Central America and Caribbean best bank 2017: BAC International Bank
Awards for Excellence 2017
The recent trend for growth among local pan-regional banks continues and, in the last year, Grupo Financiero Ficohsa’s acquisition of Citi’s banks in Honduras and Nicaragua shows that it may well be a challenger in the future for BAC International Bank, which retains this year’s award for the best bank in central America and the Caribbean.
The attraction for BAC, which is part of Banco de Bogotá, is clear. The region has a population of roughly the same size as Colombia and, with low credit penetration and projected GDP growth of 4%, offers both opportunity and diversification.
Investing in this region also offers Colombian banks (others are also expanding in central America) a hedge to domestic economic performance as most are oil importing nations and so will prosper with lower oil prices, unlike oil-exporting Colombia.
In 2016, Rodolfo Tabash, previously country manager of BAC’s Panama subsidiary, assumed the role of CEO of the regional bank.