The canal seems a done deal, but Panama has plenty of other infrastructure projects lined up. Amid crisis, some may not see the light of day.
Category: 2008
Posted inMagazine
Best Bank − Jamaica: Scotiabank
Finding Growth
Competition is tight at all ends of Jamaica’s banking market. The system’s two largest, Scotiabank and National Commercial Bank (NCB) were nearly level in assets as of mid-year, with 287 billion and 280 billion Jamaican dollars, respectively. Profitability was also close, with Scotia claiming an ROE of 25.61% and NCB 29.54%, as of the end of July and June, respectively
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PANAMA REPORT: Canal Banks on Funds
Global evaporation of liquidity has put several large LatAm infrastructure projects on ice. The Panama canal says it can continue unhindered, with the help of multilaterals.
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Best Bank − Mexico: BBVA Bancomer
Storm Protected
No one can yet be sure how much Mexico’s economy will suffer next year from the global credit mess and US slowdown. Over the past several years, its banks have lent ever more aggressively as they try to poach customers from each other and recruit from the lower-earning unbanked masses. A slowdown in lending is inevitable in 2009, with Fitch for one seeing growth of 5%-12%, after several years of rates above 20%.
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Best Bank − Panama: Banco General
General Still Commands
It has been over a year since Panama’s Banco General completed integration with Banco Comercial, creating a national champion with $7.2 billion in assets, 21% of the system’s private loans and 25% of local deposits. With HSBC still working to fully consolidate Banistmo, General still has a dominant position – for now. It is on this strength that the institution retains the title of LatinFinance Bank of the Year for Panama.
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Local Investment Bank − Brazil: Itaú BBA
Bank to Beat?
After establishing itself as a leading homegrown regional investment bank franchise, over the past couple of years Itaú BBA has begun to occupy a niche as a hub for anything Brazil-related. A marginal player just five years ago, it has become the investment bank to beat in LatAm’s biggest economy.
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Best Bank − Puerto Rico: First BanCorp
Up in a Downturn
Despite an ongoing local recession that has lasted more than two years, FirstBank Puerto Rico during the past 12 months has grown assets, market share and deposits. In the near future it may continue to grow through acquisitions, but there is also a possibility that it will be swallowed by Scotiabank.
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COVER STORY: Back to the Future
Long seen as a conservative bank, Bradesco has rebuffed critics with an impressive run for the top. Bold acquisitions and quick decision-making contribute to its success.
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Local Investment Bank − Mexico: Citi-Banamex
Diverse for all Seasons
Most of the large institutions operating in Mexico fail to convince across all investment bank lines. BBVA Bancomer is the debt leader by volume this year, but it lacks the same commitment to M&A, as does Santander.