Mercantil and Bancaribe sign the CAF capitalization increase agreement

Mercantil and Bancaribe sign the CAF capitalization increase agreement

Mercantil and Bancaribe are part of the 13 private banks that are CAF shareholders and that, together with 17 Latin American and Caribbean countries, Spain and Portugal, approved in March 2022 an increase in the capitalization of the multilateral organization for $7,000 million

CAF Development Bank of Latin America advances in the materialization of the new capitalization of 7,000 million dollars approved by the shareholders’ meeting in March 2022. The Mercantil and Bancaribe banks signed the ordinary capital share subscription agreements at CAF’s headquarters as part of their commitment as shareholders of the multilateral organization.

Committed to sustainable development and regional integration through the initiatives carried out by CAF, Mercantil and Bancaribe join the signatures carried out last July by private banks BISA and Banco Mercantil Santa Cruz from Bolivia, Banco Guayaquil and Banco del Pacífico from Ecuador; as well as by the shareholder countries of Argentina, Bolivia, Colombia, Ecuador, Panama, Paraguay, Trinidad and Tobago.

The signing of the ordinary capital share subscription agreements was led by the executive president of CAF, Sergio Díaz-Granados, the executive president of Mercantil Banco Universal, Nelson Acosta; and the president of Bancaribe, Juan Carlos Dao.

“With the support of CAF’s shareholders, both the countries and the private banks, We are advancing in the renewed agenda to be the Green Bank, of economic reactivation and regional integration. Both with the entry of new countries as full members and with this capital increase, we are strengthening ourselves to provide comprehensive solutions to overcome the obstacles we face and generate opportunities that improve the quality of life of Latin Americans and Caribbean people,” said Díaz-Granados. in press release.

For his part, the president of Bancaribe, Juan Carlos Dao, affirmed that being a CAF shareholder has been a very important component in our foreign trade business strategy to support the Venezuelan private sector and the economic development of the country. We feel very identified with the regional integration objectives and the actions carried out by CAF to meet the goals of sustainable development.

The executive president of Mercantil, Nelson Acosta Bracho, assured that “in the face of the challenges posed for the region, this joint response represents an opportunity to reaffirm Mercantil’s commitment to the goals of economic growth in favor of the living conditions of the population and as an essential component of sustainable development in Venezuela”.

Mercantil Banco Universal and Bancaribe are shareholders of CAF together with the member countries Argentina, Barbados, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Spain, Honduras, Jamaica, Mexico, Panama, Paraguay, Peru, Portugal, Dominican Republic, Trinidad and Tobago, Uruguay, Venezuela and 13 private banks in the region. It serves the public and private sectors, supplying multiple products and services to a wide variety of clients made up of public bodies and institutions of the shareholder countries, private companies and financial institutions”.

*Also read: In courts of New York and London, 11 lawsuits by bondholders persist against Venezuela

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