A Strong Lead

A Strong Lead

Bonds Structured Finance El Salvador Corporate & Sovereign Strategy

With tiny El Salvador’s dollarized economy tied closely to the United States, banks struggled with the downturn along with the broader economy. The trend may be reversing in spite of another complicated year amid continued global economic turmoil. Bancolombia’s Salvadoran affiliate, Banco Agrícola, maintains a strong lead in El Salvador’s banking sector with 30.6% of the market’s loans and 27.9% of its deposits, keeping it ahead of international rivals HSBC, Citi and Scotiabank. And while global economic challenges are still weighing on the Salvadoran economy, Agricola appears to be turning the page on the global crisis. Deposits in 2010 increased 4.8% versus a y

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