SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 6-K

                        Report of Foreign Private Issuer
                    Pursuant to Rule 13a-16 Or 15d-16 Of The
                         Securities Exchange Act of 1934

                             Long Form Press Release

                  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 6-1497
                             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__.)


                                                                               1


                                   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, thereto duly authorized.

February 17, 2004
                                    Banco Latinoamericano de Exportaciones, S.A.

                                      By: /s/ Pedro Toll

                                      Name:  Pedro Toll
                                      Title: General Manager


                                       2


FOR IMMEDIATE RELEASE

             BANCO LATINOAMERICANO DE EXPORTACIONES, S.A. ("BLADEX")
          REPORTS FULL YEAR 2003 RECORD NET INCOME OF US$111.5 MILLION

   4Q03 Financial Highlights

o     Net Income was US$16.2 million in the 4Q03, compared to US$17.8 million
      for the 3Q03, and US$15.0 million for the 4Q02.

o     For the year, net income was US$111.5 million, compared to a loss of
      US$268.8 million in 2002.

o     Short-term trade loans increased to US$1.4 billion, or 21%, for the
      quarter, and 77% from year-end 2002.

o     The Bank reversed the declining trend of its overall loan portfolio, as
      total loans grew 6% for the quarter.

o     The Bank sold US$15 million in nominal value of Argentine loans during the
      fourth quarter of 2003. Exposure in the country (net of allowance for
      credit losses and impairment loss) is US$240 million, down 39% from a year
      ago.

Panama City,  Republic of Panama,  February 17, 2004 - Banco  Latinoamericano de
Exportaciones,  S.A.  ("BLADEX" or "the Bank") (NYSE: BLX), a multinational bank
specializing  in trade  finance for Latin America and the  Caribbean,  announced
today its results for the fourth  quarter and full year periods  ended  December
31, 2003. The Bank's  financial  statements are prepared in accordance with U.S.
GAAP, and are stated in U.S. dollars.

The Bank reported net income of US$16.2  million for the fourth quarter of 2003,
or US$0.41 per share,  compared to net income of US$17.8 million, or US$0.45 per
share, in the previous  quarter,  and net income of US$15.0 million,  or US$0.85
per share, in the fourth quarter of 2002.

Net income  for the  fourth  quarter of 2003  reflected  the sale,  and  partial
payment, of Argentine loans, which generated reversals of the allowance for loan
losses.  In addition,  the Bank increased reserve coverage for certain Argentine
borrowers,  and reduced generic  reserves related to certain  countries  (mainly
Brazil).  The net  impact  of these  factors  on  earnings  was a gain of US$9.5
million for the quarter.

For the full year 2003, the Bank achieved record net income of US$111.5 million,
or US$3.88  per share,  compared to a US$268.8  million  loss,  or US$15.56  per
share,  for 2002. The loss in 2002 reflected  US$278.8 million of provisions for
credit losses,  and a US$44.3 million charge resulting from impairment losses on
securities, both related to the Bank's Argentine portfolio.


                                                                               3


                                   Key Figures

--------------------------------------------------------------------------------
                                     2002     2003       4Q02     3Q03     4Q03
--------------------------------------------------------------------------------
Net Income (In US$ millions)       (268.8)    111.5      15.0     17.8     16.2

EPS*                               (15.56)     3.88      0.85     0.45     0.41
Tier 1 Capital Ratio                 15.3%     35.4%     15.3%    37.8%    35.4%

Equity to Assets Ratio               11.2%     22.8%     11.2%    23.1%    22.8%
Return on Average Equity             n.s.**    23.9%     18.7%    12.6%    11.2%
Net interest margin                   1.5%      1.9%      1.8%     2.0%     2.1%
--------------------------------------------------------------------------------

*     Earnings per share  calculations are based on the average number of shares
      outstanding  during  each  period.  During the fourth  quarter of 2003 the
      average number of common shares was 39.3 million, compared to 39.3 million
      in the third  quarter of 2003,  and  compared to 17.3  million  during the
      fourth quarter of 2002.

**    The abbreviation n.s. means not significant.

Comments from the Chief Executive Officer

Jaime Rivera,  Chief Executive Officer of BLADEX stated,  "We had a good year in
2003.  The strong  performance  that we posted was the  result of  seamless  and
disciplined  execution  of our  strategy.  As we look back at the value added by
BLADEX during the year, we can  summarize  the effort in both  quantitative  and
qualitative  terms.  In  terms  of  the  former,  we  can  identify  three  main
components:

First was the growth of our core business.  During 2003, our overall  short-term
trade finance loan balances increased 77%, a remarkable  achievement in light of
the weak economic environment that prevailed in the region.  Notably, the fourth
quarter was the first in several  periods in which we showed  overall  growth in
our loan portfolio.

The second key financial  driver of our  performance  was the  management of our
Argentine  portfolio.  We began 2003 with a net exposure of US$394 million,  and
ended the year  with a net  exposure  of US$240  million,  a  reduction  of 39%.
Furthermore,  during 2003 we  restructured  80% of our portfolio in the country.
During the first quarter of 2004, we began  receiving the initial  repayments of
principal under some of these restructurings.

The third  financial  value driver of our performance was the combination of our
capital management and our performance in terms of return on equity. In terms of
our  capitalization,  June 27, 2003  marked a turning  point for BLADEX with the
success of its US$147  million  rights  offering.  This event brought our Tier 1
Ratio from its weakest point in the year to its strongest ever (35.4%).  Working
off this  strong  capitalization,  we were still able to deliver a solid 24% ROE
and,  based  on the  quality  of our  core  business,  announced  last  week the
resumption  of our practice of paying  shareholder  dividends.  Further  capital
management  actions will depend on the  establishment of a positive track record
in both our core  revenue  growth  and  principal  repayments  in respect of our
restructured Argentine portfolio.


                                                                               4


As for the qualitative aspects of our work, most importantly,  we have hired Mr.
Rubens Amaral to spearhead the execution of our commercial strategy. Mr. Amaral,
formerly  head of the North America  operations at Banco do Brasil,  will assume
the position of BLADEX's Chief Commercial  Officer  beginning March 1, 2004. Mr.
Amaral's  successful  track  record,  vision,  energy and drive,  along with his
knowledge  of the region and of the type of business  we plan to  develop,  will
accelerate the execution of our business plans.

On the qualitative  front as well, we completed the first of a three-part  brand
study,  the results of which will allow us to  strengthen  our  position and add
value to our brand in 2004 and beyond.

Finally,  today we are launching our new corporate  website at  www.blx.com.  We
hope the new  design  and  improved  content,  including  our Code of Ethics and
Corporate  Governance  Guidelines,  will afford the market access to more timely
and complete information about our company.

During 2004,  we will continue to work towards our ultimate goal of becoming the
leading trade finance house in the Region,  while creating substantial value for
our shareholders, and making improved opportunities for the people of the region
a reality. To this end, we have the financial and human resources in place, have
a well defined  strategy to implement,  have identified  effective  tactics and,
most importantly, have the clients and execution skills to achieve our goals."


                                                                               5


 [The following table was represented by a bar chart in the printed material.]

                                       Loan and Investment Portfolio Evolution

In US$ millions                       Dec-02   Mar-03   Jun-03  Sep-03    Dec-03
                                      ------   ------   ------  ------    ------
% Short-Term Trade
  Financing Growth                        9%      11%      21%       9%      21%
Medium-Term Lending and
  Short Term Non-Trade
  Lending                             1,293    1,081      878      796      684
Argentine Portfolio                     801      777      589      427      408
Short-Term Trade                        786      873    1,058    1,151    1,390

- Balances at End of Period

 [The following table was represented by a bar chart in the printed material.]

                  Loan and Investment Portfolio Disbursements

                                          US$ million
                                          -----------
                            3qtr02            550
                            4qtr02            682
                            1qtr03            583
                            2qtr03            746
                            3qtr03            733
                            4qtr03            958

-Includes disbursements of loans and investments.


                                                                               6


 [The following table was represented by a bar chart in the printed material.]

                  Non-Argentine Loan and Investment Portfolio



                               Jan-03  Feb-03  Mar-03  Apr-03  May-03  Jun-03  Jul-03  Aug-03  Sep-03  Oct-03  Nov-03  Dec-03
                               ------  ------  ------  ------  ------  ------  ------  ------  ------  ------  ------  ------
                                                                                    
Trade loans average days
  to maturity ................    140     126     128     124     116     117     120     115     118     130     125     138

Trade loans outstanding
  balance (In US$ millions)...  1,134   1,101   1,169   1,201   1,231   1,236   1,237   1,277   1,318   1,165   1,084   1,472


NET INTEREST INCOME

Net interest  income in the fourth quarter of 2003 amounted to US$13.3  million,
compared to US$13.4 million in the third quarter of 2003, and US$15.2 million in
the fourth quarter of 2002. The US$1.9 million  decline in the fourth quarter of
2003 compared to the fourth quarter of 2002 was mainly due to lower average loan
volumes  (volumes  picked up only during the last three weeks of December),  and
lower interest rates, which generated a lower return on the Bank's liquidity.

Net  interest  income for the full year 2003 was  US$54.0  million,  compared to
US$64.8  million for 2002.  This US$10.8 million decline was mainly due to lower
average  loan  volumes  during  2003 ($2.2  billion  million in 2003 versus $3.4
billion in 2002).

Net interest margin

The table below provides the net interest margin (net interest income divided by
the  average  balance  of  interest-earning  assets),  and net  interest  spread
(average yield earned on interest-earning  assets, less the average rate paid on
interest-bearing liabilities) for the periods indicated:

-------------------------------------------------------------------------
                       2002       2003      4Q02       3Q03      4Q03
-------------------------------------------------------------------------
Net Interest Margin    1.48%     1.87%      1.75%     1.96%      2.07%
Net Interest Spread    0.96%     1.23%      1.11%     1.31%      1.41%
-------------------------------------------------------------------------

      4Q03 vs. 3Q03

      The  increases  in net  interest  margin and net  interest  spread for the
      fourth quarter of 2003, compared to the third quarter of 2003, were due to
      increased interest  collections on the Bank's non-accruing  portfolio,  an
      effect that was partially  offset by lower lending margins on the accruing
      portfolio.  The  average  net  lending  spread  over  LIBOR of the  Bank's
      accruing loan and


                                                                               7


      investment  portfolio declined from 1.46% in the third quarter of 2003, to
      1.37% in the fourth quarter of 2003.

      2003 vs. 2002

      The increase of 39 basis  points in net interest  margin for the full year
      2003  compared to the full year 2002 was mainly due to increased  interest
      collections on non-accruing assets in 2003.

COMMISSION INCOME

The following  table shows the  components of commission  income for the periods
indicated:

-----------------------------------------------------------------------------
 (In US$ thousands)                       2002    2003    4Q02    3Q03   4Q03
-----------------------------------------------------------------------------
Letters of credit                        3,655   4,242   1,206   1,092    794
Guarantees:
  Country risk coverage business         1,997   1,251     380     309    309
  Other guarantees                       2,305     936     246     242    145

Loans                                      968   1,459     260     270    346
                                         -----   -----   -----   -----    ---
-----------------------------------------------------------------------------
Total Commission Income                  8,925   7,889  2,092   1,913   1,595
                                         =====   =====  =====   =====   =====
-----------------------------------------------------------------------------

Commission  income for the year 2003  decreased  by 12% compared to the previous
year,  mostly due to  decreased  volumes in  guarantees  issued.  The decline in
letters of credit  revenue  during the fourth  quarter of 2003 was mainly due to
lower volumes in the Dominican Republic.

PROVISIONS FOR CREDIT LOSSES

During  2002,  the Bank  increased  provisions  for  credit  losses by  US$278.8
million,  mostly related to the Bank's Argentine credit portfolio.  During 2003,
the Bank reversed US$58.9 million of its allowance for credit losses,  mostly as
a result of the sale of  Argentine  loans at prices above their  respective  net
book values.

OPERATING EXPENSES

The  following  table shows a breakdown  of the  components  of total  operating
expenses for the periods indicated:

--------------------------------------------------------------------------------
(In US$ thousands)                         2002     2003    4Q02    3Q03    4Q03
--------------------------------------------------------------------------------

Salaries and other employee expenses      9,874   11,390   2,466   2,103   4,298
Depreciation of premises and equipment    1,418    1,512     391     378     381
Professional services                     2,395    3,147    -436     632     984
Maintenance and repairs                     916    1,166     257     292     335
Other operating expenses                  4,656    5,346   1,099   1,350   1,813
                                         ------   ------   -----   -----   -----
      Total Operating Expenses           19,259   22,561   3,777   4,755   7,812
                                         ======   ======   =====   =====   =====
--------------------------------------------------------------------------------

      4Q03 vs. 3Q03

      Salaries and other  employee  expenses for the third and fourth quarter of
      2003  include   provisions  for  variable   compensation,   and  severance
      provisions   of  US$0.3   million   and  US$2.1   million,


                                                                               8


      respectively.  Professional  services  expenses for the fourth  quarter of
      2003 increased by US$0.4  million (56%),  compared to the third quarter of
      2003,  mainly due to fees related to recruiting key  personnel,  and legal
      fees related to SEC regulatory requirements.  Other operating expenses for
      the fourth quarter of 2003 increased by US$463 million (34%),  compared to
      the third quarter of 2003,  primarily due to expenses related to the brand
      image initiative being conducted by the Bank.

      2003 vs. 2002

      For the full year of 2003, total operating  expenses were US$22.6 million,
      compared to US$19.3 million in 2002.  Salaries and other employee expenses
      for 2002 and 2003 include variable  compensation  provisions and severance
      provisions of US$1.2 million and US$3.7 million,  respectively.  Excluding
      the impact of these  provisions,  salaries and other employee expenses for
      the full  year of 2003  decreased  by 12%  compared  to full year of 2002.
      Professional  services and maintenance  and repairs  expenses for the full
      year of 2003 increased by $1.0 million (30%), compared to the full year of
      2002,  primarily due to consulting fees related to new compensation plans,
      recruiting of key  personnel,  external audit and  information  technology
      projects, and systems security work. Other operating expenses for the full
      year of 2003  increased  by  $0.7  million  (15%),  mainly  due to  higher
      insurance premiums for Directors and Officers.

BUSINESS OVERVIEW

The Bank's  business  activities  are focused on providing  trade  financing and
services to banks and strategic  corporations in Latin America. The geographical
composition  (excluding the  non-accruing  portfolio in Argentina) of the Bank's
net credit  portfolio by type of client and  exposure,  as of December 31, 2003,
was as follows:



----------------------------------------------------------------------------------------------------------------
                                                      Caribbean
                                                         and
                                         Dominican     Central      South                   Total       Total
                    Brazil    Mexico      Republic     America     America   Other (*)     12/31/03    09/30/03
----------------------------------------------------------------------------------------------------------------
                                                                                     
Banks                   77%       33%          100%          44%        65%       100%           68%         75%
Other                   23%       67%            0%          56%        35%         0%           32%         25%
----------------------------------------------------------------------------------------------------------------
Trade                   81%       82%           72%          99%        54%         5%           73%         70%
Non-Trade               19%       18%           28%           1%        46%        95%           27%         30%
----------------------------------------------------------------------------------------------------------------

(*) Other - consists of reverse repurchase agreements classified as U.S. country
risk of US$132  million and guarantees for US$7 million issued to a multilateral
bank in Honduras.

During the fourth quarter of 2003, the Bank's exposure to non-financial entities
as a percentage of its total portfolio increased from 25% at September 30, 2003
to 32% at December 31, 2003, mainly due to higher


                                                                               9


trade lending  activity to state-owned  petroleum  companies in Mexico,  Brazil,
Trinidad and Tobago, and Costa Rica.

As of  December  31,  2003,  93%  of  the  Bank's  credit  portfolio  (excluding
Argentina) was scheduled to mature on or before December 31, 2004.

A per country  distribution  of the maturity  profile of the Bank's  medium-term
exposure at December 31, 2003 is presented below:

(In US$ millions, except percentages)
--------------------------------------------------------------------------------
                       Medium term
                        portfolio                                           Past
      Country          outstanding       2004     2005    2006     2007      Due
--------------------------------------------------------------------------------
Brazil                    $315           $239      $37     $17      $21       $1
Colombia                    43              9        7       -       27        -
Costa rica                   2              2        -       -        -        -
Dominican Republic          10             10        -       -        -        -
El Salvador                  1              1        -       -        -        -
Jamaica                      0              0        -       -        -        -
Mexico                      87             40       13       3       29        -
Nicaragua                    6              6        -       -        -        -
Peru                        13              6        8       -        -        -
Venezuela                   61             51        8       2        -        -
Total                     $538           $364      $73     $22      $77       $1
                          ----           ----      ---     ---      ---       --
Percentage (%)            100%            68%      14%      4%      14%       0%
--------------------------------------------------------------------------------

The Bank's total  assets and  contingencies,  and  risk-weighted  assets,  as of
December 31, 2003 were as follows:

(In US$ millions, except percentages)
--------------------------------------------------------------------------------
                               Total Assets and                 Risk
                               Contingencies -                Weighted
        Country               Nominal Amount (1)      %        Assets         %
--------------------------------------------------------------------------------
Argentina                           $440             16%        $435         28%
Brazil                             1,121             40%         444         28%
Chile                                133              5%          62          4%
Dominican Republic                    37              1%           6          0%
Mexico                               219              8%         164         10%
Venezuela                             61              2%          61          4%
Other Countries (2)                  778             28%         403         26%
--------------------------------------------------------------------------------
Total Credit Portfolio            $2,788            100%      $1,575        100%
--------------------------------------------------------------------------------
Other (3)                           $329                         $75
--------------------------------------------------------------------------------
(1)   Excludes fair value  adjustments  in the aggregate  amount of US$3 million
      allocated as follows: -US$5 million in Argentina,  US$1 million in Brazil,
      US$5 million in Mexico and US$2 million in Colombia.
(2)   Other countries - includes securities purchased under agreements to resell
      of US$132  million  classified  as US country  risk,  and US$7  million in
      guarantees issued to a multilateral bank in Honduras.
(3)   Other - consists  of cash and due from  banks,  interest-bearing  deposits
      with banks,  unearned  income,  premises and equipment,  accrued  interest
      receivable,  derivatives,  credit commitments, and other assets.


                                                                              10


ARGENTINE EXPOSURE

The Bank's US$240  million  exposure in  Argentina,  net of allowance for credit
losses,  represented  41% of the total equity capital of the Bank as of December
31, 2003,  compared to 48% as of September 30, 2003, and 120% as of December 31,
2002.

The Bank's net  exposures in Argentina as of December 31, 2003 and September 30,
2003 are presented in the following tables:

 [The following table was represented by a bar chart in the printed material.]


                               Argentine Exposure



In US$ millions        Dec-01  Mar-02  Jun-02  Sep-02  Dec-02  Mar-03  Jun-03  Sep-03  Dec-03
                       ------  ------  ------  ------  ------  ------  ------  ------  ------
                                                             
Nominal Value           1,155  1,001    961     929     847     824     618     457     440
Net Exposure (1)        1,002    828    494     462     394     401     350     272     240
Reserve and mark to
  market as a % of
  nominal value           13%    17%    49%     50%     53%     51%     43%     40%     45%


(1)   Exposure  net of  specific  allowances  for credit  losses and net of fair
      value adjustments on investment securities (mark-to-market).



-------------------------------------------------------------------------------------------------------
                                                                  Acceptances                Repurchase
(In US$ millions)                       Loans    Investments   and Contingencies     Total   Agreements
-------------------------------------------------------------------------------------------------------
                                                                                    
Nominal Value (gross portfolio)           398          10              32              440         132
Impairment loss                          n.a.         (5)            n.a.              (5)           -
                                         ----        ----            ----            -----       -----
Credit Portfolio at Dec. 31, 2003         398           5              32              435         132
Specific allowance for credit losses    (175)        n.a.            (20)            (195)           -
Collateral (U.S. Treasury Strips)           -           -               -                -       (132)
                                         ----        ----            ----            -----       -----
-------------------------------------------------------------------------------------------------------
Net Exposure at Dec. 31, 2003             223           5              11              240           0
                                         ----        ----            ----            -----       -----
-------------------------------------------------------------------------------------------------------
Net Exposure at Sept. 30, 2003            251           5              16              272           0
                                         ----        ----            ----            -----       -----
-------------------------------------------------------------------------------------------------------


As of December 31, 2003,  the Bank's  gross  portfolio in Argentina  amounted to
US$440 million, a reduction of US$407 million,  or 48%, compared to December 31,
2002. This reduction was mainly due to the sale of Argentine  assets with a face
value of US$308  million,  the proceeds of which  exceeded  their carrying value
(net of previously established loan loss allowances and fair value adjustments).
The following table shows detailed information on these sales during 2003:


                                                                              11


-------------------------------------------------------
(In US$ millions)             Loans  Investments  Total
-------------------------------------------------------
 Principal  (Nominal Value)     214       93        308
 Specific Credit Allowance    (171)     n.a.      (171)
 Impairment losses             n.a.     (75)       (75)
                              -----     ----      -----
 Net Carrying Value (A)          43       18         62
                              -----     ----      -----
 Sale proceeds (B)              106       41        146
                              -----     ----      -----
-------------------------------------------------------
 Gain on sales  (B-A)            63       22         85
                              -----     ----      -----
-------------------------------------------------------

The Bank's  entire  exposure in  Argentina  continues  to be  dominated  in U.S.
dollars.  The Argentine  portfolio  distribution by industry type as of December
31, 2003 was as follows:

(In US$ millions, except percentages)
--------------------------------------------------------------------------------
                                                             Claims
                                                        (Gross Portfolio)
Industry                                                 As of Dec.31/03      %
--------------------------------------------------------------------------------
Non-Financial Entities
  Beverage                                                     $27            6%
  Telecommunications                                             4            1%
  Food production                                               15            3%
  Mining and oil and gas extraction                             51           12%
  Primary metal manufacturing                                    8            2%
  Utilities                                                     49           11%
--------------------------------------------------------------------------------
    Total Non-Financial Entities                              $153           35%
--------------------------------------------------------------------------------
Financial Institutions
  Controlled subsidiaries of major US and European Banks       $63           14%
  State owned banks supported by third party paper              66           15%
  State owned banks                                            158           36%
--------------------------------------------------------------------------------
    Total Financial Institutions                              $286           65%
--------------------------------------------------------------------------------
Total                                                         $440          100%
--------------------------------------------------------------------------------

In addition, as of December 31, 2003, the Bank had reverse repurchase agreements
with  Argentine   counterparties  totaling  US$132  million,  which  were  fully
collateralized with U.S. Treasury securities, an amount unchanged from September
30, 2003 and December 31, 2002.  These  assets are  classified  as U.S.  country
risk.

Interest  payments on Argentine credits (loans and securities) are recorded on a
cash  basis.   The  Bank  collected   interest  from   Argentine   borrowers  of
approximately US$5 million during the fourth quarter 2003, and US$24 million for
the year ended December 31, 2003. The ratio of interest collected from Argentine
borrowers to total interest payments due and payable from these borrowers during
the fourth quarter 2003 was 98%,  compared to 97% during the third quarter 2003,
81% during the second quarter of 2003, and 74% during the first quarter of 2003.
These  figures  exclude  interest  payments  received  during each


                                                                              12


quarter  that  correspond  to  interest  owed  from  prior  quarters.   Although
significant  amounts of interest have been  received on a consistent  basis from
most of the Bank's clients in the country,  the ultimate collection of principal
on these loans is evaluated separately.

The Bank  continues  working  with its  Argentine  clients  to  renegotiate  and
restructure  their  obligations.  From this  perspective,  the  composition  and
maturity  profile of the  Argentine  portfolio  as of  December  31, 2003 was as
follows:

(In US$ millions, except percentages)
--------------------------------------------------------------------------------
                                                  Assets maturing in year ended
                              Outstanding         ------------------------------
                                 As of                               2007-  Past
Status                       Dec. 31, 2003   %    2004  2005  2006   2010    Due
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Performing under original
  terms                           $36        8%    $11   $11   $12     $2      -
Restructured and performing
  under renegotiated terms        351       80%     77    62    73    139      -
In negotiations to be
  restructured (current in
  interest)                        18        4%     18     -     -      -      -
Not restructured and not
  paying interest                  34        8%      5     8     -      -     22
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total                            $440      100%   $111   $80   $85   $142    $22
--------------------------------------------------------------------------------

The portfolio of restructured and performing loans, under the renegotiated
terms, has an average life of 2.3 years. No restructurings have involved
discounts or losses of principal. Assets not restructured and not paying
interest consist of obligations from three companies in the utilities sector.

BRAZIL EXPOSURE

At December 31, 2003 and September 30, 2003, the Bank's net exposure in Brazil
was as follows:

(In US$ millions)
-----------------------------------------------------------------------------
At December 31, 2003                Loans  Investments  Contingencies   Total
-----------------------------------------------------------------------------
Nominal Value                       1,011       15            94        1,121
Fair value adjustments               n.a         1           n.a            1
                                    -----      ---           ---        -----
Credit Portfolio at Dec. 31, 2003   1,011       16            94        1,122

Allowance for credit losses          (33)      n.a           (2)         (35)
-----------------------------------------------------------------------------
Net Exposure at Dec. 31, 2003         978       16            93        1,087
                                    =====      ===           ===        =====
-----------------------------------------------------------------------------
Net Exposure at Sept. 30, 2003        966       22            89        1,078
                                    =====      ===           ===        =====
-----------------------------------------------------------------------------

As of December 31, 2003,  the Bank's  credit  exposure in Brazil was composed of
77%  obligations  due from  banks  and 23% from  non-financial  entities.  As of
December 31, 2003, the trade finance segment of the Brazilian  credit  portfolio
was 81%, compared to 76% as of September 30, 2003, and to 63% as of December 31,
2002.

As of December 31,  2003,  69% of the  outstanding  Brazilian  non-trade  credit
portfolio, in the amount of US$150 million, was scheduled to mature on or before
December 31, 2004.

At the end of the fourth  quarter of 2003,  the Brazilian  portfolio had no past
due interest  amounts and included one impaired loan on  non-accruing  status in
the amount of US$47 million to a Brazilian


                                                                              13


corporation,  for  which  the Bank has  established  a  specific  allowance  for
possible  loan losses.  During the fourth  quarter of 2003,  the Bank  collected
interest  income  on a cash  basis of US$1.6  million  from  this  borrower.  On
December 29, 2003,  this  Brazilian  corporation  reached an agreement  with its
private creditors to reschedule approximately US$787 million of outstanding debt
over the next five years, which is expected to resolve all outstanding  defaults
and  accelerations  with  creditors.  In  addition,  the parent  company of this
Brazilian  corporation  has  agreed  on the  terms of the  restructuring  of its
outstanding loans owed to a Brazilian state-owned bank.

LIQUIDITY

During the third  quarter  of 2003,  the Bank  reduced  its  liquidity  funds to
gradually match historical  levels.  The Bank's net cash position (cash due from
banks, plus interest bearing deposits with banks) as a percentage of its overall
balance  sheet was 9.9% at the end of the fourth  quarter of 2003,  compared  to
10.5% as of September 30, 2003, and 16.4% as of December 31, 2002, respectively.
The Bank's net cash  position  represented  36% of deposits  as of December  31,
2003, compared to 42% as of September 30, 2003, and 87% a year ago.

During the year,  deposits  increased by 27% to US$703 million.  The increase in
deposits  was mostly due to new deposits  from  central  banks of the region and
state-owned companies.

ASSET QUALITY

The Bank's US$258.3 million  allowance for credit losses as of December 31, 2003
compares to an allowance  of US$272.3  million as of  September  30,  2003,  and
US$453.1  million as of December 31, 2002. The decrease in the fourth quarter of
2003 was principally due to the sale of Argentine loans with specific allowances
totaling US$12.5  million.  The following table sets forth changes in the Bank's
allowance for credit losses for the quarters ended at the dates indicated:



(In US$ millions)
------------------------------------------------------------------------------------------------------------------
                                     30-JUN-02   30-SEP-02  31-DEC-02  31-MAR-03  30-JUN-03  30-SEP-03  31-DEC-03
------------------------------------------------------------------------------------------------------------------
                                                                                       
Allowance for credit losses
At beginning of period                   214.7       474.6      474.9      453.1      445.6      322.8      272.3
  Provisions  charged  to  expense (1)   259.9         0.0       -1.2        0.3      -44.6       -5.1       -9.4
  Credit recoveries                        0.0         0.3        0.0        0.0        0.0        2.0          0
  Credits  written-off against the         0.0         0.0      -20.6       -7.8      -78.2      -47.4       -4.6
  allowance
------------------------------------------------------------------------------------------------------------------
Balance at end of period                 474.6       474.9      453.1      445.6      322.8      272.3      258.3
------------------------------------------------------------------------------------------------------------------

(1)   Includes  reversals in the provision  for loan losses of US$44.1  million,
      US$9.9  million  and US$8.7  million as a result of the sale of  Argentine
      loans during the 2Q03, 3Q03 and 4Q03, respectively.


                                                                              14


At December 31, 2003, the allowance for credit losses and net exposure on a per
country basis was as follows:



------------------------------------------------------------------------------------------------------------------------
                                               Claims         Fair Value       Credit         Allowance            Net
                                           (Nominal Value)    Adjustments     Exposure    for credit losses     Exposure
------------------------------------------------------------------------------------------------------------------------
                                                                                                      
Argentina                                        440             (5)              435            (195)               240
Brazil                                         1,121               1            1,122             (35)             1,087
Other Countries                                1,228               6            1,234             (28)             1,207
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
Total                                          2,788               3            2,791            (258)             2,533
------------------------------------------------------------------------------------------------------------------------


PERFORMANCE AND CAPITAL RATIOS

At  the  end of the  fourth  quarter  of  2003,  the  number  of  common  shares
outstanding was 39.4 million, compared to 17.3 million common shares outstanding
at December 31, 2002,  reflecting a 22 million  increase in the number of shares
resulting  from the  issuance  of new  equity  capital  in the  amount of US$147
million at the end of the second quarter of 2003.

The return on average  shareholder's equity and the return on average assets for
the fourth quarter of 2003 were 11.2% and 2.7%, respectively,  compared to 12.6%
and 2.8%,  respectively,  for the  third  quarter  of 2003,  and 18.7% and 1.9%,
respectively, for the fourth quarter of 2002. The higher figures in the previous
quarters are mostly a reflection of the lower capitalization levels prior to the
June 27, 2003 rights offering.

The ratio of common  equity to total  assets at the close of the fourth  quarter
2003 was 22.8%,  compared  to 23.1% at the close of the third  quarter  2003 and
11.2% at the close of the fourth quarter 2002.  Although the Bank is not subject
to the capital  adequacy  requirements  of the  Federal  Reserve  Board,  if the
Federal Reserve Board risk-based capital adequacy requirements were applied, the
Bank's Tier 1 and Total Capital Ratios as of December 31, 2003,  would have been
35.4% and 36.7%, respectively,  compared to 37.8% and 39.0%, respectively, as of
September  30,  2003,  and  compared  to 15.3% and  16.5%,  respectively,  as of
December 31, 2002.

MR. RUBENS AMARAL

Beginning  March 1,  2004,  Mr.  Amaral  will join the Bank as Chief  Commercial
Officer, to take charge of executing its business strategy. In this capacity, he
will have responsibility for the sales force,  product  development,  the Bank's
New York Agency and the  representative  offices in the Region.  Mr. Amaral, who
served on BLADEX's  Board of  Directors,  has over 25 years of experience in the
international  banking  field,  having held  various  positions  within Banco do
Brasil,  including  General Manager of the New York Branch and Managing Director
of North  America  operations.  His vast  experience  with  Brazil and the Latin
American markets in general, as well as his intimate  familiarity with the Bank,
make him a particularly valuable addition to BLADEX's management team.


                                                                              15


RECENT EVENTS

o     New CEO - As previously announced,  Mr. Jaime Rivera took over the role of
      CEO of BLADEX on January 1, 2004.

o     Strategic  Alliances  - On  January  9,  2004,  BLADEX  and  Trade  Source
      International  ("TSI") announced a strategic  alliance to offer the Bank's
      clients TSI's suite of global trade finance services. The services include
      creating   export-credit   agency  financing  and  payment  solutions  for
      trade-related transactions.

o     Options Program for Senior Management - During the fourth quarter of 2003,
      the Company  established an indexed options program for senior management.
      Details will be provided in the proxy statement related to the 2003 Annual
      Stockholders meeting.

o     Annual  Shareholders  Meeting - BLADEX  will hold its Annual  Shareholders
      Meeting on April 14, 2004, at the Marriott Hotel in Panama City. Among the
      matters up for vote by Class E  shareholders  is the election of Directors
      to fill two Board positions  currently held by  representatives of Class B
      shareholders  who,  according to the Company's  Articles of Incorporation,
      will lose these  positions,  since the Class B shares now  represent  less
      than 10% of the Bank's outstanding shares.

ABOUT BLADEX

BLADEX is a multinational  bank  originally  established by the Central Banks of
Latin  American and Caribbean  countries to promote trade finance in the Region.
Based in Panama,  its  shareholders  include central and commercial  banks in 23
countries of the region, as well as international  banks and private  investors.
As of December 31, 2003,  over its 24 years of operations,  BLADEX had disbursed
accumulated credits of over US$124 billion in the region.


                                                                              16


--------------------------------------------------------------------------------
This press  release  contains  forward-looking  statements  of  expected  future
developments.  The Bank wishes to ensure that such statements are accompanied by
meaningful  cautionary statements pursuant to the safe harbor established by the
Private Securities Litigation Reform Act of 1995. The forward-looking statements
in this press release refer to the  acceleration  of the execution of the Bank's
business plans, the  strengthening of the Bank's position,  and additional value
of the Bank's brand,  resulting from the Bank's brand study,  and the ability of
the Bank to achieve its goal of becoming the leading  trade finance house in the
region. These forward-looking  statements reflect the expectations of the bank's
management and are based on currently available data; however, actual experience
with  respect to these  factors is subject to future  events and  uncertainties,
which could materially  impact the Bank's  expectations.  Among the factors that
can cause actual  performance and results to differ materially are as follows: a
decline in the  willingness of  international  lenders and depositors to provide
funding  to the Bank,  causing a  contraction  of the bank's  credit  portfolio,
adverse  economic  or  political  developments  in the region,  particularly  in
Argentina or Brazil,  which could  increase  the level of impaired  loans in the
Bank's  loan  portfolio  and,  if  sufficiently  severe,  result  in the  Bank's
allowance for probable  credit losses being  insufficient to cover losses in the
portfolio,  unanticipated  developments  with respect to  international  banking
transactions   (including   among  other  things,   interest  rate  spreads  and
competitive  conditions),  a change  in the  Bank's  credit  ratings,  events in
Argentina and Brazil or other countries in the region unfolding in a manner that
is  detrimental to the Bank, or which might result in adequate  liquidity  being
unavailable to the Bank, or the Bank's  operations  being less  profitable  than
anticipated.
--------------------------------------------------------------------------------

There will be a  conference  call on  February  18, 2004 at 11:00 a.m. ET in the
U.S. (11:00 a.m. Panamanian time). For those interested in participating, please
call (800) 447-0521 in the United States or if outside the United States, please
dial the applicable  international  access code + U.S.  country code followed by
(847)  413-3238.  All  participants  should  give the  conference  name  "BLADEX
Quarterly  Call" or the  conference  ID#8380127 to the  telephone  operator five
minutes before the call is set to begin. There will also be a live audio webcast
of the event at www.blx.com.

The BLADEX  Quarterly  Earnings  Report  Conference  Call will be available  for
review on  Conference  Replay one hour after the  conclusion  of the  conference
call. Please dial (888) 843-8996 and follow the instructions. The Conference ID#
for the call that will be replayed is 8380127.


                                       17




                                    CONSOLIDATED STATEMENT OF OPERATIONS                                  EXHIBIT I
-------------------------------------------------------------------------------------------------------------------
                                                                              FOR THE THREE MONTHS ENDED
                                                              -----------------------------------------------------
                                                                    (A)                (B)                 (C)
                                                              Dec. 31, 2002      Sept. 30, 2003       Dec. 31, 2003
-------------------------------------------------------------------------------------------------------------------
                                                                                                  
INCOME STATEMENT DATA:
Interest income .............................................     $32,710             $22,769              $21,522
Interest expense (1) ........................................     (17,544)             (9,339)              (8,253)
                                                               -----------        ------------          -----------
NET INTEREST INCOME .........................................      15,166              13,430               13,270

Provision for loan losses ...................................        (688)             10,093               14,661
                                                               -----------        ------------          -----------
NET INTEREST INCOME (LOSS) AFTER PROVISION FOR
LOAN LOSSES .................................................      14,478              23,523               27,930

OTHER INCOME (EXPENSE):
Commission income, net ......................................       2,083               1,782                1,400
Provision for losses on off-balance sheet credit risk. ......       1,881              (5,043)              (5,127)
Derivatives and hedging activities ..........................        (367)             (6,667)                (199)
Impairment loss on securities ...............................          (8)                (75)                   0
Gain on early extinguishment of debt ........................           0                   0                    0
Gain on sale of securities available for sale ...............          64               8,860                    0
Gain (loss) on foreign currency exchange ....................         330                 176                    3
Other income ................................................         430                   2                   38
                                                               -----------        ------------          -----------
NET OTHER INCOME (EXPENSE) ..................................       4,412                (965)              (3,886)


OPERATING EXPENSES:
Salaries and other employee expenses ........................      (2,466)             (2,103)              (4,298)
Depreciation of premises and equipment ......................        (391)               (378)                (381)
Professional services .......................................         436                (632)                (984)
Maintenance and repairs .....................................        (257)               (292)                (335)
Other operating expenses ....................................      (1,099)             (1,350)              (1,813)
                                                               -----------        ------------          -----------
TOTAL OPERATING EXPENSES ....................................      (3,777)             (4,755)              (7,812)

INCOME (LOSS) FROM CONTINUING OPERATIONS ....................     $15,113             $17,803              $16,233

DISCONTINUED OPERATIONS:
Loss from operations and disposal of business segment .......        (103)                  0                    0
                                                               -----------        ------------          -----------

NET INCOME (LOSS) ...........................................     $15,010             $17,803              $16,233
                                                               ===========        ============          ===========
NET INCOME (LOSS) AVAILABLE FOR COMMON
 STOCKHOLDERS ...............................................     $14,755             $17,803              $16,233

PER COMMON SHARE DATA:
Net income (loss), after Preferred Stock dividend ...........        0.85                0.45                 0.41
Diluted earnings (losses) per share .........................        0.85                0.45                 0.41

COMMON SHARES OUTSTANDING:
Period average ..............................................      17,343              39,343               39,343

PERFORMANCE RATIOS:
Return on average assets ....................................       1.93%               2.83%                2.71%
Return on average common stockholders' equity. ..............      18.69%              12.65%               11.15%
Net interest margin. ........................................       1.75%               1.96%                2.07%
Net interest spread. ........................................       1.11%               1.31%                1.41%
Total operating expenses to total average assets ............       0.49%               0.76%                1.31%
--------------------------------------------------------------------------------------------------------------------------------



--------------------------------------------------------------------------------------------------------------------------------
                                                                  (C) -(B)                      (C) -(A)
                                                                   CHANGE           %            CHANGE                   %
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                            
INCOME STATEMENT DATA:
Interest income .............................................      ($1,246)         (5)%        ($11,187)               (34)%
Interest expense (1) ........................................        1,086         (12)            9,291                (53)
                                                               ------------                   -----------
NET INTEREST INCOME .........................................         (160)         (1)           (1,896)               (13)

Provision for loan losses ...................................        4,567          45            15,349                n.s  (*)
                                                               ------------                   -----------
NET INTEREST INCOME (LOSS) AFTER PROVISION FOR
LOAN LOSSES .................................................        4,407          19            13,453                 93

OTHER INCOME (EXPENSE):
Commission income, net ......................................         (382)        (21)             (683)               (33)
Provision for losses on off-balance sheet credit risk .......          (84)          2            (7,008)              (373)
Derivatives and hedging activities ..........................        6,467         (97)              168                (46)
Impairment loss on securities ...............................           75        (100)                8               (100)
Gain on early extinguishment of debt ........................            0         n.a.                0               n.a.  (*)
Gain on sale of securities available for sale ...............       (8,860)       (100)              (64)              (100)
Gain (loss) on foreign currency exchange ....................         (174)        (99)             (327)               (99)
Other income ................................................           36         n.s              (392)               (91) (*)
                                                               ------------                   -----------
NET OTHER INCOME (EXPENSE) ..................................       (2,921)        303            (8,298)              (188)


OPERATING EXPENSES:
Salaries and other employee expenses ........................       (2,195)        104            (1,832)                74
Depreciation of premises and equipment ......................           (3)          1                10                 (3)
Professional services .......................................         (353)         56            (1,421)              (326)
Maintenance and repairs .....................................          (43)         15               (78)                30
Other operating expenses ....................................         (463)         34              (714)                65
                                                               ------------                   -----------
TOTAL OPERATING EXPENSES ....................................       (3,056)         64            (4,034)               107

INCOME (LOSS) FROM CONTINUING OPERATIONS ....................      ($1,570)         (9)           $1,120                  7

DISCONTINUED OPERATIONS:
Loss from operations and disposal of business segment .......            0         n.a.              103               (100) (*)
                                                               ------------                   -----------

NET INCOME (LOSS) ...........................................      ($1,570)         (9)           $1,223                  8
                                                               ============                   ===========
NET INCOME (LOSS) AVAILABLE FOR COMMON
 STOCKHOLDERS ...............................................      ($1,570)         (9)%          $1,478                 10%
--------------------------------------------------------------------------------------------------------------------------------


(1)   For 2002,  commission  expenses  related to borrowings and placements were
      re-classified  from  commission  expense  and other  charges  to  interest
      expense to conform with the  presentation  for 2003 in accordance  with US
      GAAP.
(*)   The meanings of the  abbreviations  for the  percentage  change of periods
      presented  are as  follows:  n.s means not  significant  and n.a means not
      applicable.


                                                                              18




                                                                     CONSOLIDATED BALANCE SHEET           EXHIBIT II
-----------------------------------------------------------------------------------------------------------------------
                                                                                   AT THE END OF,
                                                                  -----------------------------------------------------
                                                                       (A)                (B)                (C)
                                                                  Dec. 31, 2002     Sept. 30, 2003      Dec. 31, 2003
-----------------------------------------------------------------------------------------------------------------------
                                                                         (In US$ thousands, except percentages)
                                                                                                
ASSETS
Cash and due from banks ...............................            $      828         $    1,110         $      868
Interest-bearing deposits with banks ..................               483,436            259,042            253,946
Securities purchased under agreements to resell .......               132,022            132,022            132,022
Securities available for sale .........................               149,159             54,006             48,341
Securities held to maturity ...........................                11,555             38,581             29,452
Loans .................................................             2,516,512          2,151,755          2,275,031
Less:
   Allowance for loan losses ..........................              (429,720)          (243,479)          (224,347)
   Unearned income ....................................                (9,485)            (3,654)            (4,282)
                                                                   ----------         ----------         ----------
   Loans, net .........................................             2,077,307          1,904,621          2,046,402

Customers' liabilities under acceptances ..............                34,840             44,511             29,006
Premises and equipment ................................                 5,087              4,367              4,119
Accrued interest receivable ...........................                15,412             12,015             10,931
Derivatives financial instruments - assets ............                 6,571              1,654              2,256
Other assets ..........................................                13,050              7,204              6,214
                                                                   ----------         ----------         ----------
TOTAL ASSETS ..........................................            $2,929,267         $2,459,133         $2,563,556
                                                                   ==========         ==========         ==========

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
   Noninterest-bearing - Demand .......................                23,102             16,554             19,370
   Interest-bearing - Time ............................               528,871            596,144            683,585
                                                                   ----------         ----------         ----------
Total Deposits ........................................               551,973            612,698            702,955

Short-term borrowings and placements ..................               647,344            596,698            687,214
Medium and long-term borrowings and placements ........             1,285,493            573,689            485,516

Acceptances outstanding ...............................                34,840             44,511             29,006
Accrued interest payable ..............................                11,872              5,479              5,432
Derivatives financial instruments - liabilities .......                20,020              8,866             13,021
Reserve for losses on off-balance sheet credit risk ...                23,370             28,837             33,973
Other liabilities .....................................                12,955             10,121             11,163
Redeemable preferred stock (1) ........................                     0             10,474             10,946
                                                                   ----------         ----------         ----------
Total other liabilities ...............................               103,057            108,289            103,542
TOTAL LIABILITIES .....................................            $2,587,868         $1,891,374         $1,979,227
                                                                   ----------         ----------         ----------
REDEEMABLE PREFERRED STOCK (1) ........................            $   12,476         $        0         $        0

STOCKHOLDERS' EQUITY
Common stock, no par value ............................               133,235            279,976            279,978
Treasury stock ........................................               (85,634)           (85,634)           (85,570)
Capital surplus .......................................               145,490            133,717            133,817

Capital reserves ......................................                95,210             95,210             95,210
Accumulated other comprehensive income (loss) .........                  (118)             8,974              9,876
Retained earnings .....................................                40,740            135,515            151,017
                                                                   ----------         ----------         ----------
 TOTAL STOCKHOLDERS' EQUITY ...........................            $  328,923         $  567,759         $  584,329
                                                                   ----------         ----------         ----------
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK,
   AND STOCKHOLDERS' EQUITY ...........................            $2,929,267         $2,459,133         $2,563,556
                                                                   ==========         ==========         ==========

-----------------------------------------------------------------------------------------------------------------------


                                                                  (C) -(B)                     (C) -(A)
                                                                   CHANGE          %            CHANGE            %
-----------------------------------------------------------------------------------------------------------------------

                                                                                                     
ASSETS
Cash and due from banks ...............................        ($    242)        (22)%        $      40            5%
Interest-bearing deposits with banks ..................           (5,096)         (2)          (229,490)         (47)
Securities purchased under agreements to resell .......                0           0                  0            0
Securities available for sale .........................           (5,665)        (10)          (100,818)         (68)
Securities held to maturity ...........................           (9,129)        (24)            17,897          155
Loans .................................................          123,276           6           (241,481)         (10)
Less:
   Allowance for loan losses ..........................           19,132          (8)           205,373          (48)
   Unearned income ....................................             (628)         17              5,203          (55)
                                                                --------                      ---------
   Loans, net .........................................          141,780           7            (30,905)          (1)

Customers' liabilities under acceptances ..............          (15,505)        (35)            (5,834)         (17)
Premises and equipment ................................             (248)         (6)              (968)         (19)
Accrued interest receivable ...........................           (1,084)         (9)            (4,481)         (29)
Derivatives financial instruments - assets ............              602          36             (4,315)         (66)
Other assets ..........................................             (990)        (14)            (6,836)         (52)
                                                                --------                      ---------
TOTAL ASSETS ..........................................         $104,422           4%         ($365,711)         (12)%
                                                                ========                      =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
   Noninterest-bearing - Demand .......................            2,817          17%            (3,732)         (16)%
   Interest-bearing - Time ............................           87,441          15            154,714           29
                                                                --------                      ---------
Total Deposits ........................................           90,257          15            150,982           27

Short-term borrowings and placements ..................           90,516          15             39,870            6
Medium and long-term borrowings and placements ........          (88,172)        (15)          (799,977)         (62)
Acceptances outstanding ...............................          (15,505)        (35)            (5,834)         (17)
Accrued interest payable ..............................              (48)         (1)            (6,440)         (54)
Derivatives financial instruments - liabilities .......            4,155          47             (6,999)         (35)
Reserve for losses on off-balance sheet credit risk ...            5,136          18             10,603           45
Other liabilities .....................................            1,042          10             (1,792)         (14)
Redeemable preferred stock (1) ........................              472           5             10,946            0
                                                                --------                      ---------
Total other liabilities ...............................           (4,747)         (4)               484            0
TOTAL LIABILITIES .....................................         $ 87,853           5%         ($608,641)         (24)%
                                                                --------                      ---------
REDEEMABLE PREFERRED STOCK (1) ........................                0           0%           (12,476)           0%

STOCKHOLDERS' EQUITY
Common stock, no par value
Treasury stock
Capital surplus

Capital reserves
Accumulated other comprehensive income (loss)
Retained earnings

 TOTAL STOCKHOLDERS' EQUITY ...........................        $  16,569           3%         $ 255,405           78%
                                                                --------                      ---------
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK,
     AND STOCKHOLDERS' EQUITY .........................        $ 104,422           4%         ($365,711)         (12)%
                                                                ========                      =========

-----------------------------------------------------------------------------------------------------------------------


(1)   SFAS 150 regarding the inclusion of reedemable  preferred stock as part of
      the "other liability" line item was effective as of July 1, 2003.





                                              SUMMARY CONSOLIDATED FINANCIAL DATA
          (Consolidated Statements of Operations, Balance Sheet, and Selected Financial Ratios)                         EXHIBIT III
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                          FOR THE YEAR ENDED DECEMBER 31,
                                                                                          -------------------------------
                                                                                            2002                  2003
-----------------------------------------------------------------------------------------------------------------------------------
                                                                              (In US$ thousands, except per share amounts & ratios)
                                                                                                         
INCOME STATEMENT DATA:
Net interest income (1) ......................................................          $    64,779            $   53,987
Provision for loan losses and off-balance sheet credit risk ..................             (278,756)               58,905
Commission income net (1) ....................................................                8,886                 7,446
Derivatives and hedging activities ...........................................                 (341)               (7,988)
Impairment loss on securities ................................................              (44,268)                 (953)
Gain on early extinguishment of debt .........................................                1,430                   789
Gain on sale of securities available for sale ................................                  184                22,211
Gain (loss) on foreign currency exchange .....................................                  301                  (382)
Other income .................................................................                  553                    42
Operating expenses ...........................................................              (19,259)              (22,561)
                                                                                        -----------            ----------
INCOME (LOSS) FROM CONTINUING OPERATIONS .....................................          ($  266,492)           $  111,496

DISCONTINUED OPERATIONS:
   Loss from operations and disposal of business segment .....................               (2,346)                    0
                                                                                        -----------            ----------
NET INCOME (LOSS) ............................................................          ($  268,838)           $  111,496
                                                                                        ===========            ==========
Net income (loss) available for common stockholders ..........................          ($  269,850)           $  111,130

BALANCE SHEET DATA:
Loans, net ...................................................................            2,077,307             2,046,402
Securities purchased under agreements to resell ..............................              132,022               132,022
Investment securities ........................................................              160,714                77,793
Total assets .................................................................            2,929,267             2,563,556
Deposits .....................................................................              551,973               702,955
Short-term borrowings and placements .........................................              647,344               687,214
Medium and long-term borrowings and placements ...............................            1,285,493               485,516
Redeemable preferred stock (2) ...............................................                    0                10,946
Total liabilities ............................................................            2,587,868             1,979,227
Redeemable preferred stock ...................................................               12,476                     0
Common stockholders' equity ..................................................              328,923               584,329

PER COMMON SHARE DATA:
Net income (loss), after Preferred Stock dividend ............................               (15.56)                 3.88
Diluted earnings (losses) per share ..........................................               (15.56)                 3.88
Book value (period average) ..................................................                25.66                 16.19
Book value (period end) ......................................................                18.91                 14.84

COMMON SHARES OUTSTANDING:
Period average ...............................................................               17,343                28,675
Period end ...................................................................               17,343                39,353

SELECTED FINANCIAL RATIOS:
PERFORMANCE RATIOS:
Return on average assets .....................................................                -6.47%                 4.24%
Return on average stockholders' equity .......................................               -60.48%                23.91%
Net interest margin ..........................................................                 1.48%                 1.87%
Net interest spread ..........................................................                 0.96%                 1.23%
Total operating expenses to total average assets .............................                 0.46%                 0.86%

ASSET QUALITY RATIOS:

Non-accruing loans and investments to total loan and investment  portfolio ...                25.93%                18.14%
Net charge offs to total loan and investment portfolio .......................                 0.73%                 5.48%
Allowance for loan losses to total loans .....................................                17.14%                 9.88%
Allowance for loan losses to non-accruing loans ..............................                62.15%                50.43%
Allowance for losses on off-balance sheet credit risk to total
  contingencies ..............................................................                 5.53%                11.10%

CAPITAL RATIOS:
Stockholders' equity to total assets .........................................                11.23%                22.79%
Tier 1 capital to risk-weighted assets .......................................                15.26%                35.42%
Total capital to risk-weighted assets ........................................                16.51%                36.67%

-----------------------------------------------------------------------------------------------------------------------------------


(1)   For 2002,  commission  expenses  related to borrowings and placements were
      re-classified  from  commission  expense  and other  charges  to  interest
      expense to conform with the  presentation  for 2003 in accordance  with US
      GAAP.

(2)   SFAS 150 regarding the inclusion of reedemable  preferred stock as part of
      the "other liability" line item was effective as of July 1, 2003.





                      CONSOLIDATED STATEMENT OF OPERATIONS                                                               EXHIBIT IV

-----------------------------------------------------------------------------------------------------------------------------------
                                                                                  FOR THE YEAR
                                                                                ENDED DECEMBER 31,
                                                                       ----------------------------------
                                                                          2002                  2003        CHANGE            %
-----------------------------------------------------------------------------------------------------------------------------------
                                                                    (In US$ thousands, except percentages)
                                                                                                                 
INCOME STATEMENT DATA:
Interest income ...................................................     $165,800             $ 98,395     ($ 67,405)         (41)
Interest expense (1)...............................................     (101,021)             (44,408)       56,613          (56)
                                                                       ---------             --------      --------         ----

NET INTEREST INCOME................................................       64,779               53,987       (10,792)         (17)

Provision for loan losses..........................................     (272,586)              69,508       342,094         (125)
                                                                       ---------             --------      --------         ----

NET INTEREST INCOME (LOSS) AFTER PROVISION FOR LOAN LOSSES.........     (207,807)             123,495       331,302         (159)

OTHER INCOME (EXPENSE):
Commission income, net.............................................        8,886                7,446        (1,441)         (16)
Provision for losses on off-balance sheet credit risk..............       (6,170)             (10,603)       (4,433)          72
Derivatives and hedging activities.................................         (341)              (7,988)       (7,647)         n.s(*)
Impairment loss on securities......................................      (44,268)                (953)       43,315          (98)
Gain on early extinguishment of debt...............................        1,430                  789          (641)         (45)
Gain on sale of securities available for sale......................          184               22,211        22,027          n.s(*)
Gain (loss) on foreign currency exchange...........................          301                 (382)         (682)        (227)
Other income ......................................................          553                   42          (510)         (92)
                                                                       ---------             --------      --------         ----
NET OTHER INCOME (EXPENSE).........................................      (39,425)              10,562        49,987         (127)

OPERATING EXPENSES:
Salaries and other employee expenses...............................       (9,874)             (11,390)       (1,517)          15
Depreciation of Premises and Equipment.............................       (1,418)              (1,512)          (94)           7
Professional services..............................................       (2,395)              (3,147)         (752)          31
Maintenance and repairs............................................         (916)              (1,166)         (250)          27
Other operating expenses...........................................       (4,656)              (5,346)         (690)          15
                                                                       ---------             --------      --------         ----
TOTAL OPERATING EXPENSES...........................................      (19,259)             (22,561)       (3,302)          17

INCOME (LOSS) FROM CONTINUING OPERATIONS...........................    ($266,492)            $111,496      $377,988         (142)

DISCONTINUED OPERATIONS:
Loss from operations and disposal of business segment..............       (2,346)                   0         2,346         (100)
                                                                       ---------             --------      --------         ----

NET INCOME (LOSS)..................................................    ($268,838)            $111,496      $380,334         (141)
                                                                       =========             ========      ========         ====

-----------------------------------------------------------------------------------------------------------------------------------


(1)   For 2002,  commission  expenses  related to borrowings and placements were
      re-classified  from  commission  expense  and other  charges  to  interest
      expense to conform with the  presentation  for 2003 in accordance  with US
      GAAP.

(*)   The meanings of the  abbreviations  for the  percentage  change of periods
      presented  are as  follows:  n.s means not  significant  and n.a means not
      applicable.







                                              CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES                        EXHIBIT V

------------------------------------------------------------------------------------------------------------------------------------
                                                                             FOR THE THREE MONTHS ENDED,
                                             ---------------------------------------------------------------------------------------
                                                  December 31, 2002            September 30, 2003             December 31, 2003
                                             -------------------------      ------------------------      --------------------------
                                             AVERAGE              AVG.      AVERAGE             AVG.      AVERAGE              AVG.
                                             BALANCE   INTEREST   RATE      BALANCE  INTEREST   RATE      BALANCE   INTEREST   RATE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                         (In US$ thousands, except percentages)

                                                                                                    
INTEREST EARNING ASSETS
Interest-bearing deposits with
  banks..................................    $487,325   $1,824    1.46%    $317,169     $824    1.02%     $301,941     $720    0.93%
Securities purchased under
  agreements to resell...................     132,022      788    2.34      132,022      642    1.90       132,022      624    1.85
Loans, net of discount...................   1,891,845   19,183    3.97    1,630,161   13,854    3.33     1,556,705   12,096    3.04
Impaired loans...........................     729,279    7,199    3.86      523,420    5,765    4.31       460,126    6,599    5.61
Investment securities....................     196,915    3,716    7.38      111,003    1,683    5.93        90,135    1,484    6.44

                                           ---------------------------   ---------------------------    ---------------------------
TOTAL INTEREST EARNING ASSETS............  $3,437,387  $32,710    3.72%  $2,713,775  $22,769    3.28%   $2,540,929  $21,522    3.31%
                                           ---------------------------   ---------------------------    ---------------------------

Non interest earning assets..............     $72,677                       $54,146                        $59,504
Allowance for loan losses................    (449,118)                     (278,190)                      (235,680)
Other assets.............................      21,694                         8,305                          8,768

                                           ----------                    ----------                     ----------
TOTAL ASSETS.............................  $3,082,640                    $2,498,036                     $2,373,521
                                           ----------                    ----------                     ----------

INTEREST BEARING LIABILITITES
Deposits.................................    $550,778   $2,386    1.70%    $559,101   $1,638    1.15%     $636,163   $1,915    1.18%
Short-term borrowings and placements.....     721,825    4,379    2.37      565,633    2,796    1.93       513,653    2,138    1.63
Medium and long-term borrowings
  and placements.........................   1,358,701   10,779    3.10      712,697    4,905    2.69       536,080    3,834    2.80
Redeemable preferred stock (1)...........           0        0     n.a.      10,696        0    0.00        10,405      366   13.75

                                           ---------------------------   ---------------------------    ---------------------------
TOTAL INTEREST BEARING LIABILITIES (2)...  $2,631,304  $17,544    2.61%  $1,848,128   $9,339    1.98%   $1,696,301   $8,253    1.90%
                                           ---------------------------   ---------------------------    ---------------------------

Non interest bearing liabilities
  and other liabilities..................    $125,564                       $91,526                        $99,738

TOTAL LIABILITIES........................   2,756,868                     1,939,654                      1,796,038

REDEEMABLE PREFERRED STOCK (1)...........      12,562                             0                              0
STOCKHOLDERS' EQUITY.....................     313,211                       558,382                        577,483

TOTAL LIABILITIES, REDEEMABLE PREFERRED    ----------                    ----------                     ----------
STOCK AND STOCKHOLDERS' EQUITY...........  $3,082,640                    $2,498,036                     $2,373,521
                                           ----------                    ----------                     ----------

NET INTEREST SPREAD......................                         1.11%                         1.31%                          1.41%
                                                                  ----                          ----                           ----
NET INTEREST INCOME AND NET
  INTEREST MARGIN........................              $15,166    1.75%              $13,430    1.96%               $13,270    2.07%
                                                       ---------------               ----------------               ---------------

------------------------------------------------------------------------------------------------------------------------------------


(1)   SFAS 150 regarding the inclusion of reedemable  preferred stock as part of
      the "other liability" line item was effective as of July 1, 2003.

(2)   For 2002,  commission  expenses  related to borrowings and placements were
      re-classified  from  commission  expense  and other  charges  to  interest
      expense to conform with the  presentation  for 2003 in accordance  with US
      GAAP.







                                    CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES                        EXHIBIT VI

---------------------------------------------------------------------------------------------------------------------------
                                                                               FOR THE YEAR ENDED DECEMBER 31,
                                                               ------------------------------------------------------------
                                                                             2002                            2003
                                                               ----------------------------   -----------------------------
                                                                  AVERAGE              AVG.      AVERAGE               AVG.
                                                                  BALANCE   INTEREST   RATE      BALANCE    INTEREST   RATE
---------------------------------------------------------------------------------------------------------------------------
                                                                           (In US$ thousands, except percentages)
                                                                                                     
INTEREST EARNING ASSETS
Interest-bearing deposits with banks.........................    $563,265    $9,717    1.70%    $401,159     $4,621    1.14%
Securities purchased under agreements to resell..............     182,258     4,660    2.52      132,022      2,619    1.96
Loans, net of discount.......................................   2,944,712   117,450    3.93    1,654,002     59,240    3.53
Impaired loans...............................................     418,900    16,572    3.90      572,812     24,086    4.15
Investment securities........................................     255,285    17,402    6.72      124,686      7,830    6.19

                                                               ----------------------------   -----------------------------
TOTAL INTEREST EARNING ASSETS................................  $4,364,420  $165,800    3.75%  $2,884,681    $98,395    3.36%
                                                               ----------------------------   -----------------------------

Non interest earning assets..................................     $76,074                        $56,553
Allowance for loan losses....................................    (323,110)                      (324,758)
Other assets.................................................      34,667                         14,428

                                                               ----------                     ----------
TOTAL ASSETS.................................................  $4,152,052                     $2,630,904
                                                               ----------                     ----------


INTEREST BEARING LIABILITITES
Deposits.....................................................    $791,601   $15,283    1.90%    $573,348     $7,348    1.26%
Short-term borrowings and placements.........................   1,218,036    33,555    2.72      604,209     12,050    1.97
Medium and long-term borrowings and placements...............   1,568,723    52,183    3.28      867,599     24,644    2.80
Redeemable preferred stock (1)...............................           0         0     n.a.       5,319        366    6.78

                                                               ----------------------------   -----------------------------
TOTAL INTEREST BEARING LIABILITIES (2).......................  $3,578,360  $101,021    2.78%  $2,050,474    $44,408    2.14%
                                                               ----------------------------   -----------------------------

Non interest bearing liabilities and other liabilities.......    $113,911                       $109,584

TOTAL LIABILITIES............................................   3,692,271                      2,160,058

REDEEMABLE PREFERRED STOCK (1)...............................      13,624                          5,982
STOCKHOLDERS' EQUITY.........................................     446,157                        464,864

TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK
                                                               ----------                     ----------
AND STOCKHOLDERS' EQUITY.....................................  $4,152,052                     $2,630,904
                                                               ----------                     ----------

NET INTEREST SPREAD..........................................                          0.96%                           1.23%
                                                                                       ----                            ----
NET INTEREST INCOME AND NET
  INTEREST MARGIN............................................               $64,779    1.48%                $53,987    1.87%
                                                                            ---------------                 ----------------


----------------------------------------------------------------------------------------------------------------------------


(1)   SFAS 150 regarding the inclusion of reedemable  preferred stock as part of
      the "other liability" line item was effective as of July 1, 2003.

(2)   For 2002,  commission  expenses  related to borrowings and placements were
      re-classified  from  commission  expense  and other  charges  to  interest
      expense to conform with the  presentation  for 2003 in accordance  with US
      GAAP.






                                        CONSOLIDATED STATEMENT OF OPERATIONS
                                   (In US$ thousands, except percentages & ratios)                                       EXHIBIT VII

------------------------------------------------------------------------------------------------------------------------------------
                                                                               FOR THE THREE MONTHS ENDED
                                                      YEAR      --------------------------------------------------------     YEAR
                                                      ENDED                                                                  ENDED
                                                    DEC 31/02   DEC 31/02   MAR 31/03   JUN 30/03   SEP 30/03  DEC 31/03   DEC 31/03
                                                  ----------------------------------------------------------------------------------
                                                                                                       
INCOME STATEMENT DATA:
Interest income................................    $165,800      $32,710     $27,840     $26,265     $22,769    $21,522     $98,395
Interest expense (1)...........................    (101,021)     (17,544)    (14,069)    (12,748)     (9,339)    (8,253)    (44,408)
                                                  ----------------------------------------------------------------------------------
NET INTEREST INCOME ...........................      64,779       15,166      13,770      13,517      13,430     13,270      53,987

Provision for loan losses......................    (272,586)        (688)      7,325      37,429      10,093     14,661      69,508
                                                  ----------------------------------------------------------------------------------
NET INTEREST INCOME (LOSS) AFTER PROVISION
  FOR LOAN LOSSES....................              (207,807)      14,478      21,096      50,946      23,523     27,930     123,495

OTHER INCOME (EXPENSE):
Commission income..............................       8,886        2,083       2,430       1,835       1,782      1,400       7,446
Provision for losses on off-balance sheet
  credit risk............................            (6,170)       1,881      (7,642)      7,209      (5,043)    (5,127)    (10,603)
Derivatives and hedging activities.............        (341)        (367)       (802)       (320)     (6,667)      (199)     (7,988)
Impairment loss on securities..................     (44,268)          (8)         (3)       (875)        (75)         0        (953)
Gain on early extinguishment of debt...........       1,430            0           0         789           0          0         789
Gain on sale of securities available
  for sale.....................................         184           64           0      13,351       8,860          0      22,211
Gain (loss) on foreign currency exchange.......         301          330         (27)       (534)        176          3        (382)
Other income...................................         553          430         (91)         93           2         38          42
                                                  ----------------------------------------------------------------------------------
NET OTHER INCOME (EXPENSE).....................     (39,425)       4,412      (6,135)     21,547        (965)    (3,886)     10,562

TOTAL OPERATING EXPENSES.......................     (19,259)      (3,777)     (4,585)     (5,410)     (4,755)    (7,812)    (22,561)
                                                  ----------------------------------------------------------------------------------

INCOME (LOSS) FROM CONTINUING OPERATIONS.......    (266,492)      15,113      10,376      67,084      17,803     16,233     111,496

DISCONTINUED OPERATIONS:
Loss from operations and disposal of
  business segment.............................      (2,346)        (103)          0           0           0          0           0
                                                  ----------------------------------------------------------------------------------
NET INCOME (LOSS)..............................   ($268,838)     $15,010     $10,376     $67,084     $17,803    $16,233    $111,496
                                                  =========      =======     =======     =======     =======    =======    ========
NET INCOME (LOSS) AVAILABLE FOR
  COMMON STOCKHOLDERS..........................   ($269,850)     $14,755     $10,127     $66,899     $17,803    $16,233    $111,130

-----------------------------------------------------------------------------------------------------------------------------------
SELECTED FINANCIAL DATA

PER COMMON SHARE DATA
Net income (loss) after preferred stock
  dividend.....................................     ($15.56)       $0.85       $0.58       $3.65       $0.45      $0.41       $3.88

PERFORMANCE RATIOS
Return on average assets.......................       -6.47%        1.93%       1.46%       9.79%       2.83%      2.71%       4.24%
Return on average common stockholder's
  equity.......................................      -60.48%       18.69%      12.13%      70.25%      12.65%     11.15%      23.91%
Net interest margin............................        1.48%        1.75%       1.73%       1.78%       1.96%      2.07%       1.87%
Net interest spread............................        0.96%        1.11%       1.13%       1.18%       1.31%      1.41%       1.23%
Total operating expenses to average assets.....        0.46%        0.49%       0.65%       0.79%       0.76%      1.31%       0.86%

------------------------------------------------------------------------------------------------------------------------------------


(1)   For 2002,  commission  expenses  related to borrowings and placements were
      re-classified  from  commission  expense  and other  charges  to  interest
      expense to conform with the  presentation  for 2003 in accordance  with US
      GAAP.







                                CREDIT PORTFOLIO
                             DISTRIBUTION BY COUNTRY
                                (In US$ millions)
                                                                                                     EXHIBIT VIII

-----------------------------------------------------------------------------------------------------------------
                                                          AMOUNT OUTSTANDING
                                                  ---------------------------------------------------------------
                                                    (A)          (B)          (C)
COUNTRY                                           31DEC02      30SEP03      31DEC03      (C) - (B)      (C) - (A)
                                                  ---------------------------------------------------------------

                                                                                          
  ARGENTINA.....................................    $774         $452         $435         ($17)         ($339)
  BOLIVIA.......................................      14            0            0            0            (14)
  BRAZIL........................................   1,115        1,140        1,122          (18)             6
  CHILE.........................................      49           44          133           90             84
  COLOMBIA......................................     105           94          123           29             19
  COSTA RICA....................................      49           32           75           43             26
  DOMINICAN REPUBLIC............................     220          135           37          (98)          (184)
  ECUADOR.......................................      79           64           87           23              8
  EL SALVADOR...................................       9           21           31           10             22
  GUATEMALA.....................................      29           32           36            4              7
  JAMAICA.......................................      22           23           25            2              3
  MEXICO........................................     230          203          223           20             (7)
  NICARAGUA.....................................      12           10           14            4              2
  PANAMA........................................      19           44           44           (0)            25
  PARAGUAY......................................       2            1            0           (1)            (2)
  PERU..........................................     115          103          106            3             (8)
  TRINIDAD & TOBAGO.............................      84           77          100           23             16
  VENEZUELA.....................................     168           81           61          (20)          (107)
  OTHER (1).....................................     136          132          139            7              3
                                                  ------       ------       ------         ----          -----

TOTAL CREDIT PORTFOLIO (2)......................  $3,232       $2,689       $2,791         $102          ($441)

UNEARNED INCOME (3).............................     ($9)         ($4)         ($4)         ($1)            $5
                                                  ------       ------       ------         ----          -----

TOTAL CREDIT PORTFOLIO,
      NET OF UNEARNED INCOME....................  $3,222       $2,686       $2,787         $101           ($435)
                                                  ======       ======       ======         ====           =====

----------------------------------------------------------------------------------------------------------------


(1)   Includes:  (i)  securities  purchased  under  agreements  to  resell  with
      Argentine  counterparties  of US$132  million at December 31, 2003,  which
      were fully  collaterized with US Treasury  securities,  and which the Bank
      classifies as US country risk; (ii) guarantees  issued for US$7 million at
      December  31, 2003 to a  Multilateral  Bank in Honduras  with  shareholder
      composition  of 16% in  Guatemala,  Costa  Rica,  El  Salvador,  Honduras,
      Nicaragua, 11% in Taiwan, and 9% in Mexico.

(2)   Includes  book  value  of  loans,  fair  value of  investment  securities,
      securities  purchased under  agreements to resell,  customer  liabilities'
      under  acceptances,  and  contingencies,  including  confirmed  letters of
      credit,  stand-by letters of credit and guarantees covering commercial and
      country risks.  Excludes credit commitments in the amount of US$56 million
      at December  31,  2003,  of which US$32  million  were in Brazil and US$24
      million in Mexico.

(3)   Represents unearned income for loans.