Central America and Caribbean’s best bank 2022: BAC International Bank
The successful growth of BAC International Bank throughout central America and the Caribbean region led to the bank being spun off from parent Banco de Bogotá. Although the bank is no longer part of this group – it has its own listing in Panama – the primary shareholders remain Banco de Bogotá and Luis Carlos Sarmiento Angulo, chief executive of Grupo Aval.
BAC’s separation has helped the bank develop an individual identity, strategy and management team, which is led by president and chief executive Rodolfo Tabash. Despite different national entities, BAC operates as one institution throughout the region. This allows it to share regional best practices and benefit from economies of scale.
This means improved services for larger central American companies and multinationals, as well as optimized single-jurisdiction products.
This combination of local execution and regional integration has been building up a head of steam in recent years.