Awards for Excellence 2008: Uruguay
Best bank: Nuevo Banco Comercial
Nuevo Banco Comercial (NBC) is the largest commercial bank in Uruguay, with $1.4 billion in assets. The bank serves more than 200,000 retail and corporate customers and leads the credit card market.
Since private equity firm Advent bought into the bank two years ago a clearly structured programme to complete the merger of the three old banks, update technology, make branches homogenous and improve customer service has taken place. Efforts have been made to improve corporate governance standards with new non-executives directors joining the board.
Net income for the 12 months to March 2008 was $22.8 million, with the total return on equity reaching 30.3%.