In the increasingly competitive Costa Rican market, Banex has achieved extraordinary financial performance. Net profits have increased by a substantial 47% and ROE leaped by more than 23%. Its assets have grown more than 25%, while administrative costs have risen by just 1.4%.
Banex has been shifting its customer focus from corporate banking to a wider orientation that includes consumer banking. This strategy is also being achieved through the incorporation of Bancrecen, a smaller bank acquired in 2002, which has an important network of branches and ATMs across the country.
“Banex is a company that maintains a constant leadership position in the corporate and affluent segment in Costa Rica,” says Sergio Ruiz, vice president and general manager. “Furthermore, its sound strategy is going to lead Banex to become a leader in the retail segment as well. As a subsidiary of Primer Banco del Istmo, the largest banking group in Central America, it is one of the strongest banks in the country in terms of profitability, efficiency, capital adequacy, product variety and geographical coverage. The new business focus on retail banking will be complimented with innovative products and outstanding customer service. Banex has all the elements to remain a leader in Costa Rica’s financial sector.”
