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Best Bank: BBVA Banco Provincial |
President Hugo Chávez has continued to push his socialist reform policies. Chávez focused on the banking system and completed his plan to nationalize Santander’s Venezuelan unit in March. However, this move came as a blessing for Santander, which wanted to sell its Banco de Venezuela. Political unrest, rising inflation, and Chávez’s political whims have not scared off BBVA, however.
In the past 12 months, BBVA Banco Provincial’s loan portfolio has grown 15.8% and its total assets produce an annual growth rate of 39.8%. The bank also managed to maintain a strong loan portfolio with a delinquency rate of 0.9%, well below the banking sector average of 2.2%.
Banco Provincial also reported the largest net income, with profits up 35.5% from 2007.
