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Banking

Garcia says goodbye to IADB after 35 years

One of Latin America’s most distinguished banking careers will come to an end this month. Eloy Garcia, treasurer at the Inter-American Development Bank, will leave the multilateral after its annual meeting in Guatemala at the end of March after 35 years’ service.

The 62-year-old has reached the age for mandatory retirement from the bank.

"My last day will be March 31," he says.

He will turn his attention to full-time teaching at John Hopkins University, where he has run a graduate course for the past 20 years. "One of the ideas is to start a centre for economics and finance for emerging markets with Latin America being a centrepiece."

Garcia has been at the forefront of many of the IADB’s biggest incidents and initiatives. One of the most recent was in April 2004, when the bank issued its first bond denominated in the currency of a borrowing member country. The multilateral launched a three-year Mexican peso bond, raising Ps3 billion ($269 million).

Garcia says that the deal took three years to come to fruition because of the documentation and legal work involved. Initially, the bank considered doing its debut international bond in a Latin American currency in Chilean pesos but at the time the regulatory constraints in the Andean country proved too big an obstacle. Subsequently, the bank has done a local-currency deal in Chilean pesos as well as in Brazilian reais, Colombian pesos and Peruvian soles too.

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