Banco Comercial Expands Defensively

Banco Comercial Expands Defensively

Banco Comercial is the only bank in Uruguay with an investment-grade credit rating and as such, is prudently building its its business. Last year, Comercial took over the 12 branches and the local balance sheet of ING when the Dutch bank decided to pull out of the region. The bank has also diversified both geographically and across product lines: Comercial AFAP runs pension funds, while Comercial Fondos operates mutual funds. Meanwhile, the Porto Alegre-based Brazilian subsidiary, Banco Comercial Uruguai, has opened branches in Joinville, Santa Catarina; Curitiba, Paraná; and in Caxias do Sul, Rio Grande do Sul. The acquisition of the ING network, which raised Comercial's

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