Latinex
Investors Forum
Panama City, September 11, 2025. The Latin American Stock Exchange (Latinex) held another edition of its Investors Forum , which has become one of the most important capital market events in the region. As part of its 35th anniversary celebrations , Latinex presented a top-tier 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 market, strengthening dialogue and collaboration to boost economic development in the region.
It had a significant in-person attendance of more than 850 people and more than 450 virtual attendees, as well as participants from more than 25 countries.
Arturo Gerbaud, Chairman of the Board of Directors of Latinex Holdings, gave the welcoming remarks highlighting the relevance of the forum in 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 among the main players in the market. This year, we are also celebrating a very special milestone: Latinex is marking 35 years of history, three and a half decades promoting a transparent, reliable, efficient market that is increasingly integrated with the region and the world,” said Arturo Gerbaud, President of Latinex Holdings.
With a vision focused on local, regional, and global connectivity, Latinex announced in August its new International Listing service, making Panama the first stock 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 US Reg S and/or 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 issuances on the secondary market without needing to access the regulated market, thanks to the exemption from registration for the secondary market granted by the SMV through Agreement No. 7-2024. In addition, Latinex has been recognized as a Designated Offshore Securities Market by the SEC, reinforcing our international projection and credibility,” added Gerbaud.
The Investors Forum featured a diverse agenda covering crucial topics for the region's economic and financial development. Some of the featured 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 over three decades of experience based on trust, innovation, and close relationships with our clients. Our commitment is to continue supporting their growth with financial solutions that stand the test of time.”
CAF — Capital Markets Integration: The Great Opportunity for Regional Competitiveness
Claudia Flores, Manager of Productive Sectors and New Businesses at CAF, developed the pillars to accelerate the integration of the region's markets, operational interconnection, compatible frameworks and standardization of information, 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 limits.”
Keynote address — Current Geopolitics: Impact and Opportunities for Latin America and the Caribbean
The keynote address was given by Ricardo Hausmann, Professor of Economics, Director and Founder of the Growth Lab at Harvard University, who addressed the 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 “essential” 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 sound business models but limited access to capital . Focusing on developing these markets, he added, could have “a significant impact” by creating more growth opportunities for more companies.
Prival
The presentation was given by Jaime Sosa Quintero, General Manager of Prival, with a focus entitled: Prival in time and rest, stating that "Our future is to grow, Our commitment is to you."
PCS Panel — Capitalizing on Corporate Sustainability: Internationally Recognized Success Stories in Sustainable Finance and Best Practices
The panel showed how sustainability becomes a competitive advantage by opening 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, Director of Business for Financial Institutions (Mexico, Dominican Republic, Central America and Panama) — IDB Invest
“PCS participated in the Investors Forum, highlighting its innovation and openness to seeking financial opportunities to put the importance of sustainability in business on the agenda. PCS promoted the panel “Capitalizing on Corporate Sustainability” to demonstrate that good sustainability practices can be leveraged to obtain sustainable financing, receive international recognition, and gain access to markets,” the Risk Rating Agency noted.
AES Panama — More than 25 years driving 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 in and contributed to the diversification of the national energy matrix, with the vision of continuing to be a strategic partner that drives the 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 LatAm – Non-Bank Financial Institutions at Fitch Ratings, and Alejandro García, Regional Group Head LatAm Banks at Fitch Ratings, presented the regional outlook for the sector, with emphasis on asset quality, margins and system resilience, as well as the reading for Panama in the short and medium term.
“Banking systems in the region face unprecedented operating environment challenges, although they do so from a reasonably solid and stable financial position and performance. Regional economies are growing more slowly, among other factors that could put pressure on asset quality and profitability indicators. Generally lower interest rates may help improve funding costs, although for systemically important banks they could also represent pressure on net interest margins. In Panama, we find operating conditions generally improving after some challenging years, with the economy expected to be one of the most dynamic in the region, while the main financial metrics of local banks are stabilizing or gradually improving,” highlighted Alejandro García during the presentation.
For her part, Mónica Ibarra highlighted that “Fitch Ratings’ outlook for non-bank financial institutions (NBFIs) in the region reflects a more cautious stance for the remainder of 2025, in line with macroeconomic trends, geopolitical risks, and US tariffs in the region. Fitch maintains a “deteriorating” outlook for Latin American NBFIs, primarily due to the uncertainty and volatility these risks imply for some NBFI sub-sectors, mainly in the finance and leasing companies segment, and due to weaker conditions in Mexico and Brazil. However, a neutral impact is expected for sub-sectors such as brokerage firms and financial market infrastructure companies.”
Latinex — 35 years of trust that transforms
The Latinex 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.
Next, Olga Cantillo, Executive President of the Group, highlighted this evolution, “today we celebrate 35 years reaffirming our roadmap and looking ahead: 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 axis 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 President, who described Quantia as a financial hub geared towards new generations, integrating savings and investment solutions into a single experience.
“With over 25 years of experience advising its clients, MMG Bank is taking a new step. Quantia Financial Hub : a solution where new generations can save, invest, and grow from a single application,” he highlighted.
Ministry of Economy and Finance — Keynote Address
The closing keynote address was delivered by His Excellency Felipe Chapman , Minister of Economy and Finance , with the presentation “Economic Perspectives of the Country”, addressing the 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 rating and reduced its risk premium , achievements that strengthen its ability to attract capital . He emphasized that macroeconomic stability is a key asset for the country and that the cornerstone of economic policy is disciplined fiscal management : spending better , with efficiency, transparency , and prioritizing projects that generate a direct impact on citizens. He concluded by emphasizing that credibility is the starting point: confidence drives investment; investment, employment; and employment, growth .
Awards Ceremony — Market Champions
As is tradition, the Forum concluded with the “Market Champions” awards , recognizing the players 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 Placement brokerage firm – Banistmo Securities - Structurer with the highest 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 highest trading volume in integrated markets – General Stock Exchange Services
- Local participant with the highest 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 highest 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 practices and climate action
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 Foreign Trade Bank, SA (Bladex)
16.2 Real Sector – Melo Group
