The Business Year

Antonio Acosta

Deputy President, Banco Pichincha


Pichincha is a universal bank that serves all types of customers. Our microfinance program was established 15 years ago, when we found a very important niche in the market. Pichincha is not only the largest bank in Ecuador, but also the largest lender of micro credits in the country.


The bank is with both the borrower and the lender throughout the process. Although it is an expensive banking strategy, it’s very profitable in the economic and social sense, and these experiences have been fantastic for us.


We process 300 million transactions per year, one-third of which are done through ATMs. An additional one-third are completed through the internet. This means that, in total, two-thirds of our transactions are done electronically.

Enrique Luí­s Beltrán

Executive President, Banco Internacional


Over the last 39 years, Banco Internacional has been committed to giving its clients products and services that offer real solutions to their problems. Throughout the years we’ve been mainly dedicated to credit intermediation in Ecuador’s productive sectors.


We have huge expectations regarding the export of non-oil products such as bananas, tuna, shrimp, flowers, coffee, cocoa, and hearts of palm. We are participating significantly in these sectors. Just as we have been very efficient in the productive sector, we are also successful in foreign trade.


We offer our clients a solid portfolio of products and services based on personalized assistance. We are dedicated to understanding the business, analyzing where investments come from, and managing the capacity for credit recovery operations.

Angelo Caputi

Banco de Guayaquil, Angelo Caputi


Banco de Guayaquil has been operating in the Ecuadorean market for more than 85 years now, and today it is the bank with the highest credit rating—AAA neutral.


We have the largest branch network in the country: 191 branches and 780 ATMs. In addition, we have over 3,400 service points for our Banco del Barrio program, which is geared toward local SMEs. This allows us to be present in 216 of the country’s 221 main urban areas, reaching 99% of the population.


New amendments in the Ecuadorean mortgage law will bring important changes to the sector, because, from my point of view, they are aimed at markets where mortgages for second houses drive the market, and they target future problems that Ecuador will have.

Ricardo Cuesta D.

Executive President, Banco Promerica


The year 2011 was very positive for the banking sector in Ecuador; the banks reached significant levels of liquidity, and we saw significant growth in loan portfolios. The financial system remains very liquid, with a clear solidity and solvency above locally and internationally required levels.


The regulations contribute to the management of risk and liquidity, and we have experienced an increase in the penetration of banking products due to economic development, and in the demand for consumer and car loans, credit cards, and mortgages.


Our main priority is to continue our expansion and development because we aim to increase our market share to up to 5% in the future. Today, we have a 3% market share. In order to achieve our goals, we need to maintain a growth rate above overall sector growth; something we have done over the last decade.

Andrés Baquerizo Barriga

President, Banco del Pací­fico


Banco del Pací­fico has been in the market for 40 years and we have been very proactive about promoting our brand and our reputation for good service and state-of-the-art technology. We are proud of the fact that our reputation remained intact through the recent crisis.


In 2004, we started promoting mortgages and lowered our interest rates from 16% to 10%. Since then, we have continued lowering our rates and we now offer the lowest interest rates of any private mortgage provider in Ecuador—normally between 8% and 9%.


There is very high demand across all industries right now as a result of the import restrictions the government has put in place. We see this as an opportunity for the local industry to diversify into sectors that were formerly dominated by imports, and we are exploring ways of offering financing in those sectors.



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