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    Iñigo Vega Zabala

    Senior Equity Research Analyst at Jefferies

    Iñigo Vega Zabala is a Senior Equity Research Analyst at Jefferies specializing in Latin American financials, where he provides in-depth research and investment recommendations on key institutions such as Bladex and other regional banks. He is known for his analytical rigor on earnings, growth prospects, and risk-weighted asset performance, contributing to institutional investment decisions with a strong track record in generating insights that align with above-market returns for covered companies. Having joined Jefferies after holding analyst roles at other major financial services firms, Vega Zabala has built his career since the early 2010s and is recognized for his expertise in LatAm credit and banking sectors. He holds professional credentials that qualify him for securities research, including relevant FINRA registrations and regulatory licenses.

    Iñigo Vega Zabala's questions to FOREIGN TRADE BANK OF LATIN AMERICA (BLX) leadership

    Iñigo Vega Zabala's questions to FOREIGN TRADE BANK OF LATIN AMERICA (BLX) leadership • Q1 2025

    Question

    Iñigo Vega Zabala from Jefferies asked about the impressive 6.4% quarter-over-quarter growth in the commercial book, particularly the off-balance sheet portion, questioning its sustainability and the impact on capital given the high growth rate.

    Answer

    Executive Jorge Salas and Chief Commercial Officer Samuel Canineu addressed the growth. Salas reiterated the strategy to build fee income through low-capital-intensive letters of credit, noting recent growth was tied to Argentina's oil and gas sector. Canineu added that the off-balance sheet book is very short-term, allowing for volume adjustments to manage top-line performance. Salas concluded that while capital ratios might tighten temporarily, the bank is maintaining its long-term capital guidance.

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