Despite horrific market conditions plaguing every brand of issuance, Mexico has seen recent flow that demonstrate limited signs of life.
Category: 2008
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Best Bank – Costa Rica: Banco Nacional de Costa Rica
Bigger Fish, Shrinking Pond
Worsening global conditions in the past year have done little to shake up the Costa Rican banking landscape. Lenders are taking a conservative stance until the full impact is known, particularly regarding the vital tourism sector.
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M&A: Bubble Bursts
M&A has been by far the most resilient and lucrative LatAm business this year, but bankers say market turmoil is starting to bite. “M&A business will stop for at least the next three months,” Corrado Varoli, a founding partner of advisory and asset management boutique G5 Advisors in São Paulo, tells LatinFinance mid-October.
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Best Bank − Dominican Republic: Banco Popular
Welcome to the Top
Banco Popular Dominicano is beating its peers in the Dominican Republic in terms of market share by assets, surpassing even the government-backed Banco de Reservas, the previous leader. And although the economy of the Dominican Republic is seeing signs of deceleration, Popular’s non performing loans (NPLs) are at a minimum when compared to those seen in other banks operating in the country. Popular is also seeing a rise in deposits, ROA and ROE.
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The Go-To Guys
As capital markets implode, multilaterals are supporting the region’s borrowers like never before. Unprecedented cooperation is needed to confront the new lack of liquidity.
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Best Bank − Ecuador: Banco Pichincha
Bucking the Trend
Ecuador’s Banco del Pichincha is clinging on to a AA+ rating from Fitch subsidiary Bank Watch Ratings, despite global financial crisis and a government that many foreign investors would not have on their shopping lists. In fact, Bank Watch lists political risk as one of the main threats to Pichincha.
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PERU RETAIL: Dear Prudence
Expansion in Peruvian retail banking will likely be slowed by the global meltdown. But a rise in thrifts opens up new frontiers to offset contraction.
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Best Bank − El Salvador: Banco Agrícola
Bridge to Salvador
Banco Agrícola is the centerpiece of Bancolombia’s strategy to establish a meaningful presence in Central America. The May 2007 purchase earned the Colombian powerhouse a solid footprint in a highly sought after region, and just in time.
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PANAMA REPORT: Stiff Upper Lip
Panama is defiant in the face of the global storm. However, inflation is a problem and its positioning as a hub may end up backfiring.
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Best Bank − Guatemala: Banco Industrial
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.