< 30%
Efficiency
~ 10%
Growth
On-book Portfolio
> 13.5%
Tier 1 BIII
Target Consistent
Core Performance
Financial
Institutions Structuring
Partners Trade
Services
Distribution
Asset Distribution & Services
Fee Based
Services
Investors Other
Tap Additional
Income Sources
15%+
ROAE
12%+
ROAE
3%+
ROAE
7
Defined Strategy & Positioning to Capture
Further Growth Opportunities
Develop Emerging Businesses
• Develop robust syndication
platform
• Expand diversified markets
distribution capabilities
IFC program
• Expand vendor finance and
leasing capabilities
SOFOM in Mexico
Contribute towards sustainable 15% ROAE
Build New Businesses
• Explore adjacent markets &
create pipeline of new business
opportunities within foreign trade
and regional integration approach,
such as:
Insurance
Capital Markets
Trade-related Services
Factoring
Infrastructure Projects
Ensure Long Term Viability
Strengthen Core Business
• Improve Operating Efficiency
through LEAN Processes,
Structure & Organization
• Active credit portfolio
management
Maximize return on equity
Improve the quality of earnings
Achieve well diversified
concentration of risk
• Expand Contingency Business
Guarantee and L/C Issuance
Platform
Ensure sustainable 12% Core ROAE
+
+
8
An Institution Adhering to World-Class
Standards
(*) A substantial majority (nine out of ten Directors) of Bladex‟s Board is independent. Except for the Bank‟s Chief
Executive Officer (CEO), all other members of the Board of Directors are independent.
An Institution Adhering to World-Class Standards
Second line of defense: Monitoring
Third line of defense: Assurance
First line of defense: Operating management
Board of Directors*
CEO
Risk Management
Division Commercial
Division
Finance
Division Corporate Services
Internal Audit
Risk Policy and
Assessment Committee Finance & Business
Committee
Nomination
and Compensation
Committee
Audit and
Compliance Committee
High corporate governance standards
Multiple regulators: FED, SEC, NYSDFS, Superintendence of Banks of Panama,
and other entities
Enterprise risk management & externally certified internal audit function
Internal alignment of corporate culture, measurement system and process
management to optimize total shareholder return
Commercial
Division
9
Management Team
Ulysses Marciano, Executive Vice President, Chief Commercial Officer
• Executive Director of Corporate Banking of BBVA Representative Office in Sao Paulo, Brazil (2011-2012)
• Previously served as Director of Corporate Banking & Governments at Bladex (2008-2011)
• Executive Director of Corporate & Investment Wholesale Division in Banco Santander Brasil S/A (2000-2008)
• Senior Manager in Unibanco, União de Bancos Brasileiros (1994 – 1999)
Rubens V. Amaral Jr., Chief Executive Officer
• Former EVP & Chief Commercial Officer and alternate to the CEO since 2004
• General Manager and Managing Director for North America at Banco do Brasil, New York Branch
• Director of the Board of Bladex from 2000 to 2004
• Served in various capacities with Banco do Brasil from 1975
Daniel Otero, Executive Vice President, Chief Risk Officer
• Over 23 years of international financial experience
• Chief Risk Officer of Centro Financiero BHD, Santo Domingo, DR (2006-2012)
• Since 1990, served in various capacities with PwC in Buenos Aires, Santiago de Chile and London
Christopher Schech, Executive Vice President, Chief Financial Officer
• Over 25 years of financial services experience with assignments in LatAm, U.S., Europe and Asia
• CFO, Region International Division at Volvo Financial Services (2008-2009)
• Served in various capacities in General Electric Company (1996-2008) and Coopers & Lybrand Deutsche Revision (1990-1996)
Miguel Moreno, Executive Vice President, Chief Operating Officer
• Bladex‟s COO since 2007, previously served as Senior Vice President and Controller (2001-2007)
• Partner and IT Consulting Manager for PwC, Bogotá, Colombia (1988-2001)
• VP of IT & Operations for Banco de Crédito, Bogotá, Colombia (1987-1988)
• CEO of TM Ingeniería, Bogotá, Colombia (1983-1987)
Gustavo Díaz, Executive Vice President, Chief Audit Officer
• 15 years of experience in Internal Audit
• Chief Audit Executive for CABEI in Honduras (2000 – 2009)
• Director of Internal Audit and Chief Compliance Officer for Corfivalle in Colombia (1994 - 2000)
• Manager of External Audit for KPMG Peat Marwick in Colombia and Chile, (1985 - 1994) 10
Enterprise Risk Management
Our “Enterprise-Wide Risk Management Framework” establishes that the identification and
valuation of all risks is essential for their management. The risk map covers the main
categories of risk where Bladex has material current or potential exposures.
Risk Map
Bladex Enterprise-Wide Risk Management
Country
Industry
Customer
Concentration
Guarantees
Internal Models
Expected Losses
Capital Allocation
Stress Scenarios
Price
Liquidity
Interest Rates
Exchange Rates
Internal Fraud
External Fraud
Labor Policies
Business
Practices
Asset Damages
IT Failures
Process Failures
Legal
Reputational
Strategic
Credit Risk Market Risk Operational Risk Business Risk
1. Business and support areas are responsible for implementing business and risk-related
decisions, carrying out business within the risk limits set forth in policies, and reporting on their
results
2. Active monitoring through risk management, promoting independent review of the business with
heightened awareness of the risks involved
3. Assurance is conducted by Internal Audit, assessing effectiveness of the risk management
system in terms of:
Reliability and integrity of financial and operational information;
Effectiveness and efficiency of operations;
Protection of assets and compliance with laws, regulations and contracts
.
SECOND LINE OF DEFENSE
Monitoring
-------------------------
Risk function
FIRST LINE
OF DEFENSE
Operating
Management
-------------------------
Front - end &
enabling functions
THIRD LINE OF DEFENSE
Assurance
-------------------------
Audit function
11
Conservative Risk Management Practices
Clients are targeted
based on the
organization‟s
strategic planning
Both return and risk
appetite are
considered in the
process
In order to achieve
greater efficiencies,
Lean Six Sigma
methodology has
been implemented
for the origination
process, through
different channels of
treatment,
considering
complexity, risk
rating, relationship,
a.o.
Risk
Analysis Origination
Risk
Assessment
Credit
Committee
Annual
Revision
The risk review is
carried out at three
levels:
• Country of
exposure
• Sector of exposure
• Customer's ability
to meet its
contractual
obligations to the
Bank. Involves
analyzing credit
quality, credit
structure, solvency
and the projected
return for the
assumed risk
Client is required to
submit information
for a
comprehensive
evaluation of credit,
according to policies
and procedures
Ratings assigned to
customers are
reviewed
periodically,
incorporating new
financial information
and expertise in the
development of the
banking relationship
More frequent
reviews are required
for clients who
trigger certain
warnings and for
those on special
watch
Board of Directors:
I. Limits
II. Country
III. Term
Senior Credit
Committee:
I. > US$ 40 MM
II. <= US$ 40 MM
III. <= US$ 10 MM
Credit Cycle
Loan
Review &
Credit
Monitoring
Provides an
assessment of the
overall quality of the
loan portfolio,
through credit file
review that:
• Assesses
individual loans
• Determines
compliance with
lending procedures
and policies
• Identifies lapses in
documentation
Monitors, on a
quarterly basis,
watch list and non-
accrual loans
12
Reducing Risk within an Improved Risk Profile in
the Region
Reducing Risk within Improved Risk Profile in the Region
Contributing to the Growth and Prosperity of Latin America
• Improved risk perception of the LatAm Region over the
past 20 years
• Currently, 75% of the Credit Portfolio is in investment-
grade countries, compared to 21% and 14% in 2003
and 1993, respectively
• Accumulated credit disbursements of $225 billion, with
write-offs representing only 0.12% of total credit
disbursements
• Disbursement volumes surpass or rival those of much
larger institutions, both in the private sector and
multilaterals
13
…..through a Sustainable Portfolio Strategy
Focused on Diversification……
14
Sustained Portfolio Growth Commercial Portfolio Composition
Commercial Portfolio By Country Commercial Portfolio By Industry
As of June 30, 2015
As of June 30, 2015 As of June 30, 2015
14
Reduced exposure to Brazil by 8
percentage points since 2011 to June 30,
2015
15
…..a Strong Asset Quality Management and a Low
Risk Core Business Focus
Non-Performing Loans Evolution
• Proven track record of strong asset quality
• Conservative reserve methodology, pro-active loss prevention, and diligent recovery processes
• Rigorous NPL monitoring process – minimal portfolio balances in non-accrual status
• Reserve coverage ratio reverting to historical pre-crisis levels
• Low Risk Core: privileged asset class, short-term nature, superior loss performance, US dollar based,
and minimal interest rate exposure
15
Diversified Regional and Global Funding
Sources….
(*) Original Currency: all
non-USD denominated
liabilities are hedged into
US Dollars with the
exception of most MXN
issuances which fund
assets in the same
currency.
Funding Highlights
• Proven capacity to secure funding and maintain high
liquidity levels, even during crises
• Deposits from central banks shareholders or designees
provide a resilient funding base. They represent 72% of
the Bank‟s total deposits as of June 30, 2015
• Focus on increased diversification of global and regional
funding sources on numerous relevant dimensions:
client base, geography and currency
• Broad access to funding through public and private debt
issuance programs in USD and other currencies
• Increased focus in medium and long-term funding to
match a growing asset base with similar characteristics
Deposits by Type of Client Diversified Funding Sources
As of June 30, 2015 As of June 30, 2015 As of June 30, 2015
Funding Sources and Cost of Funds
Funding by Currency (*)
16
(US$ million)
…with Conservative Liquidity Management
Liquidity Management Highlights Liquidity Placements
Liquidity Coverage Ratio Liquidity Ratio
(US$ million)
As of June 30, 2015
Advanced liquidity management operating under Basel III
framework, monitoring liquidity through Liquidity Coverage Ratio
(“LCR”) and Net Stable Funding Ratio (“NSFR”)
30% Liquidity Ratio (Liquid Assets / Total Deposits)
1.12x NSFR
1.02x LCR (Basel III)
Liquid balances mainly held in cash-equivalent deposits in A-1 /
P-1 rated financial institutions or A-rated negotiable money market
instruments, amounted to $960 million as of June 30, 2015
High-quality, short-term trade finance book, which serves as an
alternate source of liquidity, with approximately $1 billion in loans
maturing on a monthly basis
17
18
Expanding Earnings Capacity & Profitability...
Net Income Net Interest Income & Margin
Fees and Other Income Efficiency Ratio
(US$ million)
(US$ million) (US$ million, except percentages)
(US$ million, except percentages)
19
…with a Solid and Growing Balance Sheet
Total Assets Loan Portfolio
Deposits Stockholder’s Equity
(US$ million) (US$ million)
(US$ million) (US$ million)
20
Return on Average Equity “ROAE” Return on Average Assets “ROAA”
…and Strong and Reliable Performance Metrics
Tier 1 Capital Ratio
20
Risk Weighted Assets ($ million)
Basel I Basel III
2011 $4,090 n.a.
2012 $4,609 n.a.
2013 $5,473 n.a.
2014 $6,027 $5,914
30-Jun-15 $6,233 $5,953
21
Key Financial Metrics
(In US$ million, except when indicated otherwise) 2011 2012 2013 2014 6M15
Business Net Income $66.3 $83.5 $89.4 $103.5 $48.8
Non-Core Income 16.9 9.5 (4.6) 3.4 0.3
Net Income attributable to Bladex stockholders 83.2 93.0 84.8 106.9 49.1
EPS (US$) $2.25 $2.46 $2.21 $2.76 $1.26
Return on Average Equity (ROAE) 11.4% 11.6% 10.0% 12.0% 10.6%
Business ROAE 9.1% 10.4% 10.6% 11.6% 10.5%
Return on Average Assets (ROAA) 1.5% 1.5% 1.2% 1.4% 1.3%
Business ROAA 1.2% 1.4% 1.3% 1.4% 1.3%
Net Interest Margin (NIM) 1.81% 1.70% 1.75% 1.87% 1.81%
Net Interest Spread (NIS) 1.62% 1.44% 1.55% 1.71% 1.65%
Loan Portfolio 4,960 5,716 6,148 6,686 6,920
Commercial Portfolio 5,354 5,953 6,630 7,187 7,411
Allowance for Credit Losses to Commercial Portfolio 1.82% 1.31% 1.18% 1.20% 1.23%
Allowance for Credit Losses to Non-Accruing Loan Balances (x times) 3.0 0.0 25.0 21.4 4.4
Efficiency Ratio 36% 42% 41% 32% 33%
Business Efficiency Ratio 39% 43% 37% 32% 33%
Market Capitalization 596 822 1,081 1,167 1,254
Assets 6,360 6,756 7,471 8,025 8,308
Tier 1 Capital Ratio Basel I 18.6% 17.9% 15.9% 15.3% 15.4%
Leverage (times) 8.4 8.2 8.7 8.8 8.7
(*) End-of-period balances.
Results
Portfolio Quality (*)
Performance
Efficiency
Scale &
Capitalization (*)
21
22
Profit and Loss
22
(In US$ thousand) 2011 2012 2013 2014 6M15
Profit and Loss:
Net interest income $102,710 $104,977 $123,092 $141,131 $70,492
Reversal of provision (provision) for loan losses (8,841) 8,343 1,598 (6,895) (2,966)
Net interest income, after reversal of provision (provision) for loan
losses 93,869 113,320 124,690 134,236 67,526
Reversal of provision (provision) for losses on off-balance sheet credit
risk 4,448 4,046 (381) (1,627) (806)
Fees and commissions, net 10,619 10,021 13,669 17,502 5,409
Derivative financial instruments and hedging 2,923 71 353 106 1,796
Recoveries, net of impairment of assets (57) 0 108 7 0
Net gain (loss) from investment funds 20,314 7,011 (6,702) 3,409 333
Net gain (loss) from trading securities (6,494) 11,234 3,221 (393) 287
Net gain on sale of securities available-for-sale 3,413 6,030 1,522 1,871 429
Gain on sale of loans 64 1,147 588 2,546 512
Net gain (loss) on foreign currency exchange 4,269 (10,525) (3,834) 766 (1,291)
Gain on sale of premises and equipment 0 5,626 0 0 0
Other income, net 995 1,839 1,644 1,745 532
Net other income 40,494 36,500 10,188 25,931 7,201
Total operating expenses (50,087) (55,814) (54,306) (53,702) (25,645)
Net income from continuing operations 84,276 94,006 80,572 106,465 49,082
Net income (loss) from discontinued operations (420) (681) (4) - -
Net income 83,856 93,325 80,568 106,465 49,082
Net income (loss) attributable to the redeemable non-controlling interest 676 293 (4,185) (475) -
Net income attributable to Bladex stockholders $83,180 $93,032 $84,753 $106,940 $49,082
23
• Business Net Income = Net income attributable to Bladex stockholders, excluding net result from
participations in investment funds, net result from discontinued operations and net result to the
redeemable non-controlling interest.
• Business Revenues = Net income attributable to Bladex stockholders, excluding non-core revenues.
• Business Expenses = Total Operating Expenses, excluding non-core expenses
• Business Efficiency Ratio = Business Expenses / Business Revenues
Business P&L Reconciliation
23
2011 2012 2013 2014 6M15
Reconciliation of Business Net Income
Business Net Income $66.3 $83.5 $89.4 $103.5 $48.8
Non-Core Income:
Net gain (loss) from investment funds 20.3 7.0 (6.7) 3.4 0.3
Gain on sale of premises and equipment - 5.6 - - -
Expenses from investment funds (4.4) (3.0) (2.6) (0.4) -
Other expenses related to the investment funds - - - - (0.1)
Net loss from discontinued operations (0.4) (0.7) (0.0) - -
0.7 0.3 (4.2) (0.5) -
Total Non-Core Income: $16.9 $9.5 ($4.6) $3.4 $0.3
Net Income attributable to Bladex stockholders $83.2 $93.0 $84.8 $106.9 $49.1
- (0.0) -
(In US$ million)
Net income (loss) attributable to the redeemable noncontrolling interest
24
Balance Sheet
24
(In US$ million) 2011 2012 2013 2014 30-Jun-15
Balance Sheet Data:
Interest bearing deposits with banks $843 $707 $840 $780 $992
Trading assets 20 5 (0) 0 0
Securities available-for-sale 416 183 334 339 286
Securities held-to-maturity 27 34 34 54 63
Investment funds 120 106 119 58 53
Loans 4,960 5,716 6,148 6,686 6,920
Allowance for loan losses (89) (73) (73) (80) (83)
Unearned income and deferred fees (7) (7) (7) (8) (9)
Other assets 69 86 76 196 85
Total Assets $6,360 $6,756 $7,471 $8,025 $8,308
Total deposits $2,304 $2,317 $2,361 $2,507 $3,237
Trading liabilities 6 32 0 0 0
Securities sold under repurchase agreements and Short-term
borrowings 1,700 1,607 2,991 2,993 2,409
Long-term borrowings and debt 1,488 1,906 1,154 1,405 1,590
Derivatives financial instruments - liabilities 54 12 9 40 27
Other liabilities 44 52 48 169 94
Total Liabilities 5,595 5,927 6,563 7,114 7,357
Redeemable noncontrolling interest 6 3 50 0 0
Total Stockholders' Equity 759 826 858 911 950
Total Liabilities and Stockholders' Equity $6,360 $6,756 $7,471 $8,025 $8,308
Bladex Shareholders Return
• Bladex offers investors
risk-diversified access to a
continent with compelling
growth prospects
• Attractive dividend yield
(annual dividend yield over
5.0%) as a function of core
business growth (target
40% - 50% payout ratio)
• YoY stock price
appreciation of 8.5%
• Total shareholder return
(“TSR”) of more than 13%
YoY as of June 30, 2015
• Attractive valuation
multiples (P/BV and P/E).
P/BV of 1.3x and P/E of
11.0x as of June 30, 2015
• Steady increase in book
value
25
Diversified Commercial Portfolio with Robust Asset Quality
Defined Strategy to Achieve Sustainable Growth
Diversified Funding & Conservative Liquidity
Management
Experienced Management and Conservative Risk Management
Practices
Compelling Returns sustained by Strong and Reliable Performance
Metrics*
Leading Franchise in LatAm
with Solid Track Record and a
Tailored Business Model
Trade Finance Bank in Latin America with 35 years of Remarkable Success
Investment Grade Profile with Strong and Unique Shareholding Structure
Deep knowledge of Latin America with Core in Trade Finance
Strategically positioned to capture growth opportunities
Sustainable Portfolio Strategy focused on Diversification
Strong Asset Quality Management and a Low Risk Core Business Focus
Increased diversification of Regional and Global Funding Sources
Advanced Liquidity Management operating under Basel III Framework
Net Income of $106.9 million as of December 2014 (+26% YoY)
Return on Average Equity of 12%
Solid 15.6% Tier 1 Capitalization Ratio (Basel III)
Seasoned Senior Management with more than 45 years in C-Suite roles
World-Class Standards in Corporate Governance, focused on Enterprise-Wide Risk Management
(*) As of December 2014
Investment Highlights
26
PANAMA HEAD OFFICE Torre V, Business Park
Ave. La Rotonda, Costa del Este
Apartado 0819-08730
Panamá, República de Panamá
Tel: (507) 210-8500
ARGENTINA Av. Corrientes 222 –P.18º
(1043AAP) Capital Federal
Buenos Aires, Argentina
Tel: (54-11) 4331-2535
Contact: Federico Pérez Sartori
Email: [email protected]
BRAZIL Rua Leopoldo Couto de Magalhäes
Junior 110, 1º andar
04542-000, Sao Paulo, Brazil
Tel: (55-11) 2198-9606
Contact: Roberto Kanegae
Email: [email protected]
MEXICO MEXICO D.F. Rubén Darío 281, piso 15, Oficina #1501
Colonia Bosque de Chapultepec
CP. 11580, México D.F.
Tel: (52-55) 5280-0822
Contact: Alejandro Barrientos
Email: [email protected]
MONTERREY Torre Avalanz, piso 20 oficina 2035
Batallón de San Patricio #109
Col. Valle Oriente, San Pedro, Garza
García
Nuevo León, C.P. 66260, México
Tel: (52-81) 4780-2377
Contact: Alejandro Barrientos
Email: [email protected]
PERU Dean Valdivia 243
Piso 7, Oficina 701
San Isidro, Lima
Tel: (511) 207-8800
Contact: Victor Mantilla
Email: [email protected]
COLOMBIA Calle 113 # 7-45
Edificio Teleport Business Park
Torre B, Oficina 1008
Bogotá, Colombia
Tel: (57-1) 214-3677
Contact: Camilo Alvarado
Email: [email protected]
UNITED STATES NEW YORK AGENCY
370 Lexington Avenue, Suite 500
New York, NY 10017
Tel: (001) 212-754-9191
Regional Presence in Latin America
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