Venezuala

Best bank – Banco de Venezuela

Best local partner – Banco Mercantil

Best debt house – Citigroup

The top four banks in Venezuela all made pretty healthy profits in 2002, but none made more than Santander-owned Banco de Venezuela. Its return on equity, at 38.6%, was the second highest in all of Latin America, and its efficiency ratio dropped from 49.4% in 2001 to just 40.4% in 2002.

Even so, there’s not much to choose between Banco de Venezuela and the winner of our local partner award, Banco Mercantil, one of the best-run domestically owned banks in Latin America, and an institution that itself posted more than 38% in return on equity and more than $150 million in profit.