Bolivariano Carries On

Nov 1, 2002

Ecuador's troubled banks helped precipitate the country's financial problems in 1999 when the government defaulted on more than $6 billion of international bonds. In the aftermath, nearly all of what remained of the country's banks was liquidated. The banking system became illiquid and in July 2001 Filanbanco, Ecuador's largest state bank, was shut down.

But Banco Bolivariano, Ecuador's fourth-largest private sector bank, has managed to successfully navigate this dire...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management