Central America and Caribbean's best bank 2016: BAC International Bank
Awards for Excellence 2016
There has been a pronounced trend for pan-regional banking franchises in central America and the Caribbean in recent years. Local and regional banks are using the exit of universal banks such as Citi and HSBC to consolidate. This competition for regional platforms is good news for the individual economies, many of which have in the past had a myopic focus on the US for developing business and trade. Deepening financial ties within the region offers pan-regional growth as another strategy.
Banco de Bogotá’s BAC International Bank is leading the way. The bank’s strategy is not just to be in the core markets but to act as a single institution in terms of marketing strategy, technological infrastructure, financial platform and management team. This integration has many advantages – not least enabling the bank to claim economies of scale that have driven impressive growth and results. The bank is now the largest in the region, with $18.7 billion in assets, a $12.9 billion loan portfolio and deposits of $12.3 billion.