Banco Latinoamericano De Comercio Exterior, S.a. · NYSE:BLX
Banco Latinoamericano De Comercio Exterior — Foreign Trade Bank of Latin America — Investor Day (March 2026)
81 slides from Banco Latinoamericano De Comercio Exterior's investor day presentation, Mar 24, 2026
Slide 1: Form 6-K cover filing
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of March, 2026 Commission File Number 1-11414 BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A. (
Slide 2: Our 2030 Vision - Bladex Investor Day
Our 2030 Vision Bladex Investor Day March 2026
Slide 3: Disclaimer
Disclaimer This presentation contains forward - looking statements of expected future developments within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934 . Forward - looking statements can be identified by words such as : “an
Slide 4: Carlos Raad, Investor Relations Officer
Carlos Raad Investor Relations Officer & Head of ESG
Slide 5: Our 2030 Vision
Our 2030 Vision Scaling Smart to Expand Value and Jorge Salas 1 Introducing Transactional Banking Chief Executive Officer Expanding the Value of our Samuel Canineu Commercial 2 Product Portfolio Chief Commercial Officer Initiatives Treasury: from Balance Sheet Optimizer to Eduardo Vivone 3 Client Re
Slide 6: Opening Remarks
Opening Remarks Miguel Heras Chairman of the Board of Directors
Slide 7: Scaling Smart to Expand Value and Introducing Transactional Banking
Scaling Smart to Expand Value and Introducing Transactional Banking Jorge Salas Chief Executive Officer
Slide 8: We set ambitious goals for 2026 and delivered ahead of schedule
We set ambitious goals for 2026 and delivered ahead of schedule 2021 2025 2026 Commercial Portfolio $6.54 BN 11.2 BN $10 – 11 BN Lending Spread 2.08% 2.94% >2.8% Cost to Income 38.3% 26.7% 27 – 29% Reserve Coverage 0.64% 0.95% ~ 1.0% Tier 1 Ratio Basel III 19.1% 17.4% 15 – 16% ROE 6.1% 15.4% 13 – 15
Slide 9: We delivered faster and better: earnings quality improved by design
We delivered faster and better: earnings quality improved by design Record Non - Interest Income 4x Improved Earnings Quality Increase Cross - selling 1.5x Client base expansion Client base increase by 17% CAGR in 4 years with the same profile Client Onboarding time reduction by 55% Process redesign
Slide 10: BLX outperformed all comparable shareholder return benchmarks since 2021
BLX outperformed all comparable shareholder return benchmarks since 2021 BLX Price & Dividend Total Shareholder Return 2021 to 2025 Close Dividend Cumulative $44.39 BLX 243% ILF – iShares Latam 40 $2.56 $2.5 72% $16.60 $2.12$2 SP500 52% $1 $1.25 $1 XLF – Financial Sector S&P $1 50% 2021 2022 2023 20
Slide 11: Our strategic focus keeps evolving
Our strategic focus keeps evolving 2026 2030 Starting point Three Strategic Pillars 1. Balance Sheet Growth with Strict Price Discipline Lending Spread Funding Spread 2. Introduction of operating deposits will benefit our cost of funds 3. Non - Interest Income will keep increasing as our IT platform
Slide 12: Growth Engines and Commercial Initiatives
Growth Engines Disciplined growth Lower cost of funds Higher Non - Interest income Commercial Initiatives Transactional New Services Structured Trade Finance & WCS Letters of Credit Loan Structuring & Syndication Project Finance & Infrastructure Derivatives Local Funding
Slide 13: The Opportunity
The Opportunity: A specialized bank with structural advantages operating in a vast market with clear white spaces
Slide 14: Significant white space for expansion in our core market
Significant white space for expansion in our core market LATAM 2024 profit pool 1 SAM: Bladex Core Market $BN USD USD Only Investment Banking 5% 69.8 TAM 2 (USD + Local Currencies ) Markets 39% 22.5 SAM 3 : USD Only Cash Management 22% 16% ~4% Lending Market BLX share Trade Finance 18% Source: Real
Slide 15: Structural advantages underpin our right to win
Structural advantages underpin our right to win Funding & Commercial & Brand & Access Advantage Origination Expertise Market Position Central Bank Strong ties with top Banks Strong Regional Access and Corporations in Latam Brand New York Agengy & Origination 40+ Years Track Fed Access Expertise Reco
Slide 16: Financial Ambition 2030
2030 Financial 16% - 17% Ambition ROE Sustainable mid - teens ROE with structurally lower earnings volatility reflecting revenue diversification 3 Growth Pillars Disciplined Lower cost of Higher Non - growth funds Interest income 2 Guardrails Cost Efficiency Risk Discipline
Slide 17: Introducing Transactional Banking
Introducing Transactional Banking
Slide 18: Growth Engines: Transactional Services
Growth Engines Disciplined growth Lower cost of funds Higher Non - Interest income Commercial Initiatives Transactional New Services
Slide 19: Expanding beyond lending with payment services and cash management - Financial Institutions
Expanding beyond lending with payment services and cash management Financial Institutions Right to Win Deep, long - standing relationships (including credit knowledge and exposure in aprox . 1/3 of latam banks) Regional Presence and Extensive Knowledge Corporates Direct Fed access via our New York A
Slide 20: Latam banks can be divided into three differentiated segments
Latam banks can be divided into three differentiated segments Latam Bank Market Segmentation Underserved Partially Served Sophisticated Size < USD3Bn USD 3Bn – USD10Bn > USD 10Bn Low Risk High Risk Low Risk High Risk Low Risk High Risk AML/BSA Risk Few (2) Many (> 8) Few (2) Many (> 8) Few (2) Many
Slide 21: Phased Correspondent Banking ramp-up
Phased Correspondent Banking ramp - up to drive deposit stability and funding diversification 5 - 7% of total deposits Consolidate Grow Starting Point Clients 1- 5 5- 15 15- 30 2026 2027 2028 2029 2030
Slide 22: Expanding beyond lending with payment services and cash management - Corporates
Expanding beyond lending with payment services and cash management Corporates Right to Win US$ 23 Billions in disburse annually Financial Institutions Trade Finance, Working Capital Solutions and Supply chain Finance solutions
Slide 23: USD $23Bn disbursed through other banks
Transactional activity and deposits sit outside the bank Bladex Clients Bladex Sales over USD $350 Million Products / Services Bilateral Loans State - Owned Enterprises Today Structured Trade Finance Local Champions USD $23Bn Working Capital Disbursed Syndicated Loans Multi Latinas through other ban
Slide 24: Gradual corporate client ramp-up
Gradual corporate client ramp - up, prioritizing a consistent and high - quality client experience 3 - 5% of total deposits Consolidate Grow Test Working Capital Solutions & Treasury integration Basic Cash Management capabilities & Trade Platform Integration Loan disbursement and repayment flows 202
Slide 25: Transactional banking will capture a significant portion of client flows
Transactional banking will capture a significant portion of the flows generated by our trade finance to corporate clients Bladex Bladex Clients Products / Services State - Owned Enterprises Transactional Services Bilateral Loans Local Champions Significant flows Structured Trade Finance Multi Latina
Slide 26: Scaling Our Core Franchise into Transaction Services
Scaling Our Core Franchise into Transaction Services: Deepening Client Value Through Payments >1.5x US$ Deposits 5% - 7% > 10 Correspondent Billions Banking +2x 3% - 5 % Cash 6.6 Management 3.0 2021 2025 2030 Total Fees 0 0 $3 – 5M
Slide 27: Expanding the Value of our Product Portfolio
Expanding the Value of our Product Portfolio Samuel Canineu Chief Commercial Officer
Slide 28: Phase 1: grow the loan book while increasing spreads
Phase 1 of our strategic plan: grow the loan book while increasing spreads Total Loans Structured Trade Finance & WCS Expansion of loan portfolio Structured trade finance: from simple trade finance to more sophisticated Solutions 5.7 9.2 2021 2025 % Spread over SOFR 0.9 1.9 Increased margins 2021 20
Slide 29: How we did it: value-driven decision framework + structural advantages
How we did it: value - driven decision framework + structural advantages A Value - Driven Portfolio Advantages of our Decision Approach Business Model We continuously optimize pricing, Stand - alone Faster - turning commercial capital allocation Profitability book and product mix to Dynamic Pricing
Slide 30: Phase 1 results: 1.7x portfolio growth with spread expansion and low NPLs
Phase 1 results: 1.7 times portfolio growth with over 80 bps spread expansion and low NPLs +86 bps spread increase, while market spreads moved to New products allowed us to onboard many new clients and historic lows : disciplined price - for- risk execution increase exposure with existing ones Sprea
Slide 31: Commercial strategy: growing the loan book and non-interest income
In addition to the Transactional Banking initiative, our 2030 commercial strategy will also focus on further growing the loan book and expanding non - interest income, two of the three pillars of our strategy
Slide 32: Growth Engines: Structured Trade Finance & WCS
Disciplined growth Lower cost of funds Higher Non - Interest income New Structured Trade Finance & WCS Letters of Credit Loan Structuring & Syndication Project Finance & Infrastructure
Slide 33: Disciplined scaling in Structured Finance and Working Capital
Disciplined scaling in Structured 2021 2025 Structured Finance and Finance & Working Capital WCS 2x Solutions (WCS) Balance demonstrates our US$Bn 1.9 ability to increase spreads as we scale. Since 2021 we doubled the volume while 0.9 almost doubling spreads Clients 2.7x Spreads 1.8x
Slide 34: Product evolution: from simple trade finance to sophisticated solutions
Product evolution: from simple trade finance to sophisticated trade and working capital solutions From To S imple T rade Finance Sophisticated Trade F inance Single Invoices and/or Bills of Exchange Multiple product solutions across payables, inventory and receivables. L imited client and counterpar
Slide 35: Alliances elevate Vendor Finance to a strategic tool
Volume and margin - accretive alliances elevate Vendor Finance from a niche product to a strategic counterparty and client retention and enablement tool ~1.5 × Higher “Stabler” recurrence Profitability Margin vs legacy Vendor Programs show greater More stable pricing dynamics Finance Alliances consi
Slide 36: How alliances create value: Case Studies
How alliances create value: Case Studies Supply Chain Finance Via Digital Platform Inventory Financing (~USD 170MM) (~USD 360MM) Multicurrency funding ($ millions) Leading Utility Co (Dominican Republic) This program supports a key client by extending payment Bladex structured a solution via a tradi
Slide 37: 2030 target: ~1.5x growth in Structured Trade & WCS
2030 target: ~1.5x growth Structured Trade & WCS Balance Projections Main Drivers US$Bn ~1.5x Implement and scale technological platform to ~ 2.7 automate processes and enhance client interface 2X Scale alliances to access new clients and markets Continue expanding client base and deepen 1.9 relatio
Slide 38: Growth Engines: Structured Trade Finance & WCS
Disciplined growth Lower cost of funds Higher Non - Interest income New Structured Trade Finance & WCS Letters of Credit Loan Structuring & Syndication Project Finance & Infrastructure
Slide 39: Letters of Credit: From afterthought to center stage
Letters of Credit: From afterthought to center stage Total Letters of Credit Fees US$ Millions 2021 2025 Main Drivers Expanded commercial coverage 2.6x Stronger Business Alignment 31.8 Broader and more tailored LC solutions. Cross - sell from new products. 12.5 Better monetization and execution. Bal
Slide 40: 2030 target: double Letters of Credit fees to $60 million
2030 target: double Letters of Credit fees to $60 million on 4x transaction growth Total Letters of Credit Fees US$ Millions 2021 2025 2030 Main Drivers ~2x ~ 60 Roll out of new portal for corporate customers Continue Letters of Credit penetration and cross sell 31.8 Expand structured & tailor - mad
Slide 41: Growth Engines: Letters of Credit
Growth Engines Disciplined growth Lower cost of funds Higher Non - Interest income Commercial Initiatives New Structured Trade Finance & WCS Letters of Credit Loan Structuring & Syndication Project Finance & Infrastructure
Slide 42: Loan Structuring & Syndication increased 7x since 2021
Loan Structuring & Syndication for clients increased 7x since 2021 Historical Syndicated Loans arranged by Bladex USD MM 4,949* Years 7x CAGR 5 64% 2,563 Transactions 1,820 Average 1,272 40 2011 a 2020 687 $670 2021 2022 2023 2024 2025 Bladex Final Hold 170 308 415 458 1,187 * Includes a non - recur
Slide 43: Syndication fees grew by nearly 5x
Syndication fees grew by nearly 5x including secondary market distribution as a new source of revenue Syndication Fees 5x US$ Millions 20.4* 17.7 Up - front 4.3 2.7 Secondary Market 2021 2025 * Includes a non - recurrent infrastructure deal of $8.7MM in structuring fees
Slide 44: 2030 target: increase syndication fees by over 1.5x
2030 target: increase syndication fees by over 1.5x as we consolidate our leadership in the region and access higher profile deals Syndication Fees Main Drivers 1.5x US$ millions 30 - 32 • Increased underwriting capacity • Larger & more experienced team • Expanded product and industry expertise • St
Slide 45: Growth Engines: Loan Structuring & Syndication
Growth Engines Disciplined growth Lower cost of funds Higher Non - Interest income Commercial Initiatives New Structured Trade Finance & WCS Letters of Credit Loan Structuring & Syndication Project Finance & Infrastructure
Slide 46: Project Finance & Infrastructure: from almost zero to $1.4Bn in four years
Project Finance & Infrastructure: from almost zero to $1.4Bn in four years Project Finance & Infrastructure Balance US$ millions Main Drivers 1,371 Funded Unfunded Build relationships with key sponsors 772 Develop industry expertise Grow portfolio via participations and 589 selective lead roles 266
Slide 47: $2.5 Bn Project Finance & Infrastructure target by 2030
From participant to leader: $2.5 Bn Project Finance & Infrastructure target by 2030 Project Finance & Infrastructure 2025 2030 Main Drivers Balance US$ Billions Leverage growing track record to deepen business with key industry sponsors Emphasize lead lending to boost fees ~ 2.5 Scale multi product
Slide 48: Growth Engines: Project Finance & Infrastructure
Growth Engines Disciplined growth Lower cost of funds Higher Non - Interest income Commercial Initiatives New Structured Trade Finance & WCS Letters of Credit Loan Structuring & Syndication Project Finance & Infrastructure
Slide 49: Treasury: from Balance Sheet Optimizer to Client Revenue Engine
Treasury : from Balance Sheet Optimizer to Client Revenue Engine Eduardo Vivone EVP Treasury & Capital Markets
Slide 50: Treasury's evolution: from funding to scalable revenue generation
Treasury’s evolution: from funding and investment activities to scalable revenue generation 2030 Treasury 2025 Treasury 2021 Treasury New Treasury capabilities being deployed Scaled client - facing solutions Funding provider Pilot transactions and early client Sustainable non - interest income Inves
Slide 51: Growth Engines: Derivatives and Local Funding
Growth Engines Disciplined growth Lower cost of funds Higher Non - Interest income Commercial Initiatives New Derivatives Local Funding
Slide 52: New Treasury platform unlocks client potential
The new Treasury platform unlocks client potential, while enabling safe and efficient growth Business outcomes Non - Interest Integrated Client Income Proposition Platform capabilities Scalability Client Facing Strategic Solutions Outcome Visibility & Risk & Execution Control Calypso
Slide 53: Phased rollout with client-anchored, flow-driven build
Phased rollout with progressive client - anchored, flow - driven build as capabilities scale Scale through trade & project finance needs (not stand - alone trading) 2025 – 1H- 2026 2H - 2026 2H - 2027 Pilot Transactions 1st Implementation Phase 2 nd Implementation Phase Validate demand Expand produc
Slide 54: Treasury expected to generate nearly $1B incremental funding and ~10x derivative fees
Treasury is expected to generate nearly $ 1B in incremental multicurrency funding and a ~10x increase in derivative fees by 2030 Three growth levers enabled by Enhanced local funding reduces Derivative fees ramp - up non - the new Treasury Platform funding costs and supports local - Interest income
Slide 55: Enhancing Efficiency and Productivity Gains
Enhancing Efficiency and Productivity Gains Olazhir Ledezma Chief Strategy Officer
Slide 56: Enabling growth within defined boundaries
Enabling growth within defined boundaries 3 Growth Engines Disciplined Lower cost of Higher Non - growth funds Interest Income 2 Guardrails Cost Efficiency Risk Discipline
Slide 57: Productivity and efficiency gains through three governance levers
We achieved our commercial and financial goals, while delivering productivity and efficiency gains, by focusing on three governance levers Labor force productivity (Revenues US$/ FTE) Clear Strategy and Objectives +60% 2022 2026 910,000 Key Levers to mobilize the Bank 570,000 2021 2025 Total FTEs 18
Slide 58: What's next: Four strategic enablers
What’s next: Four strategic enablers to enhance efficient growth and service excellence Enable a scalable Standardize data architecture multi - product, multi - channel to drive scalability and better model while preserving service decision - making excellence Commercial Data Excellence Readiness En
Slide 59: Strategic spending on Technology, Data & AI capabilities
Strategic spending to support our core pillars and enhance Technology, Data & AI capabilities IT Spending as percentage (%) Distribution of 2025 - 2030 IT spending: of Revenues (%) Disciplined Lower cost of Higher Non - 7.0% 7.0% growth funds Interest income 2.0% 19% 18% 23% 2021 2025 2026 - 2030 IT
Slide 60: Our investment framework strengthens our efficiency guardrails
Our investment framework strengthens our efficiency guardrails Strong Governance Strong governance model with joint oversight from both Business and Technology Clear Prioritization Periodic and rigorous prioritization and sequencing of initiatives at the Executive level Strategic Partnership Selecti
Slide 61: 2030 productivity bolstered by talent upscaling
2030 productivity bolstered by talent upscaling to complement IT spending and process optimization Talent Upscaling Further productivity gains % of New FTEs with new function/skills Revenues (US$) / FTE New Roles and Skills Existing Roles 1.3X 28% ~1,200,000 57% 63% 910,000 72% 43% 37% 570,000 2022
Slide 62: A Disciplined Risk Framework to Scale with Confidence
A Disciplined Risk Framework to Scale with Confidence Alejandro Tizzoni Chief Risk Officer
Slide 63: Enabling growth within defined boundaries
Enabling growth within defined boundaries 3 Growth Engines 2 Guardrails Risk Discipline
Slide 64: Low-risk DNA preserved by upgrading our risk platform
From commitment in 2021 to current execution: low - risk DNA preserved by materially upgrading our risk platform 2022 2025 Core Risk High Quality A Short Tenor Conservative Stable investment Profile Portfolio Asset Profile Capital Levels grade ratings at BBB Preserved Talent Upgraded Modernized Risk
Slide 65: An Integrated Risk Appetite Framework
An Integrated Risk Appetite Framework That Turns Discipline into Sustainable Growth A granular, multilayer risk framework with Board oversight and 30+ KPIs across all risk dimensions KPIs Examples Appetite Guardrails Basel III Tier 1 Tolerance Appetite C apital Adequacy Common Equity Tier 1 (CET1) R
Slide 66: 2030 Risk Map: managing higher complexity with discipline
2030 Risk Map: managing higher complexity with discipline (Inherent Risk Evolution) Risk type 2030 Inherent Risk Evolution Going forward, Financial Credit risk Despite a larger balance sheet, financial risks Risks financial risk remains stable remain stable and Market Risk due to short - tenor repri
Slide 67: Scaling Safely: Keeping Non-Financial Residual Risks Contained
Scaling Safely: Keeping Non - Financial Residual Risks Firmly Contained Risk type Key Mitigants Examples Non - Financial Operational Risk /BCP End - to- end automation The expected Stronger BCM/BIA Risks Third - party risk (TPRM) oversight increase in Secure - by - design controls non - financial ri
Slide 68: Our structural risk discipline remains conservative as we scale
Our structural risk discipline remains conservative as we scale toward 2030 An Agile Short - Term Loan Book Allows 2/3 matures within 12 1 Rebalancing Through Cycles months High Quality, Geographically and Industry Strong Investment Grade 2 Diversified Assets maintained (BBB stable) Robust Capitaliz
Slide 69: Connecting the Strategic Pillars to Sustainable ROE
Connecting the Strategic Pillars to Sustainable ROE Annette Van Hoorde Chief Financial Officer
Slide 70: Bladex today is stronger, more profitable and resilient
Bladex today is stronger, more profitable and resilient, providing a solid foundation for the 2030 plan Balance sheet Profitability Commercial Portfolio NIM $11.2Bn vs $6.5Bn in 2021 +71% 2.36% vs 1.32% in 2021 +104 bps Disciplined Deposits Non - interest income 2.2x execution and $6.6Bn vs $3.0Bn i
Slide 71: 2030 ROE Target 16%-17%
16% - 17% 2030 ROE Target Disciplined growth Lower cost of funds Higher Non - Interest Income $18 - 20Bn 20 - 30 b ps $120 - 130mm 2030 2030 2030 Transactional Services New Structured Trade Finance & WCS Letters of Credit Loan Structuring & Syndication Project Finance & Infrastructure Derivatives Lo
Slide 72: Disciplined portfolio growth expands the earnings base
Disciplined portfolio growth expands the earnings base while preserving risk discipline Commercial Portfolio US$ Billions 0.5 - 1 18 - 20 0.75 - 1.25 1 – 1.5 2 - 2.5 2.5 – 3.5 11.2 2.36% ~2.3% NIM NIM 2025 Ongoing Letters of Credit Project Finance Structure d Trade Structuring & Syndication 2030 Bus
Slide 73: Non-Interest income to almost double by 2030
Non - Interest income to almost double by 2030, powered by client solutions across structuring, trade and derivatives Total Non - Interest Income millions $4 - $6 $120 - $130 Avg % of revenue : $10 - $12 2021 - 2025: 15% % of revenue : $10 - $12 20% $30 - $32 $68 2025 Letters of Structuring & Other
Slide 74: A stronger funding franchise lowers cost of funds
A stronger funding franchise structurally lowers cost of funds and supports ROE expansion Impact of cost of funds 10% – 20% 5% - 15% 20 - 30 bps 2025 Liability Margin Transactional Services Funding Diversification 2030 Liability Margin
Slide 75: Investing today to lock in scalable efficiency
Investing today to lock in scalable efficiency 11- 12% 26.7% CAGR 26 - 30 25 - 27% 10- 11% CAGR 26 - 30 Most IT spending tied to specific ROIs: trade, treasury, data, and process automation Highly efficient spending versus peers Efficiency Revenue Costs Efficiency Ratio Ratio 2025 2030
Slide 76: Strong capital supports growth and shareholder returns
Strong capital supports growth while maintaining attractive shareholder returns Strong capital levels provide capacity to support growth Capital Adequacy Ratio ( Panama Regulatory ): Tier 1 Capital Ratio ( Basel III – IRB): Additional Tier 1 Capital Other Common Capital Ratio 1 Additional Tier 1 (Ba
Slide 77: Deliver higher and more durable returns
Deliver higher and more durable returns. ROE * ~90bps ~145bps ~110bps 16% - 17% 15.75% ROE 2025 Net Interest Income Non - Interest Income Cost of Risk & Expenses ROE 2030 (*) Adjusted ROE: net profit - AT1 distribution / average stockholders' equity excluding other equity instruments
Slide 78: Bladex targets a larger, more diversified and more profitable franchise by 2030
Bladex targets a larger, more diversified and more profitable franchise by 2030 Guidance 2030 2030 Macro Assumptions Commercial Portfolio Size 18 - 20Bn US$ Interest Rates NIM 2.30 – 2.35% Normalized Fed Funds Rate ~ 3.0% Efficiency Ratio 25 - 27% ROE* 16% - 17% Latam GDP Latam Trade Flows Tier 1 15
Slide 79: Closing Remarks
Closing Remarks Early delivery of Strong structural Transactional Disciplined, Our low - risk, the first phase advantages services will gradual scaling is model remains while building support mid - teens increase margins key to managing unchanged as we scaling capacity returns and fees risks and ser
Slide 80: Our 2030 Vision - Bladex Investor Day
Our 2030 Vision Bladex Investor Day March 2026
Slide 81: Contact
Contact IR@bladex.com www.bladex.com/en/investors Carlos Raad Chief Investor Relations Officer craad@bladex.com Panama Diego Cano VP Investor Relations dcano@bladex.com Panama 80
Foreign Trade Bank of Latin America — Investor Day (March 2026) on 6ix