Awards for Excellence 2008: Paraguay
Best bank: BBVA Paraguay
Paraguay is yet to embrace the capital markets and is ranked as not only one of the poorest countries in Latin America but also one of the most corrupt, even after becoming a democracy more than 20 years ago. In August, Paraguay will have a new president, Fernando Lugo, and with him comes renewed hope that corruption will be brought under control and Paraguay can realize its potential.
In this poor operating environment, foreign-owned BBVA Paraguay has still managed to grow successfully this year. Loans grew 46.9% and deposits grew 44.5% in the past 12 months.
Gross profits surged 40.6%