LatinFinance - November/December 2016 - 42

BANK OF THE YEAR COSTA RICA
BANK OF THE YEAR PANAMA

BANCO BAC CREDOMATIC

This year's winner shone
above its peers in Panama
and grew its loan portfolio
in Costa Rica
In Costa Rica, GDP growth forecasts
have risen to 3.9% this year, up on last
year's growth of 3.7%, while the second
quarter of 2016 saw GDP expand 4.1%
over the same period in 2015, according to
Focus Economics.
Panama remains the darling of Central
America, with its economy growing 5.2%
year-on-year in the three months to June
2016, compared to 4.6% in the previous
quarter. Its economy is projected to grow
6% this year, mainly due to expansion of
the Panama Canal.
"Central America as a region has
benefited in recent months from low
interest rates and low commodity prices,"
says Federico Odio González, general
manager of BAC San José. "If these
tailwinds change, we still have some
structural fiscal deficiencies that may affect
growth in the region."
This year's Bank of the Year Costa Rica
and Bank of the Year Panama has leveraged
the strengths of Central America's two
most robust economies, growing its loan
portfolios and increasing the level of
deposits in the last 12 months.
Banco BAC San José in Costa Rica
recorded total income of 159.34 billion
colones ($288.56 million) at the end

FEDERICO ODIO GONZÁLEZ
BAC SAN JOSÉ

"OUR GROWTH PLAN IS
ORGANIC, BUT IF THERE
IS A GOOD ACQUISITION
OPPORTUNITY THAT
MAKES SENSE WE WILL
BE WILLING TO
EXPLORE IT"
42 LATINFINANCE.COM - November/December 2016

of 2015, up from 149.81 billion colones
recorded in 2014. That came as the Costa
Rican lender's loan portfolio amplified,
reaching 140.1 billion colones at the end
of last year, an increase of over 20 billion
colones on 2014.
The bank turned to the syndicated loan
market to fund some of its new lending,
raising $85 million from a three-year deal.
"We were able to get this funding with
exclusively new counterparties which is
good, especially due to the participation of
Asian and Latin American banks that we
did not have as clients before," says Odio.
BAC Panamá, meanwhile, has also
grown its loan portfolio and increased its
deposits over the last year, outperforming
its closest competitor Banco General. Loans
reached $12.87 billion at the end of 2015,
up from the 2014 figure of $11.36 billion,
while total deposits hit $12.29 billion in
2015, compared to $11.37 billion at the end
of 2014.
A key source of BAC's growth has
come from its consumer banking brand
Credomatic. With the support of its
Colombian parent Banco de Bogotá, the
regional bank has established a footprint
in each Central American country except
Belize. Such integration has enabled
Credomatic's customers to create accounts
in multiple Central American jurisdictions
and use electronic banking and credit card
services almost anywhere in the region.
Inorganic growth is also a possibility,
adds Odio. "Our growth plan is organic, but
if there is a good acquisition opportunity
that makes sense we will be willing to
explore it."
Armed with a diverse portfolio of retail
and corporate clients, this truly regional
bank, a multiple-award winning lender
with LatinFinance, is well-positioned
financially and geographically to capitalize
on Central America's immediate economic
growth. LF

BANK OF THE YEAR ECUADOR

BANCO PICHINCHA

The Ecuadorian lender has
bounced back from a lending dip in 2015
An earthquake in April has complicated
the banking environment for Ecuador's
lenders, but strong loan and deposit

FERNANDO POZO, BANCO PICHINCHA

"WE KNOW WE HAVE TO
GO BEYOND CUSTOMER
LOYALTY AND ADAPT
TO THE RAPID GLOBAL
DIGITAL ADVANCE"
growth lifted Banco Pichincha above its
competitors to take the Bank of the Year
Ecuador award.
Pichincha has adapted its standard
credit rules to assist areas affected by the
earthquake, offering reactivation credits
with longer than normal tenors and grace
periods of up to six months. The intention
has been to help regenerate economic
activity in the areas hit by the natural
disaster.
At the same time, Ecuador's broader
macroeconomic environment has
encouraged the bank to work with strong
customers who have good credit but have
been impacted by falling commodity
prices.
So far in 2016, loans have grown
6.2% and deposits 1.9% from 2015. That
represents a bounce back after loans and
deposits fell by 8.3% and 12%, respectively,
last year.
New loans and international bonds
taken out by the government, as well
as specific aid for economic recovery in
areas affected by the earthquake, has
helped liquidity in the domestic system,
says Fernando Pozo, Pichincha's general
manager. These factors have improved
Pichincha's credit growth.
The bank's $5.8 billion loan portfolio
is diverse: commercial credit makes
up the bulk of the asset base at 38.79%,
while consumer loans make up a third,
microenterprise 11.97%, and housing
15.86%.
Now Pichincha is focusing on new
technology to improve efficiency, says the
general manager.
"We know we have to go beyond
customer loyalty and adapt to the rapid
global digital advance," Pozo says. The
bank has built upon the Pichincha Mi
Vecino (Pichincha my neighbor) program,
by installing service centers in local stores
to give customers easy access for small
transactions. The bank's 10,227 points of


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Table of Contents for the Digital Edition of LatinFinance - November/December 2016

Contents
LatinFinance - November/December 2016 - Cover1
LatinFinance - November/December 2016 - Cover2
LatinFinance - November/December 2016 - Contents
LatinFinance - November/December 2016 - 2
LatinFinance - November/December 2016 - 3
LatinFinance - November/December 2016 - 4
LatinFinance - November/December 2016 - 5
LatinFinance - November/December 2016 - 6
LatinFinance - November/December 2016 - 7
LatinFinance - November/December 2016 - 8
LatinFinance - November/December 2016 - 9
LatinFinance - November/December 2016 - 10
LatinFinance - November/December 2016 - 11
LatinFinance - November/December 2016 - 12
LatinFinance - November/December 2016 - 13
LatinFinance - November/December 2016 - 14
LatinFinance - November/December 2016 - 15
LatinFinance - November/December 2016 - 16
LatinFinance - November/December 2016 - 17
LatinFinance - November/December 2016 - 18
LatinFinance - November/December 2016 - 19
LatinFinance - November/December 2016 - 20
LatinFinance - November/December 2016 - 21
LatinFinance - November/December 2016 - 22
LatinFinance - November/December 2016 - 23
LatinFinance - November/December 2016 - 24
LatinFinance - November/December 2016 - 25
LatinFinance - November/December 2016 - 26
LatinFinance - November/December 2016 - 27
LatinFinance - November/December 2016 - 28
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LatinFinance - November/December 2016 - Cover3
LatinFinance - November/December 2016 - Cover4
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