Awards for Excellence 2008: Venezuela
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BANKING

Awards for Excellence 2008: Venezuela

Best bank: BBVA Banco Provincial 

Best debt house: Barclays Capital 

Political volatility, swaying on president Hugo Chávez’s whims, popular unrest, and a distinct lack of foreign investment have not scared off BBVA Banco Provincial. The Spanish bank’s subsidiary has ploughed on stoically, and despite the Venezuelan financial system having a new set of regulations on rates, legal reserve and commissions, as well as a liquidity decrease, BBVA Provincial reported record results this year.

At the end of 2007, the bank reported a net income of $377.29 million, an annual increase of 107.3%, making it the most profitable institution in the financial market in 2007. Quarter one 2008 compares favourably with quarter one 2007, with a 69.4%

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