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| Best bank | BAC International Bank |
| Best investment bank | Citi |
| Country Awards for Excellence 2014: Central America | |
| Awards for Excellence 2014: Results index | |
Best bank
Trade and financial flows within central America and the Caribbean have been growing strongly in recent years and the bank that is best placed to take advantage of this regional trend is BAC International Bank. The bank has operations in Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, Panama and Mexico. As of December 2013 the bank had $14.2 billion in assets, a loan portfolio worth $9.2 billion, $9.4 billion in deposits and $1.4 billion in shareholder equity. Since 1985, when the bank first expanded out of its home market of Nicaragua with an acquisition in Costa Rica, it has grown by a compound annual growth rate of 17.8%. In 2013 the bank’s net income was $298 million, up 12% from the previous year. The bank is the most diversified financial institution in the region and delivers strong performance: return on equity is 22% and return on assets is 2.7%.
Best investment bank
Citi continues to be the leading investment banking franchise in this region. While other banks can point to deal highlights in the region, none has Citi’s breadth of international capital markets transactions from regional issuers. The bank also leverages its local presence, which provides local relationships, while a strong presence in growing domestic capital markets provides Citi with the flexibility to provide a range of financing options to clients.Citi’s deal highlights this year include Comunicaciones Celulares’ inaugural $800 million bond. The mobile telecoms company upsized a proposed $500 million trade after generating 5.2 times oversubscription. The deal is the largest issue ever from Guatemala (including sovereign issues) and is also the largest-ever corporate bond to be printed in central America. Citi also led on fellow Guatemalan issuer Banco Agromercantil de Guatemala’s inaugural $300 million transaction. The deal was the seventh international debt deal from a non-sovereign issuer in the country; Citi has participated in five of those deals. Citi also led on a couple of deals for Jamaica’s Digicel, as well as leading on the island’s $1.25 billion issue from Colombus International. Citi was also very active in sovereign issuance from the region, leading two deals from the Dominican Republic in 2013. The bank can also point to large export finance and trade transactions for clients throughout the region – such as leading the $250 million financing for the government of Panama’s metro project, as well as FX and derivatives and structures in multiple jurisdictions.
