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<SEC-DOCUMENT>0001275287-07-000823.txt : 20070216
<SEC-HEADER>0001275287-07-000823.hdr.sgml : 20070216
<ACCEPTANCE-DATETIME>20070216112223
ACCESSION NUMBER:		0001275287-07-000823
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070215
FILED AS OF DATE:		20070216
DATE AS OF CHANGE:		20070216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LATIN AMERICAN EXPORT BANK
		CENTRAL INDEX KEY:			0000890541
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11414
		FILM NUMBER:		07629940

	BUSINESS ADDRESS:	
		STREET 1:		CALLE 50 Y AQUILINO DE LA GUARDIA
		STREET 2:		EL DORADO PANAMA CITY
		CITY:			REPUBLIC OF PANAMA
		STATE:			R1

	MAIL ADDRESS:	
		STREET 1:		CALLE 50 Y AQUILINO DE LA GUARDIA
		STREET 2:		EL DORADO PANAMA CITY
		CITY:			REPUBLIC OF PANAMA
		STATE:			R1
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>bl9012.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<p  align="center"><font size="3" face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549</font></p>
<p  align="center">
<font size="4" face="Times New Roman"><b>FORM 6-K</b></font></p>
<p  align="center">
<font size="3" face="Times New Roman">Report of Foreign Private Issuer<br> Pursuant to Rule 13a-16 Or 15d-16 Of The<br> Securities Exchange Act of 1934</font></p>
<p  align="center">
<font size="3" face="Times New Roman">Short form of Press Release</font></p>
<p  align="center">
<font size="4" face="Times New Roman"><b>BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.<br></b></font>
<font size="1" face="Times New Roman">(Exact name of Registrant as specified in its Charter)</font></p>
<p  align="center">
<font size="4" face="Times New Roman"><b>LATIN AMERICAN EXPORT BANK<br></b></font>
<font size="1" face="Times New Roman">(Translation of Registrant&#146;s name into English)</font></p>
<p  align="center">
<font size="3" face="Times New Roman">  Calle 50 y Aquilino de la Guardia<br>
P.O. Box 0819-08730<br> </font>El Dorado, Panama City<br>Republic of Panama<br>
<font size="1" face="Times New Roman">(Address of Registrant&#146;s Principal Executive Offices)</font></p>
<p align="justify">
<font size="2" face="Tahoma">(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)</font></p>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="10%" valign="top">
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="3" face="Times New Roman">Form&nbsp;20-F</font></p>  </td>
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<font size="3" face="Wingdings">x</font></p>  </td>
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  <p align="center">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="10%" valign="top">
  <p align="center">
<font size="3" face="Times New Roman">Form&nbsp;40-F</font></p>  </td>
  <td width="6%" valign="top">
  <p  align="center">
<font size="3" face="Wingdings">o</font></p>  </td>
  <td width="32%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<p align="justify"><font size="2" face="Tahoma">(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g-3-2(b) under the Securities Exchange Act of 1934.)</font></p>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p align="center" style="margin-left:1em; text-indent:-1em">
    <font size="3" face="Times New Roman">Yes</font></p>  </td>
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    <font size="3" face="Wingdings">o</font></p>  </td>
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    <font size="3" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="10%" valign="top">
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    <font size="3" face="Times New Roman">No</font></p>  </td>
  <td width="6%" valign="top">
  <p  align="center">
    <font size="3" face="Wingdings">x</font></p>  </td>
  <td width="32%" valign="top">
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<p align="justify">
<font size="2" face="Tahoma">(If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82__.)</font></p>

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<PAGE>
<br>

<p  align="center">
<font size="2" face="Times New Roman"><b>SIGNATURES</b></font></p>
<p align="justify">
<font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.</font></p>

<p><font size="3" face="Times New Roman">February 15, 2007</font></p>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="3"  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
    <font size="3" face="Times New Roman">Banco Latinoamericano de Exportaciones, S.A.</font></p>  </td>
 </tr>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="7%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="7%" valign="top">
  <p>
    <font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="35%" valign="top">
  <p>
    <font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
    <font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
    <font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
    <font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
    <font size="3" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
    <font size="3" face="Times New Roman">By:</font></p>  </td>
  <td  valign="top">
  <p>
    <font size="3" face="Times New Roman">/s/ Pedro   Toll</font></p>  </td>
 </tr>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em">
    <font size="3" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
    <font size="3" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size="3" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p><font size="3" face="Times New Roman">Name:</font></p>  </td>
  <td  valign="top">
  <p><font size="3" face="Times New Roman">Pedro Toll</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size="3" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p><font size="3" face="Times New Roman">Title:</font></p>  </td>
  <td  valign="top">
  <p><font size="3" face="Times New Roman">Deputy   Manager</font></p>  </td>
 </tr>
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<br>

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<div style="page-break-before:always"></div>
<PAGE>
<br>

<p  align="center"><font size="2" face="Arial"><img src="image001.jpg" alt="Message"></font></p>
<p>
<font size="2" face="Arial"><b>FOR IMMEDIATE RELEASE</b></font></p>
<p  align="center">
<font size="2" face="Arial"><b>Bladex Reports Net Income of $21.1 million for the Fourth Quarter of 2006</b></font></p>
<p  align="center">
<font size="2" face="Arial"><b>and Net Income of $57.9 million for Full Year 2006</b></font></p>
<p>
<font size="2" face="Arial"><b>Fourth Quarter 2006 Financial Highlights:</b></font></p>
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  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Arial">&#149;</font></p>  </td>
  <td width="90%" valign="top">
  <p align="justify">
<font size="2" face="Arial">Operating income <sup>(1)</sup> totaled $14.1 million, up 63% from the   previous quarter, due to gains in Treasury activities and increased net   interest income.</font></p>  </td>
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  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Arial">&#149;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Arial">Net income for the fourth quarter totaled $21.1 million, up 87% from   the third quarter, driven by a $5.4 million increase in operating income, and   a $5.6 million recovery on impaired assets.</font></p>  </td>
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  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Arial">&#149;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Arial">At December 31, 2006, the credit portfolio stood at $4.0 billion, 7%   higher than the figure reported as of September 30, 2006.</font></p>  </td>
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  <p><font size="1" face="Arial">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Arial">&#149;</font></p>  </td>
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  <p align="justify">
<font size="2" face="Arial">At December 31, 2006, the Bank had reduced its non-accruing assets to   zero, and had no past due loans in its portfolio.</font></p>  </td>
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  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Arial">&#149;</font></p>  </td>
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  <p align="justify">
<font size="2" face="Arial">On February 13, 2007, the Bank&#146;s Board of Directors declared an   increase in the quarterly dividend from $0.1875 per share to $0.22 per share,   which will be payable on April 10, 2007, to shareholders of record as of   March 30, 2007.</font></p>  </td>
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<font size="1" face="Arial">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Arial"><b>Full Year   2006 Financial Highlights:</b></font></p>  </td>
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  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Arial">&#149;</font></p>  </td>
  <td  valign="top">
  <p align="justify">
<font size="2" face="Arial">Operating income was $39.3 million, up 36% from 2005, reflecting   mostly a 30% increase in net interest income, an 8% increase in fee income,   and higher gains in Treasury activities.</font></p>  </td>
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  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Arial">&#149;</font></p>  </td>
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  <p align="justify">
<font size="2" face="Arial">Net income amounted to $57.9 million, down 28% from 2005, due to   lower credit provision reversals, as the Bank reduced its non-accruing   portfolio by year-end to zero.</font></p>  </td>
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  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Arial">&#149;</font></p>  </td>
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  <p align="justify">
<font size="2" face="Arial">The average credit portfolio grew 20% year-over-year.</font></p>  </td>
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</table>

<br>
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  <p>
<font size="2" face="Arial"><sup>(1)</sup>   Operating income refers to net income excluding reversals of provisions for   credit losses, recoveries (impairment) on assets, and cumulative effect on   prior years of changes in accounting principles.</font></p>  </td>
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</table>

<p align="justify">
<font size="2" face="Arial"><b>Panama City, Republic of Panama, February 15, 2007 </b>&#150; Banco Latinoamericano de Exportaciones, S.A. (NYSE: BLX) (&#147;Bladex&#148; or the &#147;Bank&#148;) announced today its results for the fourth quarter ended December 31, 2006.&#160; </font></p>
<p align="justify">
<font size="2" face="Arial">The table below depicts selected key financial figures and ratios for the periods indicated (the Bank&#146;s financial statements are prepared in accordance with U.S. GAAP, and all figures are stated in U.S. dollars):</font></p>
<p  align="center">
<font size="2" face="Arial"><b>Key Financial Figures</b></font></p>



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  </td>
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  </td>
  <td width="8%" valign="bottom" bgcolor="#e6e6e6">
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  <p><font size="1" face="Arial">(US$million,   except percentages and per share amounts)</font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Arial">&nbsp;</font></p> </td>
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  <p  align="center">
<font size="1" face="Arial"><b>2005</b></font></p>  </td>
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  <p  align="center"><font size=1 face="Arial">&nbsp;</font></p> </td>
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<font size="1" face="Arial"><b>2006</b></font></p>  </td>
  <td align="center"  valign="middle" bgcolor="#e6e6e6">
  <p  align="center"><font size=1 face="Arial">&nbsp;</font></p> </td>
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<font size="1" face="Arial"><b>4Q05</b></font></p>  </td>
  <td align="center"  valign="middle">
  <p  align="center"><font size=1 face="Arial">&nbsp;</font></p> </td>
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<font size="1" face="Arial"><b>3Q06</b></font></p>  </td>
  <td align="center"  valign="middle">
  <p  align="center"><font size=1 face="Arial">&nbsp;</font></p> </td>
  <td  colspan="2" align="center" valign="middle" bgcolor="#e6e6e6">
  <p  align="center">
<font size="1" face="Arial"><b>4Q06</b></font></p>  </td>
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  <p  align="center"><font size=1 face="Arial">&nbsp;</font></p> </td>
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  <td  valign="bottom" bgcolor="#e6e6e6">
  <hr size="1" width="100%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Arial">Net   interest income</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$45.3</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">$58.8</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$12.5</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$15.6</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">$16.7</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Arial">Operating   income</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$28.9</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">$39.3</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$9.0</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$8.7</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">$14.1</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Arial">Net   income</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$80.1</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">$57.9</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$16.4</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$11.2</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">$21.1</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Arial">EPS   <sup>(2)</sup></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$2.08</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">$1.56</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$0.43</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$0.31</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">$0.58</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Arial">Return   on average equity</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">12.9%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">10.0%</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6"><p> <font size="1" face="Arial">&nbsp;</font></p></td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">10.6%</font></p>  </td>
  <td  valign="bottom"><p> <font size="1" face="Arial">&nbsp;</font></p></td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">7.9%</font></p>  </td>
  <td  valign="bottom"><p> <font size="1" face="Arial">&nbsp;</font></p></td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">14.5%</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6"><p> <font size="1" face="Arial">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Arial">Tier 1 capital ratio</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">33.7%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">24.4%</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6"><p> <font size="1" face="Arial">&nbsp;</font></p></td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">33.7%</font></p>  </td>
  <td  valign="bottom"><p> <font size="1" face="Arial">&nbsp;</font></p></td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">27.3%</font></p>  </td>
  <td  valign="bottom"><p> <font size="1" face="Arial">&nbsp;</font></p></td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">24.4%</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6"><p> <font size="1" face="Arial">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Arial">Net   interest margin</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">1.70%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">1.76%</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6"><p> <font size="1" face="Arial">&nbsp;</font></p></td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">1.77%</font></p>  </td>
  <td  valign="bottom"><p> <font size="1" face="Arial">&nbsp;</font></p></td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">1.78%</font></p>  </td>
  <td  valign="bottom"><p> <font size="1" face="Arial">&nbsp;</font></p></td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">1.76%</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6"><p> <font size="1" face="Arial">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Arial">Book   value per common share</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$16.19</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">$16.07</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$16.19</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Arial">$15.55</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p  align=right>
<font size="1" face="Arial">$16.07</font></p>  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <p>
<font size="1" face="Arial">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom" bgcolor="#e6e6e6">
  <hr size="1" width="100%" noshade color=black>

  </td>
 </tr>
</table>




<br>



<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="70%">

 <tr>
  <td width="100%" valign="top">
  <p align="justify">
<font size="2" face="Arial"><sup>(2)</sup>&nbsp;&nbsp;Earnings   per share calculations are based on the average number of shares outstanding   during each period.</font></p>  </td>
 </tr>
</table>




<br>
<hr size="1" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>

<p align="justify">
<font size="2" face="Arial"><b>Comments from the Chief Executive Officer</b></font></p>
<p align="justify">
<font size="2" face="Arial">Jaime Rivera, Bladex&#146;s Chief Executive Officer, stated the following regarding the quarter&#146;s results: </font></p>
<p align="justify">
<font size="2" face="Arial">&#147;The strong operating results for the fourth quarter bear evidence of our success at diversifying revenue sources across a stronger client franchise and a wider product range.&#160; In summary terms, the quarter was driven by the Commercial Division sustaining the momentum of the third quarter, and the Treasury Division yielding its best quarterly results since its transformation into a revenue center.&#160; Significantly, we believe that the improved operating results for the quarter reflect the benefits of our increasingly diversified revenue base.&#160;&#160; </font></p>
<p align="justify">
<font size="2" face="Arial">The fourth quarter was also significant in that the Bank reduced its non-accruing portfolio to zero.&#160; In addition, as of December 31, 2006, Bladex did not have a single cent past due on its balance sheet. </font></p>
<p align="justify">
<font size="2" face="Arial">As solid as the results for the fourth quarter were, I believe the year-on-year comparison most clearly demonstrates the underlying strength of the Bank&#146;s business.&#160; When compared to 2005, for instance, operating income rose by 36%.&#160; These figures are particularly noteworthy given that our growth this quarter was strictly organic in nature.&#160; Throughout, Bladex has maintained the stability of its portfolio indicators: 74% of the Bank&#146;s commercial portfolio remained trade finance in nature, with 71% due to mature within 12 months.&#160; As I think back on the Bank&#146;s revenue trends over 2006, I view the 77% yearly growth in the Commercial Division&#146;s operating income, excluding the restructured portfolio in Argentina, as the most relevant validation of Bladex&#146;s client and product strategy.&#160; </font></p>

<p align="justify"><font size="2" face="Arial">From an expense management perspective --always a strength of Bladex -- we were pleased by the improvement of our efficiency ratio, which went from 46% in 2005 to 42% in 2006, despite the increased spending levels that accompany a growing business.&#160; </font></p>
<p align="justify">
<font size="2" face="Arial">Not evident in the solid 2006 figures, but equally important for Bank&#146;s future, are a number of internal projects undertaken to improve efficiency and the quality of internal controls.&#160; Chief among these was the installation of a state-of-the art technology platform, which allows Bladex the flexibility and speed of response needed to support the Bank&#146;s product and client plans for the coming years. </font></p>
<p align="justify">
<font size="2" face="Arial">Within a strong 2006, the one business line which trailed our expectations was digital identity, where the market for the service in Latin America is taking longer to mature than what we had anticipated.&#160; While the expenses involved by the project were relatively small, amounting to less than 3% of Bladex&#146;s budget for 2006, we concluded that the management time involved could be put to better use for development of other businesses with quicker returns.&#160; As a result, we discontinued the project. </font></p>
<p align="justify">
<font size="2" face="Arial">As Bladex moves forward in 2007, management is focusing on improving the Bank&#146;s ROE levels.&#160; We expect to be operating in a Region that will reflect the generally increased economic and political uncertainties and volatility that apply to much of the world.&#160; Along with the continued expansion of the Bank&#146;s business scope, this environment plays to Bladex&#146;s strengths.&#160; We are thus looking forward to continued progress and another solid year.&#160; Our decision to raise the common quarterly dividend reflects this improved and improving profitability.&#148;</font></p>
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<font size="2" face="Arial"><b>SAFE HARBOR STATEMENT</b></font></p>
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<font size="2" face="Arial"><i>This press release contains forward-looking   statements of expected future developments.&#160;   The Bank wishes to ensure that such statements are accompanied by   meaningful cautionary statements pursuant to the safe harbor established by   the Private Securities Litigation Reform Act of 1995.&#160; The forward-looking statements in this   press release refer to the growth of the credit portfolio, including the   trade portfolio, the increase in the number of the Bank&#146;s corporate clients,   the positive trend of lending spreads, the increase in activities engaged in   by the Bank that are derived from the Bank&#146;s client base, anticipated   operating income and return on equity in future periods, including income   derived from the treasury function, the improvement in the financial and   performance strength of the Bank and the progress the Bank is making.&#160; These forward-looking statements reflect   the expectations of the Bank&#146;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&#146;s expectations.&#160; Among the   factors that can cause actual performance and results to differ materially   are as follows: the anticipated growth of the Bank&#146;s credit portfolio; the   continuation of the Bank&#146;s preferred creditor status; the impact of   increasing interest rates and of improving macroeconomic environment in the   Region on the Bank&#146;s financial condition; the execution of the Bank&#146;s   strategies and initiatives, including its revenue diversification strategy;   the adequacy of the Bank&#146;s allowance for credit losses; the need for   additional provisions for credit losses; the Bank&#146;s ability to achieve future   growth, to reduce its liquidity levels and increase its leverage; the Bank&#146;s   ability to maintain its investment-grade credit ratings;
the availability and   mix of future sources of funding for the Bank&#146;s lending operations; potential   trading losses; the possibility of fraud; and the adequacy of the Bank&#146;s   sources of liquidity to replace large deposit withdrawals.</i></font></p>  </td>
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<p align="justify"><font size="2" face="Arial"><b>About Bladex<br></b>Bladex is a supranational bank originally established by the Central Banks of Latin American and Caribbean countries to support trade finance in the Region.&#160; Based in Panama, its shareholders include central banks and state-owned entities in 23 countries in the Region, as well as Latin American and international commercial banks, along with institutional and retail investors.&#160; Through December 31, 2006, Bladex had disbursed accumulated credits of over $144 billion.</font></p>
<p align="justify"><font size="2" face="Arial">Bladex is listed on the New York Stock Exchange. Further investor information can be found at www.blx.com.&#160; A LONGER VERSION OF THIS PRESS RELEASE WITH DETAILED INFORMATION WILL BE FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION, AND CAN BE OBTAINED FROM BLADEX AT:</font></p>
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  <p><font size="2" face="Arial">Bladex, Head   Office, Calle 50 y Aquilino de la Guardia, Panama City, Panama<br>   Attention: Mr. Carlos Yap, Chief Financial Officer<br>   Tel. No. (507) 210-8563, e-mail: cyap@blx.com,<br>   -or-<br>   Investor Relations Firm<br>   i-advize Corporate Communications, Inc.<br>   Mrs. Melanie Carpenter / Mr. Peter Majeski<br>   Tel: (212) 406-3690, e-mail: bladex@i-advize.com</font></p>  </td>
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<p><font size="2" face="Arial"><b>Conference Call Information</b></font></p>
<p align="justify"><font size="2" face="Arial">There will be a conference call to discuss the Bank&#146;s quarterly results on Friday, February 16, 2007, at 11:00 a.m., New York City time.&#160; For those interested in participating, please dial (888) 335-5539 in the United States or, if outside the United States, (973) 582-2857.&#160; Participants should use conference ID# 8403785, and dial in five minutes before the call is set to begin.&#160; There will also be a live audio webcast of the conference at www.blx.com. </font></p>
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