Bladex CEO Rubens Amaral leaves

  • Push-out Score suggests push-out forces
  • After about six years in the position
  • Accolades, praise, thanks and words of regret for Amaral
  • Gabriel Tolchinsky taking over
  • Amaral spoke at length and said 213 words

(exechange) — Panama City, Republic Of Panama, December 18, 2017 — Rubens Amaral, chief executive of Bladex, leaves. His departure is made public at an early stage. As announced by Banco Latinoamericano de Comercio Exterior, S.A. in a news release on Monday, December 18, 2017, Rubens V. Amaral leaves his post as Chief Executive Officer at the business bank after about six years in the position, effective April 30, 2018.

Amaral’s duties will be taken over by Gabriel Tolchinsky, currently Chief Operating Officer and Alternate to the CEO at Banco Latinoamericano de Comercio Exterior, S.A.

Amaral’s move is part of a management shake-up also involving the position of Chief Financial Officer.

No reason given

In the announcement, Bladex did not explicitly explain the reason for Amaral’s move, leaving room for speculation.

Precise information about Amaral’s future plans was not immediately available.


Bladex said: “Rubens V. Amaral Jr. submitted his resignation and will step down as Chief Executive Officer effective April 30, 2018.”

Share price decline

The change follows a decline in the share price of Banco Latinoamericano de Comercio Exterior, S.A. since April 2015.

Chaired by Gonzalo Menéndez Duque

Banco Latinoamericano de Comercio Exterior, S.A. is chaired by Gonzalo Menéndez Duque.

Gonzalo Menéndez Duque has served as a Director of the Board since 1990 and Chairman of the Board since 2002.

In the position of CEO since 2012

Rubens V. Amaral Jr. has served as a Director of the Board and Chief Executive Officer of the Bank since August 2012.

Prior to his appointment as the Chief Executive Officer, Amaral was Executive Vice President, Chief Commercial Officer of the Bank, and the alternate to the Chief Executive Officer since April 2004.

He previously served as General Manager and Managing Director for North America at Banco do Brasil, New York Branch, and a Director of the Board of Bladex from 2000 to 2004.

Amaral served in various capacities with Banco do Brasil since 1975, holding the positions of Managing Director of the International Division and alternate member of the board of directors in 1998, among others.

Amaral also served as a representative in banking supervision for the Central Bank of Brazil from 1982 to 1988, and in various roles at institutions in the banking industry, including Honorary President of the Global Network of Exim Banks and Development Finance Institutions (G-Nexid), Trustee of the Board of Trustees of the Institute of International Bankers – IIB, a member of the Advisory Board of the Center for Latin America Studies at the George Washington University, a member of the International Advisory Council at the Bankers Association for Finance and Trade – BAFT, and a Director of the Brazilian American Chamber of Commerce, in New York.

He is a graduate in Economics, and he holds a special certification from the Association of Alumni of the Brazilian Superior School of War in Political and Economic Affairs.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Rubens Amaral’s move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 52.2017 ($).