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)