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Banco Bolivariano Survives the Storm

Nov 1, 2001

The Ecuadorian banking system collapsed in 1999, and the banks left standing are still reeling from the aftershocks. In July, the Ecuadorian government shut down the country's largest state-owned bank, Filanbanco, because of severe liquidity problems. Filanbanco reported more than $100 million in losses for 2000 despite a $300 million capital infusion from the central bank. Thousands of depositors were left with devalued accounts and frozen assets until Banco Bolivariano agreed to help out. Along with several other domestic banks, Bolivariano assembled a $266 million trust to help Filanbanco meet its obligations to account holders. Considering this added capital drain on Banco Bolivariano and the international community's exceedingly dreary outlook for the Ecuadorian banking system, the bank still managed to do noticeably well this year. Bolivariano nearly doubled its deposits this year to $283 million, raising its share in...

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