Uruguay
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BANKING

Uruguay

Best Bank: Nuevo Banco Comercial
Best Debt House: Deutsche Bank

Awards of Excellence

Latin American regional awards

Since it was formed during the 2002 crisis from selected assets and liabilities from three banks facing liquidation, Nuevo Banco Comercial (NBC) has had a turbulent history. In the period from January to May 2006, it posted a loss of Ps130 million ($5.5 million) but the news in April that Fitch Ratings had revised its outlook on the bank from neutral to positive suggests that things are changing. Investment firm Advent International completed its acquisition of the government’s 60% stake in NBC in June, and has promised to retain most of the senior management and continue the bank’s strategy. Despite the fall in net income for the year, operating income was up as the bank grew its revenues from foreign exchange and fee-based products, and it is now Uruguay’s second-largest privately owned bank, with an impressive 17.5% market share.

Deutsche Bank has had a strong year in debt capital markets across Latin America, scoring well in sovereign issuances while furthering an already strong reputation for innovation. In Uruguay it combined the two with its inflation-linked global peso bonds.

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