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Best bank: Banco Pichincha |
In Ecuador, choosing the best bank is easy. Banco Pichincha stands out as a clear winner in this relatively immature market.
Banco Pichincha started in 1902 and is the oldest financial institution in Ecuador. It is also the largest bank in the country with about 29% of market share and 2 million clients. Pichincha is the sole bank present in 29 medium-size and small cities, where it provides not only banking services to retail customers but also acts as an outlet for social services such as payments to teachers, the military and many lower-income families. In line with this market status, Pichincha produced strong results this year, with an increase in net income of 33.6%