LatinFinance - November/December 2016 - 43

service make it the domestic leader and
allowed it to "deepen the bond between
them and the community", Pozo says.
Pichincha has also searched for new
markets through the years amid difficult
domestic conditions. The Ecuadorian
lender doesn't dismiss the opportunity to
acquire smaller institutions if the occasion
arises, Pozo says. But the opportunities
are limited since the dollarization of the
Ecuadorian economy and expanding
banking regulations have made the
banking system increasingly
consolidated. LF

transactions per month, and the new
operations center could eventually offer
the same services for other Bancolombia
subsidiaries. Banco Agrícola has also
announced plans to have 200 banking
correspondents by the end of the year.
In the first six months of the year,
Banco Agrícola recorded $32.8 million in
net income, down from $39.5 million in
the same period last year. Still, the bank
increased its loan book year-on-year to
$2.98 billion from $2.79 billion and it kept
the non-performing loan ratio virtually
level at 1.6%. Consumer loans comprised

BANK OF THE YEAR EL SALVADOR

BANCO AGRÍCOLA

In a down year, Banco
Agrícola has managed to
limit its losses and remain
at the top of El Salvador's
banking sector
It has not been a good year for El
Salvador's banking sector. Profits are
down across the board, and credit ratings
have fallen in tandem with the country's
sovereign ratings. In August, after Moody's
dropped El Salvador's sovereign bond
rating to B1, the rating agency said Banco
Agrícola showed consistent profits and
ample liquidity but it could not rate the
bank higher than the government. Moody's
cut Banco Agrícola's ratings to Ba2 from
Ba1 but added that the bank could count
on support from its parent company,
Bancolombia, if needed. Fitch Ratings,
however, kept Banco Agrícola's ratings at
BB with a stable outlook, saying the bank
generated solid revenues for Bancolombia
and served as a key component in the
Colombian bank's regional expansion
plans.
Banco Agrícola's position in the
local market and its importance to
Bancolombia's projected growth in the
region make it the winner of LatinFinance's
Bank of the Year El Salvador for 2016.
Bancolombia acquired Banco Agrícola
in 2006 and is still investing in the
subsidiary in El Salvador. Banco Agrícola
spent $55 million to open an operations
center in San Salvador in September, its
largest investment in the region so far.
Banco Agrícola handles roughly 2 million

November/December 2016- L ATINFINA NCE.COM 43


http://bancogalicia.com http://www.LATINFINANCE.COM

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
LatinFinance - November/December 2016 - 29
LatinFinance - November/December 2016 - 30
LatinFinance - November/December 2016 - 31
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LatinFinance - November/December 2016 - 33
LatinFinance - November/December 2016 - 34
LatinFinance - November/December 2016 - 35
LatinFinance - November/December 2016 - 36
LatinFinance - November/December 2016 - 37
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LatinFinance - November/December 2016 - 40
LatinFinance - November/December 2016 - 41
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LatinFinance - November/December 2016 - 51
LatinFinance - November/December 2016 - 52
LatinFinance - November/December 2016 - Cover3
LatinFinance - November/December 2016 - Cover4
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