Latin America’s best bank for corporate responsibility 2023: Banco Pichincha
Banco Pichincha has been developing several strategies to boost social inclusion and improve gender dynamics in Ecuador. The bank now has an impressive portfolio of projects that fit under the corporate responsibility banner.
Led by chief executive Santiago Bayas Paredes, the bank began to build out its social programmes in the rural sector, a natural place to start given its strength in agrarian finance. Since 2019, the firm has been partnering with Rabobank to increase the financial inclusion of workers in the agriculture sector and boost rural living conditions in Ecuador.
Much of this strategy is delivered by the professionalization of value chains in the country, with the bank working with big purchasers of crops to foster associations and other collaborative sourcing strategies, which result in better pricing and security for small producers.
Once the supply chain is formalized, the small producers can not only use contracts to finance improvements and increase productivity, but there are also efficiencies in terms of technological investments that can be made at the association level.