Banco Mercantil becomes CAF share

(Caracas, March 18, 1991).- The President & CEO of Banco Mercantil of Venezuela, Gustavo Marturet, received today (Monday March 18) the share certificate which accredits the entry of his bank as CAF shareholder.

The ceremony was especially important because Mercantil is the first Venezuelan commercial bank to subscribe to CAF shares. Seventeen commercial banks from the subregion have now been authorized to subscribe to the capital of the Corporation.

With this process, one of the great aspirations of the present CAF administration is being achieved which is to bring subregional private banks into the integration process with a view to promoting joint investments and trade.

After presenting the certificate, CAF President & CEO Galo Montaño said the Corporation raised its authorized capital by US$50 million in 1989 so that private financial institutions in the five member countries could subscribe to series "B" shares.

Marturet said the entry of Banco Mercantil into CAF capital was very important. "The role that CAF plays is fundamental for the integration process and our institution has a Latin American vocation." He added that Mercantil has subsidiaries in Lima and Sao Paulo and plans to expand into other countries of the subregion. Finally he praised "the magnificent work that CAF is doing in this respect" and said the Andean integration process was thriving.