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Best bank: BBVA Banco Provincial Best debt house: Barclays Capital |
Political volatility, swaying on president Hugo Chávez’s whims, popular unrest, and a distinct lack of foreign investment have not scared off BBVA Banco Provincial. The Spanish bank’s subsidiary has ploughed on stoically, and despite the Venezuelan financial system having a new set of regulations on rates, legal reserve and commissions, as well as a liquidity decrease, BBVA Provincial reported record results this year.
At the end of 2007, the bank reported a net income of $377.29 million, an annual increase of 107.3%, making it the most profitable institution in the financial market in 2007. Quarter one 2008 compares favourably with quarter one 2007, with a 69.4%