Brandes Holds 10.96 % Passive Stake in BLX – 3.15 M Shares Disclosed

Brandes Investment Partners, L.P. filed Amendment No. 25 to its Schedule 13G on Banco Latinoamericano de Comercio Exterior, S.A.

Rhea-AI Filing Summary

Brandes Investment Partners, L.P. filed Amendment No. 25 to its Schedule 13G on Banco Latinoamericano de Comercio Exterior, S.A. ("Foreign Trade Bank of Latin America, Inc.") common E Shares (CUSIP P16994132).

• Beneficial ownership: 3,150,819 ordinary shares, representing 10.96 % of the outstanding class.
• Voting/Dispositive power: Sole voting & dispositive power – 0; Shared voting power – 2,824,679; Shared dispositive power – 3,150,819.
• Reporting person: Brandes Investment Partners, L.P., a Delaware investment adviser (Item 3 classification “IA, PN”).
• Date of triggering event: 31 July 2025; filing signed 01 Aug 2025 by Executive Director Glenn Carlson.
• The shares are held in the ordinary course of business with no intent to influence control of the issuer.

This passive filing signals that Brandes remains a >10 % holder in BLX, confirming continued institutional ownership without indicating any change in corporate control objectives.

Positive

• Institutional commitment: Brandes maintains a sizeable 10.96 % stake, suggesting ongoing confidence in BLX.

Negative

• None.

Insights

Financial Analyst

TL;DR – Brandes confirms a 10.96 % passive stake in BLX; no control intentions disclosed.

The amendment keeps Brandes above the 10 % threshold with 3.15 million shares, all under shared voting and dispositive authority. As a value-oriented investment adviser, Brandes’ continued holding can be viewed as a sign of confidence, yet the filing is strictly passive, offering no catalysts such as board nominations or activism. Material impact is limited to ownership transparency; share supply/demand dynamics remain unchanged because there is no mention of purchases or sales that alter beneficial ownership meaningfully versus prior disclosures.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many BLX shares does Brandes Investment Partners own?

Brandes reports beneficial ownership of 3,150,819 ordinary shares.

What percentage of BLX’s class is held by Brandes?

The filing states Brandes holds 10.96 % of the outstanding E Shares.

Does Brandes have sole voting power over its BLX shares?

No. Sole voting power is 0; shared voting power is 2,824,679 shares.

Is the stake held for control purposes?

No. Brandes certifies the shares are held in the ordinary course of business with no intent to influence control.

When was the ownership position recorded?

The triggering event date is 31 July 2025, with the filing signed on 1 August 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/01/2025 - 12:52 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 25)

FOREIGN TRADE BANK OF LATIN AMERICA, INC.

(Name of Issuer)

E Shares

(Title of Class of Securities)

P16994132

(CUSIP Number)

07/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. P16994132

1

Names of Reporting Persons

BRANDES INVESTMENT PARTNERS, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,824,679.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,150,819.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,150,819.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.0 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: FOREIGN TRADE BANK OF LATIN AMERICA, INC.
(b)	Address of issuer's principal executive offices: Calle 50 y Aquilino de la Guar, Apartado 6-1497 El Dorado, PANAMA, PANAMA, 0819-08730.
Item 2.
(a)	Name of person filing: Brandes Investment Partners, L.P.
(b)	Address or principal business office or, if none, residence: 4275 Executive Square, 5th Floor, La Jolla, CA 92037
(c)	Citizenship: Delaware
(d)	Title of class of securities: E Shares
(e)	CUSIP No.: P16994132
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,150,819 ORD
(b)	Percent of class: 10.96%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 2,824,679 ORD
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 3,150,819 ORD
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BRANDES INVESTMENT PARTNERS, LP

Signature:	/s/ Glenn Carlson
Name/Title:	Executive Director
Date:	08/01/2025