Edgar Filing: LATIN AMERICAN EXPORT BANK

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 Or 15d-16

under the Securities Exchange Act of 1934

For the month of May, 2009

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

(Exact name of Registrant as specified in its Charter)

LATIN AMERICAN EXPORT BANK

(Translation of Registrant’s name into English)

Calle 50 y Aquilino de la Guardia

Apartado 0819-08730

El Dorado, Panama City

Republic of Panama

(Address of Registrant’s Principal Executive Offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F x Form 40-F ¨

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g-3-2(b) under the Securities Exchange Act of 1934.)

Yes ¨ No x

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82__.)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

May 4, 2009

Banco Latinoamericano de Exportaciones, S.A.

By: /s/ Pedro Toll

Name: Pedro Toll

Title: Deputy Manager

Nota: Los datos de esta información no son consolidados y excluyen la data de Bladex Asset Management Inc., Bladex Holdings Inc., Clavex S.A., Bladex Offshore Feeder Fund y Bladex Representacao Ltda.

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE DE SITUACIÓN DE DICIEMBRE 2008 Y MARZO 2009

(En Balboas) *

4 de mayo de 2009

					2008		2009
Descripción	Absoluta		%		Diciembre		Enero		Febrero		Marzo		Abril
ACTIVOS LIQUIDOS		-295,354,978.62		-32.80		900,408,387.46		717,808,031.28		665,592,478.18		605,053,408.84		0.00
Depositos Locales en Bancos		11,117.84		9.29		119,678.71		266,933.91		166,228.99		130,796.55		0.00
A la Vista		11,117.84		9.29		119,678.71		266,933.91		166,228.99		130,796.55		0.00
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Depositos Extranjeros en Bancos		-295,368,578.17		-32.81		900,280,189.52		717,408,834.01		665,420,617.82		604,911,611.35		0.00
A la Vista		-360,368,578.17		-59.54		605,280,189.52		443,408,834.01		299,420,617.82		244,911,611.35		0.00
A Plazo		65,000,000.00		22.03		295,000,000.00		274,000,000.00		366,000,000.00		360,000,000.00		0.00
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Otros		2,481.71		29.13		8,519.23		132,263.36		5,631.37		11,000.94		0.00
CARTERA CREDITICIA		-16,723,737.68		-0.65		2,563,995,557.03		2,625,259,226.06		2,574,391,867.97		2,547,271,819.35		0.00
Locales		29,696,774.13		20.28		146,426,161.11		173,845,131.64		162,779,663.97		176,122,935.24		0.00
Extranjero		-24,773,321.14		-1.00		2,472,217,297.78		2,506,098,077.87		2,466,369,654.50		2,447,443,976.64		0.00
Menos Provisiones		21,647,190.67		39.61		54,647,901.86		54,683,983.45		54,757,450.50		76,295,092.53		0.00
Locales		2,408,315.30		121.82		1,976,899.07		1,976,899.07		1,976,899.07		4,385,214.37		0.00
Extranjero		19,238,875.37		36.53		52,671,002.79		52,707,084.38		52,780,551.43		71,909,878.16		0.00
INVERSIONES EN VALORES		68,275,748.54		8.66		788,240,705.29		765,500,339.63		734,731,700.59		856,516,453.83		0.00
Locales		4,699,185.77		5.50		85,418,314.23		86,488,314.23		85,982,128.43		90,117,500.00		0.00
Extranjero		63,576,562.77		9.05		702,822,391.06		679,012,025.40		648,749,572.16		766,398,953.83		0.00
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTROS ACTIVOS		-16,664,761.59		-23.75		70,168,089.80		61,211,751.15		62,248,402.29		53,503,328.21		0.00
Locales		-6,488,710.14		-51.92		12,497,285.64		7,648,698.17		9,131,122.10		6,008,575.50		0.00
Extranjero		-10,176,051.45		-17.65		57,670,804.16		53,563,052.98		53,117,280.19		47,494,752.71		0.00
TOTAL DE ACTIVOS		-260,467,729.35		-6.03		4,322,812,739.58		4,169,779,348.12		4,036,964,449.03		4,062,345,010.23		0.00
DEPOSITOS		47,060,593.84		4.02		1,169,705,848.32		1,194,733,108.43		1,217,741,248.70		1,216,766,442.16		0.00
Locales		14,431,140.55		20.83		69,284,763.22		71,361,388.44		93,151,832.86		83,715,903.77		0.00
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		-10,000,000.00		-100.00		10,000,000.00		0.00		0.00		0.00		0.00
A la Vista		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		-10,000,000.00		-100.00		10,000,000.00		0.00		0.00		0.00		0.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		24,431,140.55		41.21		59,284,763.22		71,361,388.44		93,151,832.86		83,715,903.77		0.00
A la Vista		-1,692,883.39		-86.83		1,949,582.22		1,811,078.40		1,998,473.25		256,698.83		0.00
A Plazo		26,124,023.94		45.56		57,335,181.00		69,550,310.04		91,153,359.61		83,459,204.94		0.00
Extranjero		32,629,453.29		2.97		1,100,421,085.10		1,123,371,719.99		1,124,589,415.84		1,133,050,538.39		0.00
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		-720,591.09		-11.93		6,040,084.86		2,039,059.60		2,082,474.99		5,319,493.77		0.00
A la Vista		280,028.35		18.24		1,535,090.42		1,534,684.60		1,578,099.99		1,815,118.77		0.00
A Plazo		-1,000,619.44		-22.21		4,504,994.44		504,375.00		504,375.00		3,504,375.00		0.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		33,350,044.38		3.05		1,094,381,000.24		1,121,332,660.39		1,122,506,940.85		1,127,731,044.62		0.00
A la Vista		-56,427,983.59		-51.21		110,194,972.25		78,005,924.10		91,304,980.79		53,766,988.66		0.00
A Plazo		89,778,027.97		9.12		984,186,027.99		1,043,326,736.29		1,031,201,960.06		1,073,964,055.96		0.00
OBLIGACIONES		-264,778,889.97		-10.89		2,432,030,377.24		2,229,666,397.91		2,104,626,539.11		2,167,251,487.27		0.00
Locales		-20,100,000.00		-100.00		20,100,000.00		16,900,000.00		11,800,000.00		0.00		0.00
Extranjero		-244,678,889.97		-10.14		2,411,930,377.24		2,212,766,397.91		2,092,826,539.11		2,167,251,487.27		0.00
OTROS PASIVOS		-64,997,403.65		-34.93		186,090,509.36		185,549,413.63		157,691,719.82		121,093,105.71		0.00
Locales		-6,562,424.57		-44.94		14,602,722.51		14,526,998.13		3,523,167.99		8,040,297.94		0.00
Extranjero		-58,434,979.08		-34.08		171,487,786.85		171,022,415.50		154,168,551.83		113,052,807.77		0.00
PATRIMONIO		22,247,970.23		4.16		534,986,004.71		559,830,428.20		556,904,941.40		557,233,974.94		0.00
Capital		356,653.05		0.13		282,794,414.74		282,906,856.00		283,012,670.14		283,151,067.79		0.00
Reservas de Capital		0.00		0.00		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		0.00
Otras Reservas		-38,233,881.26		641.00		-5,964,753.66		-4,633,080.66		-3,334,858.66		-44,198,634.92		0.00
Utilidad de Periodos Anteriores		32,358,349.53		16.92		191,275,312.05		229,096,975.05		229,096,975.05		223,633,661.58		0.00
Utilidad de Periodo		-25,419,100.91		-67.21		37,821,663.04		8,549,170.42		9,411,562.60		12,402,562.13		0.00
Ganancia o Perdida en Valores Disponible para la venta		53,185,949.82		-80.40		-66,150,785.13		-51,299,646.28		-56,491,561.40		-12,964,835.31		0.00
Deuda Subordinada		0.00		0.00		0.00		0.00		0.00		0.00		0.00
PASIVO Y PATRIMONIO		-260,467,729.55		-6.03		4,322,812,739.63		4,169,779,348.17		4,036,964,449.03		4,062,345,010.08		0.00

*La unidad monetaria es par y equivalentes con el US$ dólar.

Esta es una copia de la versión original, tomada de la publicación mensual de la Superintendencia de Bancos de Panamá.

(sitioweb: http://www.superbancos.gob.pa).

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE DE SITUACIÓN DE DICIEMBRE 2008 Y MARZO 2009

(En Balboas) *

4 de mayo de 2009

	2009
Descripción	Mayo		Junio		Julio		Agosto		Septiembre		Octubre		Noviembre		Diciembre
ACTIVOS LIQUIDOS		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Depositos Locales en Bancos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A la Vista		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Depositos Extranjeros en Bancos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A la Vista		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Otros		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
CARTERA CREDITICIA		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
INVERSIONES EN VALORES		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTROS ACTIVOS		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
TOTAL DE ACTIVOS		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
DEPOSITOS		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A la Vista		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A la Vista		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A la Vista		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A la Vista		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OBLIGACIONES		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTROS PASIVOS		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
PATRIMONIO		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Capital		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Reservas de Capital		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Otras Reservas		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Utilidad de Periodos Anteriores		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Utilidad de Periodo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Ganancia o Perdida en Valores Disponible para la venta		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Deuda Subordinada		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
PASIVO Y PATRIMONIO		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

*La unidad monetaria es par y equivalentes con el US$ dólar.

Esta es una copia de la versión original, tomada de la publicación mensual de la Superintendencia de Bancos de Panamá.

(sitioweb: http://www.superbancos.gob.pa).

ESTADO DE RESULTADO

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

MARZO 2009

(En Balboas) *

4 de mayo de 2009

Descripcion	Enero		Febrero		Marzo		Trimestre I		Abril		Mayo		Junio		Trimestre II
Ingresos Por Intereses		13,900,446.36		12,497,312.76		13,830,744.79		40,228,503.91		0.00		0.00		0.00		0.00
Préstamos		11,450,587.66		10,265,841.03		10,878,984.52		32,595,413.21		0.00		0.00		0.00		0.00
Depósitos		108,729.95		115,900.20		142,229.63		366,859.78		0.00		0.00		0.00		0.00
Inversiones		2,341,128.75		2,115,571.53		2,809,530.64		7,266,230.92		0.00		0.00		0.00		0.00
Egresos de Operaciones		9,146,492.08		8,200,665.93		7,401,800.67		24,748,958.68		0.00		0.00		0.00		0.00
Intereses Pagados		9,143,542.09		8,195,792.71		7,393,271.94		24,732,606.74		0.00		0.00		0.00		0.00
Comisiones		2,949.99		4,873.22		8,528.73		16,351.94		0.00		0.00		0.00		0.00
Ingreso Neto de Intereses		4,753,954.28		4,296,646.83		6,428,944.12		15,479,545.23		0.00		0.00		0.00		0.00
Otros Ingresos		6,348,507.00		2,187,989.67		824,719.93		9,361,216.60		0.00		0.00		0.00		0.00
Comisiones		817,932.36		806,833.89		584,106.38		2,208,872.63		0.00		0.00		0.00		0.00
Otros ingresos		5,530,574.64		1,381,155.78		240,613.55		7,152,343.97		0.00		0.00		0.00		0.00
Ingresos de Operaciones		11,102,461.28		6,484,636.50		7,253,664.05		24,840,761.83		0.00		0.00		0.00		0.00
Egresos Generales		2,553,290.86		5,622,244.32		-17,288,434.28		-9,112,899.10		0.00		0.00		0.00		0.00
Gastos Administrativos		1,245,417.33		2,888,697.60		1,680,787.23		5,814,902.16		0.00		0.00		0.00		0.00
Gastos Generales		204,470.82		274,904.72		407,562.59		886,938.13		0.00		0.00		0.00		0.00
Gastos de Depreciación		216,847.29		220,332.96		220,344.26		657,524.51		0.00		0.00		0.00		0.00
Otros Gastos		886,555.42		2,238,309.04		-19,597,128.36		-16,472,263.90		0.00		0.00		0.00		0.00
Utilidad antes de Provisiones		8,549,170.42		862,392.18		24,542,098.33		33,953,660.93		0.00		0.00		0.00		0.00
Provisiones por Cuentas Malas		0.00		0.00		21,551,098.81		21,551,098.81		0.00		0.00		0.00		0.00
Utilidad del Periodo		8,549,170.42		862,392.18		2,990,999.52		12,402,562.12		0.00		0.00		0.00		0.00

*La unidad monetaria es par y equivalentes con el US$ dólar.

Esta es una copia de la versión original, tomada de la publicación mensual de la Superintendencia de Bancos de Panamá.

(sitioweb: http://www.superbancos.gob.pa).

ESTADO DE RESULTADO

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

MARZO 2009

(En Balboas) *

4 de mayo de 2009

Descripcion	Julio		Agosto		Septiembre		Trimestre III		Octubre		Noviembre		Diciembre		Trimestre IV		Acumulado Anual
Ingresos Por Intereses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		40,228,503.91
Préstamos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		32,595,413.21
Depósitos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		366,859.78
Inversiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		7,266,230.92
Egresos de Operaciones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		24,748,958.68
Intereses Pagados		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		24,732,606.74
Comisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		16,351.94
Ingreso Neto de Intereses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		15,479,545.23
Otros Ingresos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		9,361,216.60
Comisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		2,208,872.63
Otros ingresos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		7,152,343.97
Ingresos de Operaciones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		24,840,761.83
Egresos Generales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		-9,112,899.10
Gastos Administrativos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		5,814,902.16
Gastos Generales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		886,938.13
Gastos de Depreciación		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		657,524.51
Otros Gastos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		-16,472,263.90
Utilidad antes de Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		33,953,660.93
Provisiones por Cuentas Malas		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		21,551,098.81
Utilidad del Periodo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		12,402,562.12

*La unidad monetaria es par y equivalentes con el US$ dólar.

Esta es una copia de la versión original, tomada de la publicación mensual de la Superintendencia de Bancos de Panamá.

(sitioweb: http://www.superbancos.gob.pa).

Note: This information are unconsolidated figures and exclude the data for Bladex Asset Management Inc., Bladex Holdings Inc., Clavex S.A., Bladex Offshore Feeder Fund, and Bladex Representacao Ltda.

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE SHEETS* DECEMBER 2008 AND MARCH 2009

(In Balboas)*

May 4, 2009

					2008		2009
Description	Absolute		%		December		January		February		March		April
LIQUID ASSETS		-295,354,978.62		-32.80		900,408,387.46		717,808,031.28		665,592,478.18		605,053,408.84		0.00
Local Deposits in Banks		11,117.84		9.29		119,678.71		266,933.91		166,228.99		130,796.55		0.00
Demand		11,117.84		9.29		119,678.71		266,933.91		166,228.99		130,796.55		0.00
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign Deposits in Banks		-295,368,578.17		-32.81		900,280,189.52		717,408,834.01		665,420,617.82		604,911,611.35		0.00
Demand		-360,368,578.17		-59.54		605,280,189.52		443,408,834.01		299,420,617.82		244,911,611.35		0.00
Time		65,000,000.00		22.03		295,000,000.00		274,000,000.00		366,000,000.00		360,000,000.00		0.00
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Others		2,481.71		29.13		8,519.23		132,263.36		5,631.37		11,000.94		0.00
CREDIT PORTFOLIO		-16,723,737.68		-0.65		2,563,995,557.03		2,625,259,226.06		2,574,391,867.97		2,547,271,819.35		0.00
Local		29,696,774.13		20.28		146,426,161.11		173,845,131.64		162,779,663.97		176,122,935.24		0.00
Foreign		-24,773,321.14		-1.00		2,472,217,297.78		2,506,098,077.87		2,466,369,654.50		2,447,443,976.64		0.00
Less Allowance		21,647,190.67		39.61		54,647,901.86		54,683,983.45		54,757,450.50		76,295,092.53		0.00
Local		2,408,315.30		121.82		1,976,899.07		1,976,899.07		1,976,899.07		4,385,214.37		0.00
Foreign		19,238,875.37		36.53		52,671,002.79		52,707,084.38		52,780,551.43		71,909,878.16		0.00
INVESTMENT SECURITIES		68,275,748.54		8.66		788,240,705.29		765,500,339.63		734,731,700.59		856,516,453.83		0.00
Local		4,699,185.77		5.50		85,418,314.23		86,488,314.23		85,982,128.43		90,117,500.00		0.00
Foreign		63,576,562.77		9.05		702,822,391.06		679,012,025.40		648,749,572.16		766,398,953.83		0.00
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTHER ASSETS		-16,664,761.59		-23.75		70,168,089.80		61,211,751.15		62,248,402.29		53,503,328.21		0.00
Local		-6,488,710.14		-51.92		12,497,285.64		7,648,698.17		9,131,122.10		6,008,575.50		0.00
Foreign		-10,176,051.45		-17.65		57,670,804.16		53,563,052.98		53,117,280.19		47,494,752.71		0.00
TOTAL ASSETS		-260,467,729.35		-6.03		4,322,812,739.58		4,169,779,348.12		4,036,964,449.03		4,062,345,010.23		0.00
DEPOSITS		47,060,593.84		4.02		1,169,705,848.32		1,194,733,108.43		1,217,741,248.70		1,216,766,442.16		0.00
Local		14,431,140.55		20.83		69,284,763.22		71,361,388.44		93,151,832.86		83,715,903.77		0.00
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		-10,000,000.00		-100.00		10,000,000.00		0.00		0.00		0.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		-10,000,000.00		-100.00		10,000,000.00		0.00		0.00		0.00		0.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		24,431,140.55		41.21		59,284,763.22		71,361,388.44		93,151,832.86		83,715,903.77		0.00
Demand		-1,692,883.39		-86.83		1,949,582.22		1,811,078.40		1,998,473.25		256,698.83		0.00
Time		26,124,023.94		45.56		57,335,181.00		69,550,310.04		91,153,359.61		83,459,204.94		0.00
Foreign		32,629,453.29		2.97		1,100,421,085.10		1,123,371,719.99		1,124,589,415.84		1,133,050,538.39		0.00
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		-720,591.09		-11.93		6,040,084.86		2,039,059.60		2,082,474.99		5,319,493.77		0.00
Demand		280,028.35		18.24		1,535,090.42		1,534,684.60		1,578,099.99		1,815,118.77		0.00
Time		-1,000,619.44		-22.21		4,504,994.44		504,375.00		504,375.00		3,504,375.00		0.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		33,350,044.38		3.05		1,094,381,000.24		1,121,332,660.39		1,122,506,940.85		1,127,731,044.62		0.00
Demand		-56,427,983.59		-51.21		110,194,972.25		78,005,924.10		91,304,980.79		53,766,988.66		0.00
Time		89,778,027.97		9.12		984,186,027.99		1,043,326,736.29		1,031,201,960.06		1,073,964,055.96		0.00
BORROWINGS		-264,778,889.97		-10.89		2,432,030,377.24		2,229,666,397.91		2,104,626,539.11		2,167,251,487.27		0.00
Local		-20,100,000.00		-100.00		20,100,000.00		16,900,000.00		11,800,000.00		0.00		0.00
Foreign		-244,678,889.97		-10.14		2,411,930,377.24		2,212,766,397.91		2,092,826,539.11		2,167,251,487.27		0.00
OTHER LIABILITIES		-64,997,403.65		-34.93		186,090,509.36		185,549,413.63		157,691,719.82		121,093,105.71		0.00
Local		-6,562,424.57		-44.94		14,602,722.51		14,526,998.13		3,523,167.99		8,040,297.94		0.00
Foreign		-58,434,979.08		-34.08		171,487,786.85		171,022,415.50		154,168,551.83		113,052,807.77		0.00
STOCKHOLDERS´ EQUITY		22,247,970.23		4.16		534,986,004.71		559,830,428.20		556,904,941.40		557,233,974.94		0.00
Capital		356,653.05		0.13		282,794,414.74		282,906,856.00		283,012,670.14		283,151,067.79		0.00
Capital Reserves		0.00		0.00		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		0.00
Other Reserves		-38,233,881.26		641.00		-5,964,753.66		-4,633,080.66		-3,334,858.66		-44,198,634.92		0.00
Retained Earnings		32,358,349.53		16.92		191,275,312.05		229,096,975.05		229,096,975.05		223,633,661.58		0.00
Net Income		-25,419,100.91		-67.21		37,821,663.04		8,549,170.42		9,411,562.60		12,402,562.13		0.00
Gain or Loss in Securities available for sale		53,185,949.82		-80.40		-66,150,785.13		-51,299,646.28		-56,491,561.40		-12,964,835.31		0.00
Subordinated Debt		0.00		0.00		0.00		0.00		0.00		0.00		0.00
LIABILITIES AND STOCKHOLDER'S EQUITY		-260,467,729.55		-6.03		4,322,812,739.63		4,169,779,348.17		4,036,964,449.03		4,062,345,010.08		0.00

*Monetary unit at par and equivalent with US$ dollars.

This is a translation from Spanish original version, taken from the monthly publication of the Superintendency of Banks of Panama

(website: http://www.superbancos.gob.pa).

Note: This information are unconsolidated figures and exclude the data for Bladex Asset Management Inc., Bladex Holdings Inc., Clavex S.A., Bladex Offshore Feeder Fund, and Bladex Representacao Ltda.

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE SHEETS* DECEMBER 2008 AND MARCH 2009

(In Balboas)*

May 4, 2009

	2009
Description	May		June		July		August		September		October		November		December
LIQUID ASSETS		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local Deposits in Banks		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign Deposits in Banks		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Others		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
CREDIT PORTFOLIO		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
INVESTMENT SECURITIES		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTHER ASSETS		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
TOTAL ASSETS		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
DEPOSITS		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
BORROWINGS		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTHER LIABILITIES		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
STOCKHOLDERS´ EQUITY		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Capital		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Capital Reserves		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Other Reserves		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Retained Earnings		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Net Income		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Gain or Loss in Securities available for sale		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Subordinated Debt		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
LIABILITIES AND STOCKHOLDER’S EQUITY		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00

*Monetary unit at par and equivalent with US$ dollars.

This is a translation from Spanish original version, taken from the monthly publication of the Superintendency of Banks of Panama

(website: http://www.superbancos.gob.pa).

Note: This information are unconsolidated figures and exclude the data for Bladex Asset Management Inc., Bladex Holdings Inc., Clavex S.A., Bladex Offshore Feeder Fund, and Bladex Representacao Ltda.

STATEMENTS OF INCOME

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

MARCH 2009

(In Balboas)*

May 4, 2009

Description	January		February		March		I Quarter		April		May		June		II Quarter
Interest Income		13,900,446.36		12,497,312.76		13,830,744.79		40,228,503.91		0.00		0.00		0.00		0.00
Loans		11,450,587.66		10,265,841.03		10,878,984.52		32,595,413.21		0.00		0.00		0.00		0.00
Deposits		108,729.95		115,900.20		142,229.63		366,859.78		0.00		0.00		0.00		0.00
Investments		2,341,128.75		2,115,571.53		2,809,530.64		7,266,230.92		0.00		0.00		0.00		0.00
Interest Expense		9,146,492.08		8,200,665.93		7,401,800.67		24,748,958.68		0.00		0.00		0.00		0.00
Interest		9,143,542.09		8,195,792.71		7,393,271.94		24,732,606.74		0.00		0.00		0.00		0.00
Commissions		2,949.99		4,873.22		8,528.73		16,351.94		0.00		0.00		0.00		0.00
Net Interest Income		4,753,954.28		4,296,646.83		6,428,944.12		15,479,545.23		0.00		0.00		0.00		0.00
Other Income		6,348,507.00		2,187,989.67		824,719.93		9,361,216.60		0.00		0.00		0.00		0.00
Commissions		817,932.36		806,833.89		584,106.38		2,208,872.63		0.00		0.00		0.00		0.00
Other Income		5,530,574.64		1,381,155.78		240,613.55		7,152,343.97		0.00		0.00		0.00		0.00
Operating Income		11,102,461.28		6,484,636.50		7,253,664.05		24,840,761.83		0.00		0.00		0.00		0.00
Operating Expenses		2,553,290.86		5,622,244.32		-17,288,434.28		-9,112,899.10		0.00		0.00		0.00		0.00
Administrative expenses		1,245,417.33		2,888,697.60		1,680,787.23		5,814,902.16		0.00		0.00		0.00		0.00
General expenses		204,470.82		274,904.72		407,562.59		886,938.13		0.00		0.00		0.00		0.00
Depreciation		216,847.29		220,332.96		220,344.26		657,524.51		0.00		0.00		0.00		0.00
Other expenses		886,555.42		2,238,309.04		-19,597,128.36		-16,472,263.90		0.00		0.00		0.00		0.00
Net Income before provision for loan losses		8,549,170.42		862,392.18		24,542,098.33		33,953,660.93		0.00		0.00		0.00		0.00
Provision for loan losses		0.00		0.00		21,551,098.81		21,551,098.81		0.00		0.00		0.00		0.00
Net Income		8,549,170.42		862,392.18		2,990,999.52		12,402,562.12		0.00		0.00		0.00		0.00

*Monetary unit at par and equivalent with US$ dollars.

This is a translation from Spanish original version, taken from the monthly publication of the Superintendency of Banks of Panama

(website: http://www.superbancos.gob.pa).

Note: This information are unconsolidated figures and exclude the data for Bladex Asset Management Inc., Bladex Holdings Inc., Clavex S.A., Bladex Offshore Feeder Fund, and Bladex Representacao Ltda.

STATEMENTS OF INCOME

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

MARCH 2009

(In Balboas)*

May 4, 2009

Description	July		August		September		III Quarter		October		November		December		IV Quarter		Year to date
Interest Income		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		40,228,503.91
Loans		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		32,595,413.21
Deposits		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		366,859.78
Investments		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		7,266,230.92
Interest Expense		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		24,748,958.68
Interest		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		24,732,606.74
Commissions		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		16,351.94
Net Interest Income		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		15,479,545.23
Other Income		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		9,361,216.60
Commissions		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		2,208,872.63
Other Income		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		7,152,343.97
Operating Income		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		24,840,761.83
Operating Expenses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		-9,112,899.10
Administrative expenses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		5,814,902.16
General expenses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		886,938.13
Depreciation		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		657,524.51
Other expenses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		-16,472,263.90
Net Income before provision for loan losses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		33,953,660.93
Provision for loan losses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		21,551,098.81
Net Income		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		12,402,562.12

*Monetary unit at par and equivalent with US$ dollars.

This is a translation from Spanish original version, taken from the monthly publication of the Superintendency of Banks of Panama

(website: http://www.superbancos.gob.pa).