PANAMA
CITY, Dec. 27, 2022 /PRNewswire/ -- Banco
Latinoamericano de Comercio Exterior, S.A. ("Bladex" or the
"Bank"; NYSE: BLX) announced today the successful closing of
a US$89 million 3-year Senior
Unsecured Amortizing Facility (the "Facility") for Banco
Guayaquil S.A. ("Banco Guayaquil" or the "Company").
Bladex acted as Sole Lead Arranger and Bookrunner and shall
act as the Administrative Agent for the Facility.
Banco Guayaquil is one of the largest banks in Ecuador, with more than 3 million clients and
is the second biggest private bank. It has a balanced
portfolio composition between: commercial loans to the
productive sector 48% and the consumer sector 41%, mortgages 5% and
microcredits 6%.
During 2021, Ecuador had a GDP
growth of 4.2% per year, exceeding the initial growth projections
of 3.5%, this increase was mainly due to: the recovery of the labor
market, an increase in credit supply, and an increase in
remittances. For 2022, GDP growth of 2.8% is expected, higher than
the 2.5% previously expected, this growth would be driven by the
recovery of investment and the dynamism of households, according to
the Central Bank of Ecuador.
The deal constitutes the first international syndicated facility
for Banco Guayaquil led by Bladex. The use of the
facility will be used for portfolio growth and trade operations.
The syndicated loan has the participation of 7 financial
institutions from North America,
Central, and South America, some
of which represent new banking relationships for Banco
Guayaquil.
Julio Mackliff, Executive Vice
President of Banco Guayaquil, stated: "These new funds will
propel development and innovation in our business clients. We
highlight the strategic alliance provided by Bladex and investors,
which, thanks to our good reputation and risk rating, as well as
our financial indicators, trust our management and promote economic
growth in the region".
Patricio Mainardi, Bladex´s
Senior Vice President and Country Head of Ecuador, stated: "Bladex is very pleased to
have successfully executed the first syndicated loan for Banco
Guayaquil and to continuously support Banco Guayaquil's growth
plans while securing long-term financing. This transaction marks
the strong relationship, established in 2002 and is a landmark
transaction for Ecuador. The
Facility is a clear demonstration of Bladex's structuring and
distribution capabilities, which is qualified to raise funds and
access a wide network of financial institutions. Banco Guayaquil's
Syndicated Facility adds to our credentials more than 70
transactions arranged in Latin
America".
Bladex, a multinational bank originally established by
the central banks of Latin-American and Caribbean countries, initiated operations in
1979 to promote foreign trade finance and economic integration
in the region. The Bank, headquartered in Panama, also counts with offices in
Argentina, Brazil, Colombia, Mexico, and the
United States of America, supporting the regional expansion
and servicing 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, please contact:
Felipe Suarez – SVP, Head of Loan
Structuring & Syndications
E-mail address: fsuarez@bladex.com
Head Office Address: Torre V, Business Park, Ave. La Rotonda,
Urb. Costa del Este,
Panama, Republic of Panama
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bladex-successfully-leads-the-first-syndication-for-banco-guayaquil-sa-for-us89-000-000-3-year-senior-unsecured-amortizing-facility-301710047.html
SOURCE Banco Latinoamericano de Comercio Exterior, S.A.
(Bladex)