Best Bank − Ecuador: Banco Pichincha
Bucking the Trend
Ecuador’s Banco del Pichincha is clinging on to a AA+ rating from Fitch subsidiary Bank Watch Ratings, despite global financial crisis and a government that many foreign investors would not have on their shopping lists. In fact, Bank Watch lists political risk as one of the main threats to Pichincha.
"The rating . . . incorporates the positive trends expected
despite the uncertainty that exists at a macroeconomic level
and the financial systems vulnerability to government
decisions and the economy, says Bank Watch analyst
Fernando Pozo Pichinchas general manager and
president of the Private Banks Association of Ecuador, as well
as the LatAm Federation of Banks is in talks with the
government about the need to provide more flexibility to the
banking system, especially at a time when the world faces such
a severe economic slump. One of the areas that needs more
flexibility, he says, is interest rates. They must go
hand in hand with consumption in order to control inflation and
provide economic stability, Pozo tells
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