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Ecuador

Awards for Excellence 2005

BEST BANK

Banco Pichincha

Banco Pichincha is the biggest and best bank in Ecuador. It made $34.6 million on assets of $2.8 billion in 2004, giving it the best return on equity and return on assets of any leading bank in Ecuador.

More impressively, the bank also rebounded very quickly from a run on banks in September – showing underlying strength and the ability to keep its nerve in a highly volatile economy. That said, it is operated aggressively, and no one knows what might happen to the bank if oil prices suddenly fell or some other shock befell the Ecuadorean economy.

The banking system has recovered reasonably well from the crisis of the late 1990s but it hasn't yet been really tested.

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