Big Fish
Banco Industrial’s acquisitions of Banco del Occidente in 2006, Banco del Comercio in 2007 and Banco Quetzal this year, make it king of a fragmented but quickly consolidating market. It now commands a 28% share in Guatemala, according to the bank, with assets of $5.4 billion as of June. Industrial is also the largest bank at a time when there is an investor flight to quality, says Marvin Guevara, analyst at Fitch. This has resulted in a large increase in deposits over the past two years compared to other banks, despite system-wide troubles.
