November 1, 2011
With tiny El Salvadors 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.
Bancolombias Salvadoran affiliate, Banco Agrícola, maintains a strong lead in El Salvadors banking sector with 30.6% of the markets 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
El Salvador - Best Bank – Banco Agricola