Bank of the Year Costa Rica

Bank of the Year Costa Rica

Corporate & Sovereign Strategy Bonds

The short-to-medium-term outlook is bleak in this Central American country. GDP growth forecasts have been bumped down from 3.4% to 2.8% in 2015 and unemployment is on the rise. Fitch meanwhile, slapped Costa Rica with a negative outlook in January, just a few months after Moody’s downgraded the sovereign, to Ba1. However this year’s Banco of the Year Costa Rica, Banco BAC San José, enjoys the support of a stable parent, Banco de Bogotá, and is one of the country’s most profitable lenders. The bank has a 12.4% share of the loan market and 11.4% share of deposits, the largest of Costa Rica’s private lenders, according to Fitch. BAC’s assets grew from $3.68 billion in June 2014 to $4

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