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BAC International Bank |
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JPMorgan |
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Best bank in Central America and Caribbean
This region has often been thought a disparate, fragmented collection of small economies, affected more by the gravitational pull of the US (and to a lesser extent the larger Latin American economies such as Colombia) than intra-regional linkages. However, this is changing. Banks are investing in networks that span these countries both to take advantage of intra-regional growth, as well as to spur it. In this sense, the leading banks in the region are playing an important role in central American and Caribbean economic development, none more so than the largest: BAC International Bank, our best bank for 2015.
BAC is part of the Aval group and is making huge investment in the region. A $1.3 billion equity offering from Grupo Aval is helping to maintain this expansion, which recently saw BAC, led by CEO Ernesto Castegnaro, buy BBVA Panama and Grupo Reformador in Guatemala. During 2014 the bank integrated these acquisitions, increasing its presence in two of the most important markets. BAC now has $17.4 billion of assets in the region and generates $324 million in net income from operations that also span Honduras, El Salvador, Nicaragua and Costa Rica (as well as Mexico). The bank has 3.5 million customers and 742 ‘points of contact’, which include 443 full-service branches and an ATM network of 1,733 terminals.
Best investment bank in Central America and Caribbean
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Moises Mainster has led JPMorgan through an impressive list of landmark deals |
The bank with the best investment bank in the region is JPMorgan. The bank is led by Moises Mainster, senior country officer for Central America, the Caribbean and the Andean region. It racked-up an impressive collection of the region’s landmark deals during the qualification period, including Digicel’s $925 million bond (the fifth such transaction for the issuer in the past three years) and three separate international DCM transactions for the Dominican Republic, including the issuer’s largest ever (a $2.5 billion, dual-tranche bond in January 2015 and the Republic’s first ever 30-year deal in April 2014). JPMorgan also provided regional clients with acquisition financing (Cable & Wireless’ $3 billion deal to purchase Columbus) and loan syndication ($400 million for Banistmo). M&A was also an important source of fee revenue generation: JPMorgan advised Columbus International on its $3 billion sale to Cable & Wireless – the largest deal in the region last year, as well as advising Vicini, shareholders of Metaldom, in its merger with Inca (part of the Gerdau group).
