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Banking

Uruguay Best Bank: BankBoston

Bahamas I Bardados I Bermuda I Dominician Republic I Jamaica I Trinidad & Tobago I Costa Rica I El Salvador I Guatemala I Honduras I Nicaragua I Panama I Argentina I Bolivia I Brazil I Chile I Columbia I Ecuador I Mexico I Paraguay I Peru I Uruguay I Venezuela BankBoston Uruguay, which specializes in leasing, corporate finance, trade services and cash management, is the number two private bank in the country, with $708 million in assets. In the first four months of this year, BankBoston posted a $1.78 million profit, recovering from a loss in the same period in 2005, outperforming the country’s other main financial institutions, including ABN Amro, which reported a 24% drop in the same period, and Banco República, whose profits fell 6%. BankBoston’s loan growth soared 30% in the first quarter, building on strong asset, loan and profit growth last year. The bank, which is owned by Bank of America, is likely to make a profitable addition to Brazil’s second largest private bank, Banco Itaú, which bought the Brazilian unit of Bank of America in $2.2 billion in a deal that gives it exclusive rights to purchase BankBoston in Uruguay.

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