Directors elected to represent private banks on Board

(Caracas, May 30, 1991).- In a ceremony held May 29 in the CAF headquarters in Caracas, the private banking sector of the subregion established its presence on the CAF Board.

This achievement was one of the great aspirations of the present CAF administration which was to bring the financial sectors of Bolivia, Colombia, Ecuador, Peru and Venezuela into the integration process with a view to taking joint actions in favor of the development and growth of its member countries.

During the meeting, the bylaws were approved for election of the principal and alternate directors who will represent the financial institutions on the Board. The following directors were then elected to take up these positions for one year: for Banco de Crédit of Peru, Dionisio Romero and for Banco Mercantil of Bolivia, Fernando Gutiérrez Zalles.

CAF President & CEO Galo Montaño emphasized the desirability of increasing the presence of private banking in CAF capital since it will lead to specific projects and more rapid linkage with the Andean private business sector. At this date, 11 financial institutions from five countries have subscribed to the "B" series shares issued for this purpose.

The ceremony was attended by representatives of the Mercantil, Industrial and Santa Cruz de la Sierra banks of Bolivia; Corporación Financiera del Valle of Colombia; Filanbanco of Ecuador; Banco del Crédito of Lima, Latino, Del Sur and Wiese of Peru; and Banco Mercantil of Venezuela.