Bank of the Year, Central America: Grupo BAC Credomatic

Nov 1, 2013

As trade between Central American countries picks up, one bank is poised to take advantage of the growth

Banking in Central America is a rapidly changing business. Countries in the region are trading more with each other, as well as deepening links with Colombia and the US. And the banking landscape is being reshaped following a flurry of acquisitions in the region by Colombian lenders taking advantage of a European retreat. Moreover, many now expect the region’s economic fortunes to imprive as the US economy recovers.

BAC Credomatic is noteworthy for having kept its strategy consistent, despite the vagaries of the external environment.

"Over the past 15 years, we’ve moved the steering wheel a little depending on the circumstances," says Ernesto Castegnaro, chairman of the bank. "But in general, our idea is to develop, in all the countries, financial operations in corporate, consumer, and mortgage lending.

"We try to keep around a third of the portfolio in each of these areas, although occasionally we let one...

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