Despite the economic downturn, Guatemala’s GyT Continental could see profits jump by 25% by the end of this year compared to 2008, CEO Flavio Montenegro tells LatinFinance.
Author Archives: LatinFinance Awards
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Best Local Investment Bank
In a year where most markets were still thawing out following the crisis, little was done to shake up the local investment banking landscape. It is still dominated by several large internationally-backed players, each tending to specialize in most but not all of the business areas. Citi’s Banamex defends its crown as the investment bank best equipped to offer Mexican clients a full range of services.
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Best Bank Jamaica: Safe Deposits Haven
Jamaica may have been hard hit by the global recession, but that probably ended up benefitting Scotia’s operations on the tropical island.
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Best Bank Chile: Honing Profitability
Santander Chile, the country’s largest and most profitable bank, has perfected the art of retail, which it claims is more challenging to run, but also more lucrative.
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Best Bank Puerto Rico: Reducing Risk
Oriental Financial Group may not be the largest player in Puerto Rico’s troubled banking sector, but by reducing exposure to consumer and mortgage loans, it emerges as the best of the worst.
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Best Bank Argentina: Banking the Provinces
Banco Macro has risen to the top of Argentina’s private sector through a series of fortuitous and well timed acquisitions, in particular of struggling state banks in the wake of the 2001 financial crisis.
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Best Bank Bolivia: Still on Top
Banks operating in the smaller LatAm economies have hunkered down during the crisis and the pecking order has remained largely the same as a result. In Bolivia, the dominant bank remains Banco Mercantil Santa Cruz (BMSC).
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Best Bank Peru: Quality Counts
The banking race in Peru is a close one, and the global credit crisis appears to have done little to separate the two largest players, BBVA Continental and Banco de Credito del Peru. Backed by its parent¹s powerful network and back-office support, Continental¹s focus on profitability above size has served it well.
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Best Bank Trinidad & Tobago: Bailout Assistant
Not every bank is able to say it benefitted from assisting the government bail out troubled financial entities, but Trinidad & Tobago’s First Citizens Bank can.
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Best Bank Venezuela: Outmaneuvering the Locals
High inflation, a weakening currency and overt political intervention are just some of the reasons running a bank in Venezuela is more challenging than in other parts of LatAm.