2018 Banks of the Year Awards

Identifying common themes across the different banking systems of Latin America and the Caribbean is a challenge, but two have emerged over the last year.

The first is many banks are continuing to grow and find profitability despite the region’s sluggish economy. The banks in LatinFinance’s Banks of the Year Awards have all stood out for either making timely acquisitions, picking up market share from competitors or simply maintaining market share in the face of economic headwinds.

The second trend is the digital revolution is in full swing. Banks across the region are rolling out a broad range of new digital services and products to capture new customers and deepen their relationships with longtime clients. The new products are also helping to bring down costs, reducing the need for physical branches and making transactions more efficient.

The editorial team at LatinFinance took all of these elements — among others — into account when selecting the winners for Banks of the Year 2018. We started with a list of the largest banks by assets in each country and then examined the financial results from July 1, 2017 to June 30, 2018, sought input from market analysts and reviewed supporting documents from the financial institutions themselves.

For the investment banks, league tables of the major participants in the equity, bond and loan markets served as the starting point.

Winning Banks

Bank of the Year Scotiabank

Argentina Banco Galicia

Bolivia Mercantil Santa Cruz

Brazil Bradesco

Brazil Investment Bank Itaú BBA

Central America BAC Credomatic

Chile Santander Chile

Chile Investment Bank Banchile Citi

Colombia Bancolombia

Colombia Investment Bank BTG Pactual

Costa Rica Banco Popular

Dominican Republic Banco Popular

Ecuador Banco Pichincha

El Salvador Banco Agrícola

Guatemala Banco Industrial

Honduras Ficohsa

Jamaica National Commercial Bank

Mexico BBVA Bancomer

Mexico Investment Bank BBVA Bancomer

Multilateral IDB Invest

Nicaragua BAC

Panama Banco General

Paraguay Itaú Paraguay

Peru Banco de Crédito del Perú

Trinidad & Tobago Republic Bank

Uruguay Santander Uruguay

Selection Process

Click any of the sections below for full details on the selection process.


LatinFinance's Banks of the Year Awards celebrate the financial institutions in Latin America and the Caribbean that best demonstrated excellence in retail, commercial and investment services in the last year. The 2018 awards evaluate banks on their efforts between July 1, 2017, and June 30, 2018.


The categories for LatinFinance's 2018 Banks of the Year Awards are:

  1. Bank of the Year
  2. Bank of the Year Mexico
  3. Bank of the Year Brazil
  4. Bank of the Year Argentina
  5. Bank of the Year Colombia
  6. Bank of the Year Venezuela
  7. Bank of the Year Peru
  8. Bank of the Year Chile
  9. Bank of the Year Ecuador
  10. Bank of the Year Uruguay
  11. Bank of the Year Paraguay
  12. Bank of the Year Bolivia
  13. Bank of the Year Panama
  14. Bank of the Year Central America
  15. Bank of the Year Guatemala
  16. Bank of the Year Costa Rica
  17. Bank of the Year El Salvador
  18. Bank of the Year Honduras
  19. Bank of the Year Nicaragua
  20. Bank of the Year Dominican Republic
  21. Bank of the Year Caribbean
  22. Bank of the Year Trinidad and Tobago
  23. Bank of the Year Jamaica
  24. Investment Bank of the Year Brazil
  25. Investment Bank of the Year Mexico
  26. Investment Bank of the Year Colombia
  27. Investment Bank of the Year Chile
  28. Multilateral Development Bank of the Year
  29. Microfinance Institution of the Year


The 2018 Banks of the Year Awards will be judged on three factors:

  1. Financial data for banks over the reference period (including but not limited to total assets, capital ratio, return on equity, return on assets)
  2. Market opinion including analyst and rating agency comment
  3. LatinFinance editorial evaluation

Selection Process

Nominations from banks, opinion and analysis from the market and financial data inform LatinFinance's editorial evaluation on the awards.


Financial institutions are encouraged to send details supporting their candidacy for the awards, although such material is not required to be considered for the awards.

In your pitch, outline qualitative information describing the ways your institution has grown, achieved success and stayed ahead of its competition as well as any other relevant quantitative data.

Investment banking submissions and multilateral development bank submissions are advised to demonstrate excellence through reference to specific transactions and in comparison to their peers.

Microfinance institutions are advised to place weight on describing how they innovated and achieved success in sustainably fostering broader financial inclusion in the region.

Every pitch must include a completed nomination form as well as any supporting documents.

Send pitches and nominations to awards@latinfinance.com by 5 p.m. ET on Tuesday, September 4, 2018.

LatinFinance editorial staff will be available for meetings and conference calls to discuss pitches and supporting documents between August 24 and September 4, 2018.

Market opinion

LatinFinance will consult a range of market participants to gain perspective on the shortlist, including portfolio managers, credit analysts and other market participants.

Market opinions are kept strictly confidential and will not be disclosed.

Examination of financial data

LatinFinance will review official financial data for each of the shortlisted or nominated banks and speak to analysts and other third parties about the institutions. As is relevant to each category, sources will include but not be limited to: banks' pitches, financial reports and accounts, company presentations, stock exchange filings and LatinFinance reporting. Data will include but not be limited to: capitalization levels, total asset numbers, return on assets, return on equity and transaction details.

Editorial evaluation

The LatinFinance editorial team will supplement its examination of financial data and information from pitch documents and meetings with information from bank analysts and clients. This will be sourced through a review of analyst reports and in-depth telephone interviews.

The LatinFinance editorial team retains discretion over the final allocation of awards in each category.


The winners of the 2018 Banks of the Year Awards will be revealed the November/December issue of LatinFinance magazine.


Click here to download the official nomination form.

Email the completed nomination form to awards@latinfinance.com with "2018 Banks of the Year nominations" in the subject line by end of day on September 4, 2018.


Send inquiries to awards@latinfinance.com with "Banks of the Year 2018" in the subject line.

Previous winners: 2021, 2020, 2019, 2017, 2016, 2015