Andean Group bankers meet today in Caracas

(Caracas, May 29, 1992).- The Board meeting held today in the CAF headquarters in Caracas elected the board members to represent the private banking sector for the 1992-93 period.

The Board elected as principal director the representative of Banco Mercantil of Bolivia, Fernando Gutiérrez Zalles, who replaces Dionisio Romero of Peru, and as alternate director Jorge Baiz of Banco de Maracaibo, representing the private bank shareholders of Venezuela.

The meeting in Caracas was attended by members from 21 financial institutions of the Andean subregion which since 1990 have begun to subscribe to series "B" shares issued to facilitate a more rapid development of relations with private business and execute specific projects.

The institutions attending were banks Mercantil, Industrial and Santa Cruz, of Bolivia; Corporación Financiera del Norte, Banco Cafetero and Corporacion Financiera del Valle, of Colombia; Filanbanco, de los Andes, Guayaquil and Continental, of Ecuador; Wiese, del Sur, de Crédito, de Lima, Latino, Mercantil, Continental and Interbanc, of Peru; and the banks Maracaibo, del Caribe and Mercantil, of Venezuela.

The bank executives agreed to work to achieve the goals and objectives of CAF and increase their cooperation with the socio-economic development of member countries.

CAF President & CEO Enrique García said the Corporation had made lines of credit available to these banks to facilitate foreign trade operations, and also contributing to the expansion of the productive capacity of small- and medium-sized enterprises through global credit operations for financing investment and permanent working capital.

Lastly, García emphasized the importance of CAF support for the processes of privatization, development of small business and the capital market, areas where the participation of the private financial sector of the member countries is fundamental.