- Expansion
- Latin America
Programme Latitude · Regional plan
Latin America: expansion plan
Latin America has grown since 2022 on borrowed capacity: structuring through Curaçao, credit authority in George Town and an interim trade-finance line. Four locations, three registrations, 26 people and US$47 million of client portfolio. The 2031 phase is the first that funds the region directly instead of lending it capacity.
The plan
The region originates agri-science and animal-health positions in Brazil, pharmaceutical manufacturing exposure in Mexico, and trade finance across the isthmus. It adds two registrations and two locations in 2031, and the Montevideo desk becomes an office once the Uruguayan registration is granted.
Targets
- Client portfolio in the region raised from US$47 million to US$115 million by the end of 2032.
- Regional headcount raised from 26 to 44, including a São Paulo origination team of seven.
- Six offices and desks by 2032, adding an office in Santiago and a representative desk in Bogotá.
- Five registrations by 2032, adding Uruguay and Chile during the 2031 phase.
- Trade-finance line at US$60 million and isthmus correspondent relationships at 22 by the end of 2031.
Risks
- Currency. Most origination is priced in local currency and funded in dollars. Hedging is documented at inception and reviewed by the Risk and Valuation Committee each quarter.
- Documentary fraud. The trade-finance line is drawn against documents, so verification of those documents and discipline about repeat borrowers carry the weight that a balance sheet would carry elsewhere.
- Political and fiscal change. Treaty positions and manufacturing incentives move with governments, which is why no structure in the region depends on a single treaty for its economics.
- Distance from credit authority. Panama City decides up to US$5 million a transaction. Anything larger waits for George Town, and waiting costs transactions in a market that prices in days.
Initiatives
- Latin America trade-finance line (In progress, from 2025)