Latinex
News
Panama City, September 11, 2025. The Latin American Stock Exchange (Latinex) held a new edition of its Investors Forum , consolidated as one of the most relevant capital market gatherings in the region. In the framework of its 35th anniversary , Latinex presented a top-level agenda with leaders from the public and private sectors, and highlighted strategic milestones that have positioned it as an exchange open to Panama, the region, and the world.
This prestigious event continues to be an essential meeting point for issuers, investors, and key players in the capital markets, strengthening dialogue and collaboration to drive economic development in the region.
It was attended by over 850 people in person and over 450 virtual attendees, as well as participants from over 25 countries.
Arturo Gerbaud, Chairman of the Board of Directors of Latinex Holdings, gave the welcoming remarks, highlighting the forum's relevance to the evolution of the stock market.
“The Forum brings us together every year to explore trends, learn about innovations from issuers, brokerage firms, investors, and partners, and strengthen strategic ties between key market players. This year, we also celebrate a very special milestone: Latinex celebrates 35 years of history, three and a half decades promoting a transparent, reliable, efficient, and increasingly integrated market within the region and the world,” said Arturo Gerbaud, President of Latinex Holdings.
With a vision focused on local, regional, and global connectivity, Latinex announced its new International Listing service ( Listing ) in August, making Panama the first exchange in Latin America to offer this solution. Listing strengthens the competitiveness of the Panamanian market and opens the door for international fixed-income issuers under Reg S and/or U.S. 144A formats to list on Latinex and access global institutional investors from a reliable, agile, and efficient jurisdiction.
"This service allows us to list international debt issues on the secondary market without having to access the regulated market, thanks to the exemption from secondary market registration granted by the SMV through Agreement No. 7-2024. In addition, Latinex is recognized as a Designated Offshore Securities Market by the SEC, reinforcing our international reach and credibility," Gerbaud added.
The Investors' Forum featured a diverse agenda that covered crucial topics for the region's economic and financial development. Some of the keynote presentations included:
Allied Bank
The conference was led by Gustavo Eisenmann, Executive President and General Manager of Banco Aliado, who shared an institutional vision of the bank.
He emphasized that "at Banco Aliado, we have built more than three decades of experience based on trust, innovation, and closeness with our customers. Our commitment is to continue supporting their growth with financial solutions that transcend time."
CAF — Capital Markets Integration: The Great Opportunity for Regional Competitiveness
Claudia Flores, CAF's Productive Sectors and New Business Manager, outlined the pillars for accelerating the integration of the region's markets, including operational interconnection, compatible frameworks, and information standardization, emphasizing their direct impact on liquidity, funding costs, and market depth.
“The integration of our stock markets can become the silent engine of Latin American competitiveness: by multiplying trust, liquidity, and opportunities, and by uniting governments, regulators, and the private sector, we will achieve a financial ecosystem capable of connecting savings with investment and allowing our companies to grow without geographical boundaries.”
Keynote address — Current Geopolitics: Impact and Opportunities for Latin America and the Caribbean
The keynote address was given by Ricardo Hausmann, Professor of Economics and Director and Founder of the Growth Lab at Harvard University, who addressed geopolitical realignments and their translation into challenges and opportunities for the region.
In his keynote address, "Current Geopolitics: Impact and Opportunities for Latin America and the Caribbean," Ricardo Hausmann emphasized that it is "fundamental" for companies in Panama to be able to raise equity capital . He noted that these markets in the country and the region are "very weak, almost nonexistent" and proposed creating a private equity fund in Panama, eventually listed on the stock exchange , to inject capital into companies with good business models but limited access to capital . Placing emphasis on developing these markets, he added, could have "a great impact" by creating more growth opportunities for more companies.
Prival
The presentation was presented by Jaime Sosa Quintero, General Manager of Prival, with a focus entitled: Prival in time and rest that "Our future is to grow, Our commitment is to you."
PCS Panel — Capitalizing on Corporate Sustainability: Sustainable Finance Success Stories and Internationally Recognized Best Practices
The panel showed how sustainability becomes a competitive advantage by opening up access to thematic capital, international recognition, and new markets.
Participants:
- Janett Burga, General Manager — Pacific Credit Sustainability (PCS)
- Rodrigo Varillas, Chief Financial Officer (CFO) — EGE Haina
- Michelle Espinash Mendiente, Sustainable Bank Manager — Promerica Costa Rica
- Jan Petter Eskildsen Alfaro, Business Director for Financial Institutions (Mexico, Dominican Republic, Central America and Panama) — IDB Invest
"PCS participated in the Investors' Forum, highlighting innovation and openness in seeking financial opportunities to put the importance of sustainability in business on the agenda. PCS sponsored the panel "Capitalizing on Corporate Sustainability" to highlight how good sustainability practices can be leveraged to obtain sustainable financing, receive international recognition, and enter the markets," the Credit Rating Agency emphasized.
AES Panama — More than 25 years promoting the country's sustainable and economic development
The conference, led by Miguel Bolinaga, CEO of AES Panama, highlighted the contribution of the electricity sector to the country's competitiveness through long-term investments and the diversification of the energy matrix.
“At AES Panama, we have worked for more than 25 years with a firm commitment to contributing to the country's sustainable and economic development. During this time, we have invested and contributed to the diversification of the national energy matrix, with the vision of continuing to be a strategic partner that drives energy transformation and generates shared value for Panama and its people,” said Miguel Bolinaga, President of AES Panama.
Fitch Ratings — Banks and Financial Intermediaries: Outlook, Challenges and Opportunities
Mónica Ibarra, Regional Group Head of LatAm – Non-Bank Financial Institutions at Fitch Ratings, and Alejandro García, Regional Group Head of LatAm Banks at Fitch Ratings, presented the regional outlook for the sector, with an emphasis on asset quality, margins, and system resilience, as well as the outlook for Panama in the short and medium term.
“Banking systems in the region are facing unprecedented operating environment challenges, albeit from a reasonably solid and stable financial condition and performance. Regional economies are growing more slowly, among other factors that could pressure asset quality and profitability indicators. Generally lower interest rates can help improve funding costs, although for systemically important banks they could also represent pressure on net interest margins. In Panama, we find operating conditions are generally improving after some challenging years, and we expect the economy to be one of the most dynamic in the region, while key financial metrics for local banks are gradually stabilizing or improving,” Alejandro García highlighted during the presentation.
For her part, Mónica Ibarra highlighted, “Fitch Ratings' outlook for non-bank financial institutions (NBFIs) at the regional level reflects a more cautious stance for the remainder of 2025, in line with macroeconomic trends, geopolitical risks, and tariffs from the United States in the region. Fitch maintains a “deteriorating” outlook for Latin American NBFIs, mainly due to the uncertainty and volatility that these risks imply for some NBFI subsectors, primarily in the finance and leasing companies segment and due to weaker conditions in Mexico and Brazil. However, a neutral impact is expected for subsectors such as brokerage firms and financial market infrastructure companies.”
Latinex — 35 years of transformative trust
Latinex's presentation, led in its first part by Manuel Batista, its Vice President of Finance and Strategic Innovation, reviewed the main milestones of these 35 years, from the consolidation of its infrastructure and market rules to regional integration and current international projection.
Following this, Olga Cantillo, the Group's Executive President, highlighted this evolution: "Today we celebrate 35 years, reaffirming our roadmap and looking forward: Latinex consolidates a hub that connects a solid local market, regional integration, and global access, with international governance and standards, world-class infrastructure, sustainability as a cross-cutting theme, and stock market education to democratize access."
In this context, special recognition was given to three collaborators who were fundamental pillars of this story: Myrna Palomo, Edia Cooban, and Roberto Brenes.
MMG Bank — Quantia Financial Hub
The presentation was given by Jorge Morgan, Executive Chairman, who presented Quantia as a financial hub geared toward new generations, integrating savings and investment solutions into a single experience.
"With more than 25 years of advising its clients, MMG Bank is taking a new step. Quantia Financial Hub : a solution where the new generations can save, invest, and grow from a single application," he emphasized.
Ministry of Economy and Finance — Keynote Lecture
The closing keynote address was given by HE Felipe Chapman , Minister of Economy and Finance , with the presentation "Economic Perspectives of the Country," addressing fiscal challenges and opportunities for sustainable growth.
He reaffirmed his confidence in Panama's future and highlighted that the country has maintained its investment grade and reduced its risk premium , achievements that reinforce the attraction of capital . He emphasized that macroeconomic stability is a key asset for the country and that the cornerstone of economic policy rests on disciplined fiscal management : spending better , with efficiency, transparency , and prioritizing projects that have a direct impact on citizens. He concluded by emphasizing that credibility is the starting point: confidence drives investment; investment, employment; and employment, growth .
Awards — Market Champions
As is tradition, the Forum concluded with the "Market Champions" award ceremony , recognizing those who stood out for their performance, innovation, and impact on the stock market ecosystem.
The Market Champions were:
- Long-term debt issuance – Xtra Supermarkets
1.1 Structuring – Banistmo
1.2 Stock Exchange Placement – Banistmo Securities - Structurer with the largest number of issues – Banco General
- Stock exchange with the highest trading volume – BG Valores
- Public Debt Market Maker of the Year – Prival Securities
- Equity Issuer of the Year – Tropical Energies, Corp.
5.1 Structurer – Insignia Financial Advisors, Corp. - Foreign participant with the largest trading volume in integrated markets – General Stock Exchange Services
- Local player with the largest trading volume in integrated markets – BICSA Capital
- Latinclear participant with the largest balance in custody – BG Valores, SA
- Latinclear participant with the highest year-over-year growth in custody – Metro Asset Management
- Latinclear participant with the largest number of transactions – AV Securities, Inc.
- Thematic Issue of the Year – BDA Blue Bond Trust
- Best journalistic coverage in the market – La Estrella de Panamá
- Company with good ESG practices
13.1 Financial Sector – Banistmo
13.2 Real Sector – Melo Group - Company with good environmental and climate action practices
14.1 Financial Sector – Global Bank Corporation
14.2 Real Sector – AES Panama - Company with good practices in social development and gender equality
15.1 Financial Sector – Banistmo
15.2 Real Sector – Melo Group - Company with good corporate governance practices
16.1 Financial Sector – Latin American Bank of Foreign Trade, SA (Bladex)
16.2 Real Sector – Melo Group
