SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 Or 15d-16 Of The
Securities Exchange Act of 1934
For the month of August, 2004
BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.
(Exact name of Registrant as specified in its Charter)
LATIN AMERICAN EXPORT BANK
(Translation of Registrant's name into English)
Calle 50 y Aquilino de la Guardia
Apartado 6-1497
El Dorado, Panama City
Republic of Panama
(Address of Registrant's Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)
Form 20-F x Form 40-F __
(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.)
Yes __ No x
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b). 82__.)
SIGNATURES
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.
August 5, 2004
Banco Latinoamericano de Exportaciones, S.A.
By: /s/ Pedro Toll
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Name: Pedro Toll
Title: Deputy Manager
[LOGO] Bladex
FOR IMMEDIATE RELEASE
Bladex
INCREASES QUARTERLY DIVIDEND TO $0.15 PER SHARE,
DECLARES SPECIAL DIVIDEND OF $1.00 PER SHARE ($39 MILLION),
AND APPROVES $50 MILLION STOCK REPURCHASE PROGRAM
Panama City, Republic of Panama, August 5, 2004 - Banco Latinoamericano de
Exportaciones, S.A. ("Bladex" or the "Bank") (NYSE: BLX) announced today that
its Board of Directors has approved a capital management program, which includes
an increase in quarterly dividends, a special dividend, and a stock repurchase
program.
The Board of Directors has authorized an increase in the quarterly cash dividend
from $0.10 per share to $0.15 per share of common stock, starting with the
dividend payable on October 7, 2004, to stockholders of record as of September
27, 2004.
The Board of Directors also declared a special dividend of $1.00 per share of
common stock, or approximately $39 million, payable on October 7, 2004 to
stockholders of record as of September 27, 2004.
The Board of Directors also authorized a three-year stock repurchase program
under which Bladex may, from time to time, repurchase up to an aggregate of $50
million of its Class E shares of common stock, on the open market at the then
prevailing market price. Such purchases under the program will be made in
accordance with applicable law, and subject to all required regulatory
approvals. The repurchases will be made using Bladex's cash resources, and the
program may be suspended or discontinued at any time without prior notice.
As of July 31, 2004, Bladex had 39,352,738 shares of common stock of all classes
outstanding.
Commenting on the foregoing, Jaime Rivera, Chief Executive Officer said, "With
our objectives regarding portfolio quality, liquidity, capitalization, growth,
and profitability on track, the Board of Directors and management feel confident
of the Bank's sustained ability to provide shareholders with improved cash
flows."
"The three elements of the capital management program are designed to preserve
the Bank's solid capitalization and ability to withstand volatility in its
markets, as well as allow for the execution of its business plan", Rivera said.
"The increased quarterly dividend reflects Bladex enhanced core profitability
prospects. The special dividend reflects, among other considerations, the amount
of provision reversals realized since January 1, 2004 in our Argentine
portfolio. Finally, the stock repurchase program provides an opportunity to
enhance earnings per share in light of what the Bank believes is an undervalued
stock."
"This is a well balanced, prudent, timely plan, consistent with our commitment
to strong financial fundamentals and shareholder value," Rivera concluded.
BLADEX is a multinational bank established by the Central Banks of Latin America
and Caribbean countries. Based in Panama, its shareholders include central banks
and/or government entities in 23 countries of the region, and commercial banks
as well as institutional and retail investors.
For further information, please access www.blx.com or contact:
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Carlos Yap, Senior Vice President - CFO
Tel.: (country code 507) 210-8581, E-mail: cyap@blx.com
-or-
i-advize Corporate Communications, Inc., 80 Wall Street, Suite 515,
New York, NY 10005
Attention: Melanie Carpenter / Peter Majeski
Tel.: (212) 406-3690, E-mail: bladex@i-advize.com
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