Bladex Partners with Identrus to Deliver Digital Identity Solutions to Latin America and the Caribbean
October 19 2005 - 8:00AM
Business Wire
Bladex (NYSE:BLX) and Identrus, a global provider of trusted
identity solutions, today announced an agreement to distribute
digital certificates and identity credential solutions throughout
Latin America and the Caribbean ("LAC"). Bladex will exclusively
lead the adoption of Identrus digital certificates and
Identrus-based applications throughout the LAC market to meet the
growing need of financial institutions, governments and commercial
entities for ensuring that electronic transactions are secure.
Identrus will provide Bladex with its PKI technology and supporting
infrastructure requirements. This partnership is a critical step
towards achieving a common, globally ubiquitous standard of
identity authentication that is supported by the Identrus network.
"Bladex is pleased to add Identrus' state-of-the-art solutions to
bring the LAC region up to global standards for authenticating
transactions. Our clients will now have access to Identrus'
worldwide network for trusted identity credentials that provide a
legal and technological framework for using identities," stated
Bladex's Chief Executive Officer, Jaime Rivera. He added, "This
agreement marks a major step in our strategy for increasing our
product offering and capitalizing on our regional distribution
capabilities to generate additional fee income." "Identrus is
excited to partner with Bladex to bring digital identity solutions
to the LAC region. Bladex's strong reputation and extensive
distribution network are a logical choice for Identrus to expand
its presence to a region that can benefit from security-rich
solutions for electronic transactions," said Karen Wendel, CEO,
Identrus. "Banking and financial services customers face many new
security threats including identity theft and fraud. Strong
authentication infrastructures, like Identrus, can be a ready-aid
to banks in preventing fraud and developing new services for
customers." Organizations around the world now require a common and
secure identity standard to truly verify their counterparties,
protect customer information and enable electronic transactions.
Identrus' digital certificates combined with identity credential
solutions create the strongest level of trust required by trading
communities. Leveraging Identrus' established policy structure and
network, Bladex's customers will be able to quickly deploy identity
management solutions without the need for additional policies and
procedures. To distribute Identrus' product offering as well as
similar technology solutions and services, Bladex is forming a new,
wholly-owned subsidiary named Clavex. Clavex intends to deliver
world-class solutions and technologies to Bladex's clients. Clavex
will leverage Bladex's expertise and relationships to become the
delivery channel of choice for world-class solutions in the region.
Identrus will be the flagship offering of Clavex. About Bladex
Bladex is a supranational bank originally established by the
Central Banks of Latin America and Caribbean countries to promote
trade finance in the Region. Based in Panama, its shareholders
include central and state-owned entities in 23 countries of the
Region, as well as Latin American and international commercial
banks, and institutional and retail investors. Additional
information is available at www.blx.com. About Identrus, Inc.
Identrus(TM) is a global solutions company that secures
interactions where identity is critical. As the only government
regulated, bank-built identity company, Identrus provides a
worldwide network for trusted identity credentials based on global
standards. Identrus' proven solutions provide a legally and
technologically interoperable environment for using identities. The
Identrus platform provides the legal and technical infrastructure
for financial institutions, governments and commercial entities to
effectively manage the risks associated with identity
authentication, and enables these organizations to develop business
applications and value-added services for their customers. Identrus
partners with systems integrators, software developers, smart card
and token providers, as well as experts on identity management,
security and fraud to help organizations achieve greater
application security and meet their e-business objectives. Identrus
membership consists of the world's leading financial institutions
spanning 160 countries. Additional information about the company is
available at www.identrus.com. Bladex Safe Harbor Statement This
press release contains forward-looking statements of expected
future developments. The Bank wishes to ensure that such statements
are accompanied by meaningful cautionary statements pursuant to the
safe harbor established by the Private Securities Litigation Reform
Act of 1995. The forward-looking statements in this press release
refer to the growth of the trade portfolio, the increase in the
number of the Bank's clients, the increase in activities engaged in
by the Bank that are derived from the Bank's trade finance client
base, anticipated operating income in future periods, the
improvement in the financial strength of the Bank and the progress
the Bank is making. These forward-looking statements reflect the
expectations of the Bank's management and are based on currently
available data; however, actual experience with respect to these
factors is subject to future events and uncertainties, which could
materially impact the Bank's expectations. Among the factors that
can cause actual performance and results to differ materially are
as follows: the possibility that the Bank will need to renegotiate,
restructure or write-off certain of its Argentine loans; the
possibility of pre-payments; the anticipated growth of the Bank's
trade finance portfolio; the continuation of the Bank's preferred
creditor status; the effects of increased interest rates on the
Bank's financial condition; the implementation of the Bank's
strategies and initiatives, including its revenue diversification
strategy; the pending applications in the United States to open a
representative office in Miami, Florida; the adequacy of the Bank's
allowance for credit losses to address the likely impact of the
Argentine crisis and other credit risks on the Bank's loan
portfolio; the necessity of making additional provisions for credit
losses; the Bank's ability to achieve future growth, to reduce its
liquidity levels and increase its leverage; the Bank's ability to
maintain its investment-grade credit ratings; the availability and
mix of future sources of funding for the Bank's lending operations;
and the adequacy of the Bank's sources of liquidity to cover large
deposit withdrawals.
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