Banco Bolivariano

Small and relatively unknown just five years ago, Banco Bolivariano has emerged as one of Ecuador’s biggest and most profitable players despite the often difficult local economy. This impressive achievement makes it the judges’ choice for Ecuador.

In 1998, the bank was ranked 22nd in size in terms of assets and held a market share of less than 1%. Since then, the bank has grown its assets to $452m, making it the country’s fifth-largest bank by this measure. And, thanks to a conservative lending approach and tight credit risk management, the bank’s asset quality is consistently regarded as the best in the local industry.

Banco Bolivariano has increased its share of the local retail market to 10% since 1998. It became the first in the nation to provide access to banking services 24/7 via the simultaneous launch of telephone and internet-based services and the expansion of its cash machine network.

“The role of Banco Bolivariano as a stable player in the Ecuadorian market has been proven by its ability to withstand the many negative cycles in the economy since 1980. This has allowed us to consolidate our presence in the traditional lines of business and to expand our presence in Ecuador’s growing retail market,” commented Miguel Babra Lyon, the bank’s president.

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