Best Bank - Guatemala

Best Bank - Guatemala

Central America

There were 24 Guatemalan banks as of mid-2007, down from 34 in 2000, and the sector is ripe for further consolidation to achieve economies of scale, modernization, new products, and larger profits. For the third straight year, Banco Industrial is leading this process and wins the LatinFinance prize for Best Bank in Guatemala. After last year's acquisition of Banco de Occidente, Guatemala's fifth largest financial institution, Industrial again pulled the trigger in August. The 29.7 billion quetzal ($3.92 billion) merger with Banco del Quetzal gives it 28.5% of the market by assets, according to Fitch. "After analyzing the sector, we decided that Occidente and Quetzal have strong retail busin

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