Best Bank Ecuador: Double the Trouble

Nov 1, 2009

The impact of the credit crisis is a theme for all LatAm banking systems, and in Ecuador there is the added question of political volatility.


In 2009, caution is again the smartest policy as economic growth returns. And again Banco Pichincha is the Bank of the Year in Ecuador.


“The problem we are facing is that the policy the government is following is one where it is trying to control everything in the financial system,” Pichincha general manager Fernando Pozo tells LatinFinance. He explains the banks cannot manage risks through interest rates, as the government is setting what they can charge, and also regulates fees. Nevertheless, Pozo says the financial system...

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

Jan Dehn, Ashmore Investment Management