November 10, 2016
An earthquake in April has complicated the banking environment for Ecuador’s lenders, but strong loan and deposit growth lifted Banco Pichincha above its competitors to take the Bank of the Year Ecuador award.
Pichincha has adapted its standard credit rules to assist areas affected by the earthquake, offering reactivation credits with longer than normal tenors and grace periods of up to six months. The intention has been to help regenerate economic activity in the areas hit by the natural disaster.
At the same time, Ecuador’s broader macroeconomic environment has encouraged the bank to work with strong customers who have good credit but have been impacted by falling commodity prices.
The Ecuadorian lender has bounced back from a lending dip in 2015