Ecuador

Awards of Excellence

Latin American regional awards

Best Bank: Banco del Pichincha

While Ecuador continues to hit the headlines because of the uncertainty surrounding the government’s willingness to service its debt, the country’s leading bank, Banco del Pichincha quietly continues to produce strong results. During 2006, the bank’s net income grew to $59.5 million compared with $40.2 million the previous year. One of the reasons for Pichincha’s success was an improvement in controlling costs. At the same time it grew its loan portfolio by 29%, which was the highest figure of any bank in the country.