AWARDS: Bank of the Year Uruguay

AWARDS: Bank of the Year Uruguay

Corporate & Sovereign Strategy Uruguay

Banco de la República Oriental del Uruguay has solidified its position as the country’s dominant bank despite a sluggish economy. “In the last few years, the bank has achieved strong profit levels even though the economy has shown less dynamism and interest rates are at historic lows,” says Jorge Polgar, president of Banco de la República Oriental. The government backed-lender’s role in the banking sector remains strong, accounting for around 40% of the market. As of July, Banco de la República Oriental had $15.5 billion in assets, according to Moody’s. Distant runner-ups include competitors that can tap into strong foreign support and know-how to grow in areas such as consumer finance. S

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