Bolivariano Carries On

Bolivariano Carries On

Corporate & Sovereign Strategy

Ecuador's troubled banks helped precipitate the country's financial problems in 1999 when the government defaulted on more than $6 billion of international bonds. In the aftermath, nearly all of what remained of the country's banks was liquidated. The banking system became illiquid and in July 2001 Filanbanco, Ecuador's largest state bank, was shut down. But Banco Bolivariano, Ecuador's fourth-largest private sector bank, has managed to successfully navigate this dire environment to emerge as the Best Bank in Ecuador for the second year in a row. It posted a 20.4% return on equity in the first half of 2002, up from 17.9% in the same period last year. Net income rose to $5.2 million in 2

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