Awards for Excellence 2009: Uruguay
Best Bank: Nuevo Banco Comercial
As a leading private bank in Uruguay, Nuevo Banco Comercial continues to leverage its position. It is, for example, the leading credit card issuer, with 33.4% of the market. It continues to expand in Brazil too through a fully owned subsidiary that is present in three southern Brazilian states.
In late 2008 Advent, which holds a stake in NBC, had lined up a sale to a Colombian bank after also receiving offers from Brazilian and Chilean counterparts, but in early 2009 the deal was pulled and the private equity house has now renewed its commitment to the Uruguayan bank.