Bank of the Year, Paraguay: Banco Continental

Bank of the Year, Paraguay: Banco Continental

Bonds Structured Finance Paraguay Corporate & Sovereign Strategy

Volatile. That’s the best way to describe Paraguay’s growing economy and attendant banking system. Growth has been erratic, and the economy and financial system have had to navigate troubles in the agricultural sector, a driver of growth and the banking system’s main source of business. The economy grew 13% in 2010, 4% in 2011 and then shrank 1% last year, according to the World Bank. This year, some estimates have it finishing above 10%. New president Horacio Cartes says he would like to see a steadier annual rate of 7% to 8%. Few doubt the tremendous potential of the country and for the banking system in particular, with many potential customers still remaining out of the formal system.

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