CUSIP NO. PAP169941328

13G

Page 1 of 6 Pages

Banco Latinoamericano De Exportaciones SA

(Name of Issuer)

Class E Common Stock

(Title of Class of Securities)

PAP169941328

(CUSIP Number)

December 31, 2004

Date of Event Which Requires Filing of the Statement

CUSIP NO. PAP169941328

13G

Page 2 of 6 Pages

1.

NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Mondrian Investment Partners Limited

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)

o

(b)

o

3.

SEC USE ONLY

4.

CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH

5.

SOLE VOTING POWER
1,508,100 shares of Class E Common Stock

6.

SHARED VOTING POWER

0

7.

SOLE DISPOSITIVE POWER
1,626,700 shares of Class E Common Stock

8.

SHARED DISPOSITIVE POWER

0

9.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,626,700 shares of Class E Common Stock

10.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES

CERTAIN SHARES

o

11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

Approximately 5.5% as of December 31, 2004 (based on 29,543,847 shares of Class E Common Stock issued and outstanding as of December 31, 2003).

12.

TYPE OF REPORTING PERSON*

CO; IA

CUSIP NO. PAP169941328

13G

Page 3 of 6 Pages

Item 1(a)

Name of Issuer:  BANCO LATINOAMERICANO DE EXPORTACIONES SA

1(b)

Address of Issuer’s Principal Executive Offices:

Calle 50 y Aquilino de Guardia

Apartado 6-1497 El Dorado

Panama City, Panama

Item 2(a)

Name of Person Filing:

Mondrian Investment Partners Limited

Item 2(b)

Address of Principal Business Office

80 Cheapside

3rd Floor

London, England EC2V 6EE

Item 2(c)

Citizenship

UK

2(d)

Title of Class of Securities:

Class E Common Stock

2(e)

CUSIP Number:

PAP169941328

Item 3

If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:

(a)

[__]

Broker or dealer registered under Section 15 of the Exchange Act;

(b)

[__]

Bank as defined in Section 3(a)(6) of the Exchange Act;

(c)

[__]

Insurance company as defined in Section 3(a)(19) of the Exchange Act;

(d)

[__]

Investment company registered under Section 8 of the Investment Company Act;

(e)

[X ]

An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

(f)

[__]

An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);

(g)

[__]

A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);

(h)

[__]

A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;

CUSIP NO. PAP169941328

13G

Page 4 of 6 Pages

(i)

[__]

A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;

(j)

[__]

Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

If this statement is filed pursuant to Rule 13d-1(c), check this box.  o

Item 4

Ownership:

(a)

Amount beneficially owned:

1,626,700 shares of Class E Common Stock

(b)

Percent of Class:

Approximately 5.5% as of December 31, 2004 (based on 29,543,847 shares of Class E Common Stock issued and outstanding as of December 31, 2003).

(c)

Number of shares as to which such person has:

(i)

sole power to vote or to direct the vote:

1,508,100

(ii)

shared power to vote or to direct the vote:

0

(iii)

sole power to dispose or to direct the disposition of:

1,626,700

(iv)

shared power to dispose or to direct the disposition of:

0

Mondrian Investment Partners Limited, an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, is the beneficial owner of 1,626,700 shares or 5.5% of the Common Stock outstanding of the Company as a result of acting as an investment adviser.

Item 5

Ownership of Five Percent or Less of a Class:

Not Applicable.

CUSIP NO. PAP169941328

13G

Page 5 of 6 Pages

Item 6

Ownership of More than Five Percent on Behalf of Another Person:

Not Applicable.

Item 7                                                              Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company:

Not Applicable.

Item 8

Identification and Classification of Members of the Group:

Not Applicable.

Item 9

Notice of Dissolution of Group:

Not Applicable.

Item 10

Certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

CUSIP NO. PAP169941328

13G

Page 6 of 6 Pages

Dated this 14th day of February, 2005

MONDRIAN INVESTMENT PARTNERS
LIMITED

By:

/s/ Jane Goss

Name: Jane Goss

Title: General Counsel