November 01 2009
Best Bank El Salvador: In Hands Less Foreign
While Banco Agrícola now belongs to Bancolombia, its new owner is keeping a respectful distance when it comes to running things, and for good reason.
In the past year, Banagrícola had beaten its local competitors, which are now all in foreign hands, handsomely on nearly all fronts. Of the three largest banks, it is the only one to have actually grown its asset base in the 12 months through June 2009, albeit at a meager 1%.
“We have a lot of respect for the institution we have in El Salvador,” says Bancolombia CEO Jorge Londoño, noting that most of the executive team in place at the time of the acquisition has remained.
Banagrí...
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