Expanding Bandes

Venezuelan state-run development bank Bandes is to open an office in Ecuador by the end of the month, according to local media reports quoting bank officials. The Bank will have capital of $25 million. Bandes will invest a further $20 million into opening an entity in Nicaragua. The bank has just injected $12 million into its affiliate in Uruguay, Banco Bandes Uruguay. Bandes paid $10 million to buy savings and loans cooperative Cofac in March last year and committed to investing around $10 million to capitalize the entity. Bandes also announced that the Uruguayan Bank would have a new chairman – Luis Pacheco – who replaces Rafael Sandoval. Bandes has plans to open in Jamaica and Bolivia as well.