November 1, 2009
In 2009, caution is again the smartest policy as economic growth returns. And again Banco Pichincha is the Bank of the Year in Ecuador.The problem we are facing is that the policy the government is following is one where it is trying to control everything in the financial system, Pichincha general manager Fernando Pozo tells LatinFinance. He explains the banks cannot manage risks through interest rates, as the government is setting what they can charge, and also regulates fees. Nevertheless, Pozo says the financial system is strong overall in terms of liquidity and quality of assets. Pichincha remains Ecuadors largest bank. Assets were $4.34 billion in June, some 26% of the
The impact of the credit crisis is a theme for all LatAm banking systems, and in Ecuador there is the added question of political volatility.