Best Bank - Ecuador

Nov 1, 2010

Ecuador’s Banco Pichincha has been busy expanding within and beyond the country’s borders. At the same time, it has been able to keep its financial indicators in line with or better than that of the banking system as a whole.

The trend is expected to continue. "In 2010 we expect Ecuador’s GDP to grow between 2%-3% and in 2011 it should expand around 4%, which will certainly help Pichincha grow," says vice president Jorge Chiriboga. He adds that higher GDP growth could also translate into more demand for credit.

Ecuador’s biggest bank is also spreading its wings. In 2010, Pichincha closed the acquisition of Inversora Pichincha and Interdinco, which comprised troubled insurance conglomerate AIG’s consumer finance operations in Colombia. Inversora Pichincha and Interdinco provide consumer finance products in Colombia, including vehicle financing, personal loans, student loans, insurance premium financing, commercial loans, credit cards and retail...

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