Awards for Excellence 2008: El Salvador
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BANKING

Awards for Excellence 2008: El Salvador

Best bank: Banco Agricola Comercial de El Salvador

Banco Agrícola remains best bank in El Salvador, with net profit margins up 30.38% in the fourth quarter of 2007 compared with a year before. Net income totalled $237.2 million in 2007, an increase of $61.8 million on 2006 and total assets increased to $3.79 billion, up from $3.33 billion the year before.

Bancolombia completed the acquisition of Banco Agricola in May 2007. This acquisition marked the shift of another leading El Salvadorian bank into foreign hands: Citi acquired Banco Cuscatlán and Banco Salvadoreno went to HSBC, through its Grupo Banistmo acquisition. In June 2007, these three banks alone held nearly two-thirds of the industry’s total assets.

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