view from felaban 2014
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G L O B A L F I N A N C I A L I N T E L L I G E N C E S I N C E 1 9 2 6 NOVEMBER 2014
The Banker
GREEN BOND SHOOTS
COLOMBIA’S PRESIDENT ON PEACE
HONG KONG’SCHALLENGES
TOP LATAM BANKS
PRIVATE BANKING AWARDS 2014
TOP ISLAMICFINANCIAL INSTITUTIONS
FARGOWAY
John Stumpfinterview
2 | The Banker | November 2014
John Stumpfinterview, p20
Fargoway
conTenTs
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cover Story
20 In a special double feature, The Banker profiles Wells Fargo’s CEOJohn Stumpf and the positive impact of his
unconventional leadership (page 20) and reports onthe bank’s tech odyssey (page 24).
report: top iSlamicfinancial inStitutionS
Outbound reportThe Banker’s annual ranking of the Top Islamic
Financial Institutions shows an industry whose continuedgrowth is seeing it evolve beyond niche status.
report: private bankingawardS 2014
Outbound reportAs private banking comes into a new age and begins
to show the maturity of a true industry, The Banker andsister publication PWM recognise the players that areemerging as industry leaders in the annual PrivateBanking Awards.
felaban
66Ahead of the annual Felaban meeting inColombia, The Banker takes an in-depth look at the region, speaking
to Colombia’s president on page 66, ranking Latin America’s largest banks onpage 68, reporting on Brazil’s slowdown on page 80 and Peru’s recovery onpage 84, and, finally, assessing Latin America’s trade finance industry in aroundtable discussion on page 86.
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November 2014 | The Banker | 3
1helloIt’s got easy being green.
6The Banker opinionHong Kong’s unique but working
system; New thinking needed for SMEfinance.
8BrackenPatricia Jackson
Without the right focus, only marginalimprovements can be made to the riskculture within banks.
10viewpointanson chan
The former chief secretary of Hong Kongbelieves universal suffrage is long overdue.
12Data BankHow vulnerable are Ukraine’s banks?
14newsUS finalises rules on securitisation
15PeopleYann Gérardin, Philip Harris.
16investment Banking awardsA look at the ceremony for The
Banker’s Investment Banking Awards 2014,held at Claridges hotel in London.
20cover storyIn a special double feature, The
Banker profiles Wells Fargo’s CEO, JohnStumpf, and the positive impact of hisunconventional leadership (page 20), andreports on the bank’s tech odyssey (page 24).
28green BondsAs green bonds become more
investor friendly, advocates of suchproducts are keen to ensure that theyremain environmentally friendly, too.
32agendaHSBC’s head of debt capital markets
sees opportunities from increased volumesin China and green bonds.
34Team of the monthThe stagnant additional Tier 1 capital
market needed a shot in the arm after astring of disappointing issues in 2014. EnterHSBC and its inaugural AT1 issue.
36issuer strategyGhanaian independent power
project sponsor Cenpower proved thatAfrican money can finance African privatesector infrastructure initiatives.
Specialreport:debtcapitalmarketS
37 The Banker’slatest debt
capital marketsreport looks at thelatest developmentsin the sector,including the return to pre-crisis activitylevels (page 39), the increasing appetitefor hybrid securities (page 40) and newrules for asset-back securities in the US(page 44).
46DerivativesInternational regulatory bodies
need to ensure coordination betweennational regulators on the rulebooks forglobal derivatives markets.
50regulationThe new commissioner of the
Commodity Futures Trading Commissionhas pledged to replace existing regulationwith more cross-border friendly rules.Will it be enough to reverse thefragmentation of the global market?
90 iFcsBrazil top for IFC FDI.
92shaping TomorrowChris Skinner explains why trust
trumps brand for banks.
94Tech visionAn interview with Chris Larsen,
CEO of Ripple Labs, a payment protocoland exchange network.
96reg rageConduct risk is now a prudential
concern.
conTenTs
news, commenTanDsecTors••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••
This month onwww.thebanker.comwaTch
Ahead of the annual Febaban meeting, which isbeing held in Medellin, Colombia, in November,TheBanker’s economics editor, Silvia Pavoni, discussesthe key issues likely to feature on the agenda.
waTch
Brian Caplen, editor of The Banker, discussesfinancial crime compliance with Tom Scampion,global risk analytics leader at Deloitte, and LucMeurant, head of banking,markets andcompliance services at Swift.
DaTaBankn USbanksretain leadinNorthAmericanROCrankingn Top five banks in Turkeyn NCB streaks ahead in Arab banks ranking
weBcasT: The core BankingchallengeThe Banker’s technology and transaction bankingeditor, Jane Cooper, chairs a discussion withindustry experts about the new ways to thinkabout core banking and how banks must respondto the rapidly changing environment.View thiswebcast for free at:www.TheBanker.com/SAP
View From FelaBan 2014The Banker is attending the 2014 Felaban AnnualAssembly and our editors will be reportingregularly from the event with viewpoints anddiscussions with key industry figures. Bringing youarticles, reports and videos, The Banker’s ViewFrom Felaban 2014 is your ideal guide to the event.www.TheBanker.com/Felaban
weSterneurope
52icelandIceland’s banking sector has
recovered impressively from its 2008collapse. However, the clouds of the paststill linger, and the winding-up processes ofthree failed banks are still to be resolved.
see also: A look at the new commissionerof the Commodity Futures TradingCommission and his olive branch to Europeon page 50.
central&eaSterneurope
56romaniaRomania’s minister of economy talks
about the country’s economic outlook, EUmembership and the crisis betweenneighbouring Ukraine and Russia.
see also: Databank on page 12 looks at thevulnerability of Ukraine’s banks.
aSia-pacific
58hong kongUnfazed by student protests, bankers
in Hong Kong remain upbeat aboutprospects for the continuinginternationalisation of the renminbi, thematuring dim sum market and HongKong’s inclusion in China’s growth plans.
62south koreaSouth Korea’s banks have enjoyed
mixed fortunes in 2014, a year that hasseen both high-profile scandals andinnovative hybrid funding in the country.
see also: Viewpoint on page 10 by HongKong’s former chief secretary, Anson Chan.
americaS
66colombiaColombia stands on the brink of a
peace deal with the FARC rebels, while itseconomy looks set to only get stronger.President Juan Manuel Santos explains whythe country’s future looks brighter than ever.
68 latin american rankingThis year’s Top 200 Latin American
banks ranking sees Brazil’s behemothbanks reducing in size, while Argentine andVenezuelan lenders continue to show jaw-dropping profitability ratios.
80BrazilIn response to stalling gross
domestic product and disposable incomegrowth, many Brazilian lenders are curbingtheir lending, leaving gaps, particularly inthe small and medium-sized enterprisesegment, for other players to step in.
84PeruPeru’s central bank governor sees
the country’s poor economic performancein 2013 as a temporary setback, and saysthat long-term growth is back on track.
86latin american roundtableThe Banker speaks to experts about
the challenges and opportunities beingcreated in the Latin American trade financemarket.
see also: Cover story, page 20 on WellsFargo, feature on the actions of the newcommissioner of the Commodity FuturesTrading Commission on page 50 and, onpage 90, Brazil is named top for IFC FDI.
middle eaSt
Outbound reportUnited arab emirates
The CEO of Dubai-based Noor Bankdiscusses the valuable role that Islamicfinance can play in promoting greater cross-border co-operation.
africa
36 ghanaThis month’s Issuer Strategy looks
at how Ghanaian independent powerproject sponsor Cenpower proved thatAfrican money can finance African privatesector infrastructure initiatives.
coUnTryFeaTUres•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••
4 | The Banker | November 2014
conTenTs
Bilateral trade Between
romania and russia is
Below the threshold that
would likely generate
major economic effects
as a result of the conflict
and the sanctions imposed
on russia Constantin Nita,
Romania’s minister of economy,
page 56
[colomBia has] one of the
strongest economies on
the planet. we are leaders
in latin america JuanManuel
Santos, Colombia’s president, page 66
You spoke to The Banker this May,before your re-election, and were
hopeful that a final peace agreement withthe FARC, the Revolutionary ArmedForces of Colombia, was in sight. Do youstill hold this view?
I am not the only one who is hopeful.All Colombians have good reason to
believe that after 50 years of war, we canfinally end this conflict.
Never before have we made it this far innegotiationswith theFARC.There is alreadyan agreement on three of the five points onthe agenda. The first deals with rural devel-opment, andwill enable us to change foreverthe history of our farmlands. It will alsoallow us to make the investments that havelong been needed but that wewere unable tomake, or that were ineffective due to theconflict itself.
The second point deals with politicalparticipation, which is... deepening ourdemocracy and trading ‘bullets for votes’.And for the third point, we have agreed upondeals regarding the drug problem.
This last point is of great importance,not just for Colombia, but also for the world.Essentially, we are talking about endingcocaine production in our territory. Toachieve this, the FARC is committed tobreaking all links with drug trafficking andco-operating to end this problem.
We are currently discussing the final twopoints on the agenda: the issue of victims,where we are trying to figure out the best wayto address the rights of so many people whohave been affected by the war, and the pointdealing with ‘DDR’ [disarmament, demobili-sation and reintegration]. All these advancesgive us a sense of hope and possibility thatpeace is finallywithin reach for Colombia.
Colombia has focused on an eco-nomic developmentmodel driven by
investment, which has been greatly suc-cessful in the past. Will this continue toset the country apart from others in the
region and attract foreigninvestment to its shores?
Q&A
AMeRiCAs | ColombIA
We will certainly continue to work inthat direction. We have one of the
strongest economies on the planet. We areleaders in latin America. The challenge is tomaintain that solid foundation and I amconfident we will, because we’re doing theright things.
We have implemented a virtuous cycle,which can be explained this way: first, we gotour fiscal policies balanced properly. Toachieve this, we lowered our budget deficitfrom 3.9% of gross domestic product [GDP]in 2010 to 2.4% last year. Second, this bal-ance led to lower interest rates and in turn,investment rates increased, reaching 30% ofGDP this year. Third, these higher levels ofinvestment increased economic growth,which also increased revenues. This lastpoint closes the virtuous cycle because moretax revenues promote healthier finances andmore social investment.
So why invest in Colombia? For us, thisis not an end in itself. This is a means toachieve our true collective purpose: a coun-try at peace, with equality, and a better edu-cated population.
An example of how the rise in invest-ment and economic growth has contributedtoward a reduction in inequality is that wehave lowered poverty rates like no othercountry in latin America. In just four years,poverty has decreased from 39% to 29%.This translates into an expanding middleclass and higher income per capita, in turngenerating a new virtuous cycle of invest-ment and growth in Colombia. In addition,we just began the largest cycle of invest-ments in infrastructure in our history, whichwill [be worth] more than $25bn and willmean an extra 1.5% annual growth in ourGDP rate. Additionally, if we sign the peaceagreements, many studies indicate that oureconomy can grow another two percentagepoints into the foreseeable future.
Are you optimistic about the pace ofdevelopment of the Pacific Alliance
and theMercado integrado Latinoameri-cano, or MiLA, project, which bring
JuanManuelSantoSQ&AColombia stands on the brink of a peace deal with the FARC rebels, while its economy, buoyedby cycles of strong foreign investment levels and rising GDP growth, looks set to only get stronger.President Juan Manuel Santos tells Silvia Pavoni why the country’s future looks brighter than ever.
66 | The BAnkeR | November 2014
November 2014 | The BAnkeR | 67
Q&A
ColombIA | AMeRiCAs
together the trade and stock markets ofColombia, Peru, Chile andMexico?
The Pacific Alliance is already a suc-cess. A good part of that success is due
to the fact that it’s a pragmatic alliance,focused on results that impact the freemovement of goods, services, capital andpeople. look at what has been accom-plished in a very short time: we signed acommercial protocol eliminating 92% ofour tariffs and now we jointly promote ourexports, our investments and tourismopportunities. For instance, we have a jointoffice in Turkey and we will soon haveanother one inmorocco.
Also, we integrated our stock markets,which makes us the largest exchange inlatin America, and since 2012 we elimi-nated all tourism and business visas amongour countries.
The Pacific Alliance has drawn a greatdeal of attention. There are now 32 observerstates that have a serious interest in partici-pating. And it’s easy to understand why. Peru,Chile, mexico and Colombia together repre-sent the sixth largest economy in the worldand amarket of 214million consumers.
What role would you like the finan-cial sector to play in the economic
growth of Colombia? Can it help reduceinequality in the country?
For several weeks now, I have beentalking to business leaders in Colombia
about a holistic vision for the country; avision in which business groups, trade asso-ciations, think tanks, corporations, entre-preneurs and citizens think not only abouttheir own activities and their own self inter-ests, but rather think about Colombia as awhole; a vision in which we agree on somefundamental principles that can benefit allof us equally.
In my second inauguration speech inAugust, I laid out a vision of a country thataspires to meet three objectives: a countryat peace, with equality and the highest edu-cation standards in latin America by theyear 2025.
Consolidating peace and security, clos-ing the social differences and having high-quality education for all will be an immenseachievement. The effort we make mustmatch the ambition of our goals. All of usmust contribute and the government mustcontinue to lead the way. I am certain thatthe financial sector, which is very strong andwell regulated, will play a crucial role inachieving these great transformations andwill serve as a vehicle for greatly reducinginequality in Colombia.
Whatworries you themost when youlook atColombia’s banking sector? is
limited lending to small and medium-sized enterprises a concern?
It is not an accident that the greatmoments in our economy have coin-
cidedwith the evolution of banking inColom-bia. For this reason, more than concerns, mygovernment is always analysingwhat ought tobe the next steps in order to guarantee, forexample, greater and better access by morepeople to our banking system.
Today, Colombia’s financial system cov-ers 4 million more people than four yearsago. And three out of every four adults inColombia have a bank account.
but it is not enough to have an ampleoffering of financial products. It is also veryimportant to understand how to use them.For this reason, this year we launched theNational Strategy for Financial Inclusionand we passed the Financial Inclusion lawin congress. The goal of these efforts is tointegrate the poorest and most vulnerablepopulations into the system.We aremakinggreat progress in this regard. one must notforget that reducing poverty and generatingemployment the way we have done trans-lates into higher levels of participation inthe banking system. This is another virtu-ous cycle.
All hands on deck: much progress has already been made in integrating trade and commerce betweenthe member countries of the Pacific Alliance, which includes Colombia
TheBanker.com/Felaban
VIEW FROM
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A View From Felaban Annual Assembly 2014Medellin, 15 – 18 NovTheBanker.com/Felaban
The Banker’s ‘View From’ series brings you regularmultimedia coverage and summarises the key themesfrom the Felaban Annual Assembly 2014.
Our editors will report from this major event providingcomprehensive articles and exclusive view-points, aswell as thought-led discussions with key industry figures.
Keep abreast of the latest developments and trends,The Banker’s ‘View From’ is your ideal guide before,during and after the event.
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FELABAN2014
15 - 18 NOV MEDELLIN,
COLOMBIA
68 | The Banker | November 2014
Latin American economies areexpected to growon average byonly 1.3% this year, the secondlowest growth rate of the past12 years, according to the
InternationalMonetary Fund’s (IMF’s)mostrecent forecast. This includes data for theCaribbean region, but the worst-affectedcountries are in the south: Argentina, Brazil,Chile, Peru and Venezuela, where the IMF’sdownward revision since an earlier predic-tion has been evenmore severe. Other analy-ses confirm the unappealing picture of theregion, as weakening commodity prices anduncertainty around domestic policies in cer-tain countries depress investor outlook.
Bank results across the board are likelyto reflect this. Brazil’s stagnant economy,for example, has already affected thestrength and performance of local lenders,as highlighted in The Banker’s list of Top200 Latin American banks, which rankslenders according to the size of their Tier 1capital from theirmost recent annual finan-cial statements.
BraziLdownsizesAll top four Brazilian banks that dominatethe regional list have reduced their assetsize – Caixa Econômica Federal, in fifthplace, changed accounting standards lastyear, so a comparison with previous datawould not be meaningful. Two of theselenders, Bradesco and Santander Brasil,also downsized their Tier 1 capital from theprevious year. Smaller banks in the country,however, seem to have followed a differentpath and have grown. These tend to beeither local banks with a specific territorialfocus or foreign-owned lenders that tend toserve large corporate clients.
Banco Sumitomo Mitsui Brasileiro andGoldman Sachs Brasil, for example, raisedtheir assets by more than 85% and 60%,
respectively, making them the second andthird most improved banks in the countryby asset growth. Meanwhile the Brazilianunit of Morgan Stanley displayed the larg-est percentage growth in Tier 1 capital inthe country, with a jump of almost 56% –the fifth largest in the Latin America region.Banco Cooperativo Sicredi, the mutuallender that operates in a number of Brazil-ian states, also grew its Tier 1 capital signifi-cantly by just over 45%.
Brazil and Mexico remain the largestbankingmarkets in Latin America, althoughBrazil is still by far the region’s heavyweight.Total assets of Brazilian banks are $2231bn,more than four times the aggregate figure oftheirMexican peers.
MexicanheavyweighTsMexican banks occupy four of the remainingtop 10 places in the Top 200 Latin Americanbanks ranking by Tier 1 capital. The highestscoring is Grupo Financiero BBVA Ban-comer, with Tier 1 capital of just under $1bnin sixth place; immediately followed by Citi’sBanamex and Santander’s operations in thecountry. Banorte, the largest locally ownedlender, sits in 10th place.
Banco Inbursa, which occupies 13thplace in the Top 200 ranking, is the highestscoring bank by profit growth. The MexicoCity-based lender closed 2013 with a$1.26bn pre-tax profit, a jump of just under190% from the previous annual results.
When it comes to profitability, ratherthan size, the much smaller and distinctivemarkets of Argentina and Venezuela standout. Citibank Argentina displays the highestreturn on capital (ROC), at 70%, followed byBBVA’s Venezuelan operations, with a 65%ratio. In fact, the whole top 10 banks by ROCranking is occupied by banks from eithercountry. Another Argentine bank, Banco deSan Juan, shows the highest return on assets
at 8.77%, followed by Citibank Argentinaand Banco Patagonia. High inflation, andtherefore higher interest rate margins, inbothmarkets helps to explain such returns.
Looking at the growth in strength andsize, the picture seems more diverse, with avariety of countries being represented in thelist, from Chile to Colombia to Panama.Chile’s Banco Ripley leads the rankings forgrowth in both Tier 1 capital and assets. Partof a retail conglomerate best known for itsdepartment stores, the bank’s Tier 1 capitaljumped by 381%, while its assets rose 153%to $1.39bn. Ripley has expanded from a rela-tively low position, as have most of the otherlenders in these tables.
The largest bank, however, to haveimproved both figures is from Venezuela.Mercantil Servicios Financieros has assets of$38.1bn, which it expanded by more than56%, and a Tier 1 capital of $3.51bn, 68%larger than the previous year.
When it comes to
profitability, rather
than size, the much
smaller and distinctive
markets of argentina and
venezuela stand out
Rankings
aMericas | TOP 200 LATIN AMERICAN BANkS
ArgentinAAndVenezuelAscoopbigprofitsThis year’s Top 200 Latin American banks ranking sees Brazil’sbehemoth banks reducing in size, while Argentine and Venezuelanlenders continue to show jaw-dropping profitability ratios.writer Silvia Pavoni
November 2014 | The Banker | 69
Rankings
TOP 200 LATIN AMERICAN BANkS | aMericas
Rank Bank Year end Country Consolidation Tier 1 capitallevel % change $m
1 Banco Ripley 12/13 Chile BHC 380.99 327
2 Banco CorpBanca Colombia 12/13 Colombia FOS 129.95 952
3 Banco Occidental de Descuento 12/13 Venezuela BHC 74.67 905
4 Mercantil Servicios Financieros 12/13 Venezuela BHC 67.62 3,507
5 Banco Morgan Stanley Brazil 12/13 Brazil FOS 55.86 748
6 Banco del Tesoro 12/13 Venezuela BHC 52.95 840
7 Banco Cooperativo Sicredi 12/13 Brazil BHC 45.42 340
8 Bancoppel 12/13 Mexico BHC 45.04 200
9 Scotiabank Costa Rica 12/13 Costa Rica FOS 44.45 205
10 Multibank 12/13 Panama BHC 41.96 332
Note: BHC, bank holding company; FOS, foreign-owned subsidiary. Source: thebankerdatabase.com
TopLaTaMBanksforTier 1growTh
Rank Bank Year end Country Consolidation Assetslevel % change $m
1 Banco Ripley 12/13 Chile BHC 152.83 1,386
2 Banco Sumitomo Mitsui Brasileiro 12/13 Brazil FOS 85.22 1,836
3 Goldman Sachs Brazil 12/13 Brazil FOS 60.57 2,115
4 Mercantil Servicios Financieros 12/13 Venezuela BHC 56.29 38,083
5 Banco Occidental de Descuento 12/13 Venezuela BHC 54.6 17,506
6 Banco Multiva 12/13 Mexico BHC 52.97 3,736
7 Bank of America Mexico 12/13 Mexico FOS 48.03 5,903
8 Banco Penta 12/13 Chile BHC 33.85 1,794
9 BAC Panama 12/13 Panama FOS 33.02 14,209
10 Banco del Caribe 12/13 Venezuela BHC 32.49 11,853
Note: BHC, bank holding company; FOS, foreign-owned subsidiary. Source: thebankerdatabase.com
TopLaTaMBanksforasseTsgrowTh
Rank Bank Year end Country Consolidation Pre-tax profitslevel % change $m
1 Banco Inbursa 12/13 Mexico BHC 188.94 1,255
2 Banco do Nordeste do Brasil 12/13 Brazil BHC 91.10 236
3 Banco del Tesoro 12/13 Venezuela BHC 53.50 479
4 Banco Provincia 12/13 Argentina BHC 48.86 224
5 CorpBanca 12/13 Chile BHC 48.08 442
6 Banesco Banco Universal 12/13 Venezuela BHC 43.06 1,734
7 Scotiabank Chile 12/13 Chile FOS 42.75 146
8 Banco Itaú Chile 12/13 Chile FOS 39.00 198
9 Mercantil Servicios Financieros 12/13 Venezuela BHC 32.08 1,187
10 Banco Patagonia 12/13 Argentina FOS 31.78 390
Note: Only includes banks with more than $100m in pre-tax profits. Source: thebankerdatabase.com
TopLaTaMBanksforprofiTsgrowTh
Rank Bank Year end Country Consolidation ROC Pre-taxlevel % latest profits $m
1 Citibank Argentina 12/13 Argentina FOS 70.26 334.99
2 BBVA Banco Provincial 12/13 Venezuela FOS 65.22 1530.24
3 Banesco Banco Universal 12/13 Venezuela BHC 64.99 1734.09
4 Banco Exterior 12/13 Venezuela FOS 64.28 449.72
5 Banco de Venezuela 12/13 Venezuela BHC 61.86 1424.64
6 BBVA Banco Frances 12/13 Argentina FOS 61.30 482.77
7 Banco Macro 12/13 Argentina BHC 61.11 579.57
8 Banco de la Nacion Argentina 12/13 Argentina BHC 58.12 1722.01
9 Banco Patagonia 12/13 Argentina FOS 57.90 389.53
10 Banco del Tesoro 12/13 Venezuela BHC 57.07 479.28
Note: BHC, bank holding company; FOS, foreign-owned subsidiary. Source: thebankerdatabase.com
TopLaTaMBanksforreTurnoncapiTaL
Rank Bank Year end Country Consolidation ROA Pre-taxlevel % profits $m
1 Banco de San Juan 12/13 Argentina BHC 8.77 158.94
2 Citibank Argentina 12/13 Argentina FOS 8.49 334.99
3 Banco Patagonia 12/13 Argentina FOS 7.75 389.53
4 Banco Inbursa 12/13 Mexico BHC 6.40 1255.26
5 Banco Macro 12/13 Argentina BHC 6.37 579.57
6 Banco Hipotecario del Uruguay (BHU) 12/13 Uruguay BHC 6.37 101.73
7 Banco WWB 12/13 Colombia BHC 5.39 23.22
8 Banpara 12/13 Brazil BHC 5.38 103.99
9 BBVA Banco Frances 12/13 Argentina FOS 5.38 482.77
10 Bancoex 12/13 Venezuela BHC 5.35 19.30
Note: BHC, bank holding company; FOS, foreign-owned subsidiary. Source: thebankerdatabase.com
TopLaTaMBanksforreTurnonasseTs
Country Number Assets Assets Tier 1 Pre-tax profit Aggregate Aggregateof banks $m % of top 200 capital $m $m ROA % ROC %
Argentina 16 137,570 3.46 11,368 5,859 4.26 51.54
Bolivia 1 2,627 0.07 169 47 1.79 27.95
Brazil 52 2,230,837 56.15 194,925 30,421 1.36 15.61
Chile 19 301,747 7.59 20,942 4,503 1.49 21.50
Colombia 16 238,943 6.01 15,545 4,977 2.08 32.02
Costa Rica 7 31,486 0.79 2,590 388 1.23 14.99
Ecuador 6 28,272 0.71 1,999 343 1.21 17.14
El Salvador 4 9,650 0.24 1,118 235 2.44 21.04
Guatemala 3 18,832 0.47 1,157 331 1.76 28.65
Honduras 3 6,444 0.16 582 108 1.68 18.60
Mexico 24 528,432 13.30 42,713 10,521 1.99 24.63
Panama 13 79,586 2.00 7,012 1,378 1.73 19.65
Paraguay 4 10,475 0.26 702 151 1.44 21.46
Peru 11 102,331 2.58 7,527 2,637 2.58 35.04
Uruguay 4 24,152 0.61 2,139 499 2.07 23.33
Venezuela 17 221,807 5.58 16,464 7,944 3.58 48.25
Total 200 3,973,191 100 326,951 70,343 1.77 21.51
counTryaggregaTes
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70 | The Banker | November 2014
Rankings
aMericas | TOP 200 LATIN AMERICAN BANkS
Top 200 LaTin aMerican Banks 1–100
Rank Bank Tier 1 capital Assets PTP*$m % change $m rank % ch $m
1 Itaú Unibanco Holding 37132.12 5.56 436404.84 2 -11.94 8863.64Brazil (12/13)
2 Banco do Brasil 36321.54 0.05 493699.19 1 -11.04 5462.61Brazil (12/13)
3 Banco Bradesco 30079.90 -6.98 356117.93 4 -9.01 6082.91Brazil (12/13)
4 Banco Santander Brasil 27015.60 -15.2 192460.79 5 -6.44 2583.57Brazil (12/13)
5 Caixa Econômica Federal 25284.16 n/a 364624.19 3 n/a 2198.54Brazil (12/13)
6 Grupo Financiero BBVA Bancomer 9979.66 8.53 114855.47 1 7.98 3604.50Mexico (12/13)
7 Grupo Financiero Banamex 8528.94 -1.63 96302.75 2 4.71 1732.81Mexico (12/13)
8 Grupo Financiero Santander 5307.72 -7.46 65597.46 4 13.74 1148.05Mexico (12/13)
9 Banco BTG Pactual 4832.43 -3.48 51354.42 8 -15.51 1279.06Brazil (12/13)
10 Grupo Financiero Banorte 4480.00 24.82 76989.22 3 9.28 1363.77Mexico (12/13)
11 HSBC Bank Brasil 4176.71 -12.2 54678.95 7 -3.1 222.59Brazil (12/13)
12 Banco de Chile 4000.49 3.95 49514.80 2 1.88 1133.23Chile (12/13)
13 Banco Inbursa 3690.98 3.07 19598.76 7 3.73 1255.26Mexico (12/13)
14 Banco Santander Chile 3592.52 -1.36 51582.47 1 -0.29 1028.20Chile (12/13)
15 Mercantil Servicios Financieros 3507.32 67.62 38082.93 2 56.29 1186.55Venezuela (12/13)
16 Banco de Bogota 3316.55 -28.78 52361.97 2 15.22 1503.93Colombia (12/13)
17 Bancolombia 3228.53 -36.94 68042.74 1 23.11 1005.03Colombia (12/13)
18 Banco Safra 3211.13 -3.67 56457.35 6 2.4 730.04Brazil (12/13)
19 Grupo Financiero HSBC 3201.88 8.56 40570.47 5 4.72 359.87Mexico (12/13)
20 Banco de la Nacion Argentina 2963.00 -4.46 42922.79 1 -7.13 1722.01Argentina (12/13)
21 Citibank Brazil 2887.40 -22.02 19799.04 10 -5.31 106.50Brazil (12/13)
22 Banesco Banco Universal 2668.23 18.69 35628.49 3 23.66 1734.09Venezuela (12/13)
23 Banco de Credito e Inversiones 2619.32 4.28 38656.39 4 3.2 691.98Chile (12/13)
24 Banco de Credito del Peru 2574.24 7.04 35042.22 1 -1.3 820.39Peru (12/13)
25 CorpBanca 2382.37 21.72 33393.25 5 18.14 442.45Chile (12/13)
26 BBVA Banco Provincial 2346.12 4.57 31376.35 4 19.4 1530.24Venezuela (12/13)
27 Banco de Venezuela 2303.08 4.72 38880.85 1 17.56 1424.64Venezuela (12/13)
28 Banrisul 2185.62 -8.27 22988.51 9 -0.71 449.57Brazil (12/13)
29 Banco del Estado de Chile 1836.62 -14.92 48801.52 3 0.88 378.56Chile (12/13)
30 Banco Davivienda 1796.85 -26.76 29322.61 3 10.24 566.86Colombia (12/13)
31 Scotiabank Inverlat 1764.09 -13.83 18456.60 8 7.48 232.39Mexico (12/13)
32 Banco JPMorgan Brazil 1458.64 -14.53 10862.01 14 -37.25 47.92Brazil (12/13)
33 Credit Suisse Brazil 1370.21 -16.65 14862.11 11 -25.7 364.64Brazil (12/13)
34 Banco do Nordeste do Brasil 1290.99 1.21 14365.76 12 -7.78 236.19Brazil (12/13)
35 BBVA Continental 1283.10 10.12 20231.84 2 3.83 633.63Peru (12/13)
36 Banco BMG 1266.36 3.38 12794.82 13 -22.29 460.92Brazil (12/13)
37 Scotiabank Peru 1201.26 0.69 14651.52 3 9.55 407.16Peru (12/13)
38 BBVA Chile 1175.85 -1.68 19346.54 6 -1.18 110.37Chile (12/13)
39 Scotiabank Chile 1157.81 -2.65 13631.52 7 -1.47 145.60Chile (12/13)
40 Banco de Occidente 1151.01 5.75 14334.87 5 7.56 165.55Colombia (12/13)
41 BNP Paribas Brasil 1149.07 -7.84 6236.30 20 -16.8 115.70Brazil (12/13)
42 BAC Panama 1145.14 8.97 14208.78 1 33.02 395.56Panama (12/13)
43 Banco de la Republica 1033.33 -10.06 14299.09 1 6.83 311.37Uruguay (12/13)
44 Banco General 1032.82 10.67 11815.69 2 9.35 313.16Panama (12/13)
45 Banco Itaú Chile 1031.28 2.61 12975.33 8 14.22 198.43Chile (12/13)
46 Banco Santander Rio 1027.24 6.17 10862.56 4 -0.17 545.77Argentina (12/13)
47 Banco Daycoval 1006.40 12.91 6191.38 21 1.5 134.21Brazil (12/13)
48 Banco CorpBanca Colombia 952.00 129.95 6505.42 10 25.59 91.41Colombia (12/13)
49 Banco Macro 948.34 -1.29 9099.91 5 -7.87 579.57Argentina (12/13)
50 Interbank 926.98 22.9 10625.70 4 15.1 314.35Peru (12/13)
Rank Bank Tier 1 capital Assets PTP*$m % change $m rank % ch $m
51 Bancolombia Panama 913.74 21.24 7913.76 5 10.08 124.21Panama (12/13)
52 Banco Occidental de Descuento 905.13 74.67 17505.89 5 54.6 272.66Venezuela (12/13)
53 BBVA Colombia 899.09 -20.01 18144.18 4 5.25 383.62Colombia (12/13)
54 Banco de Galicia 894.72 21.64 12617.71 3 -1.54 462.74Argentina (12/13)
55 Bladex 868.15 5.16 7471.31 6 10.58 84.75Panama (12/13)
56 Banco Original 864.64 0.64 1091.68 45 -11.93 14.92Brazil (12/13)
57 Banco del Tesoro 839.76 52.95 10417.58 8 28.71 479.28Venezuela (12/13)
58 BicBanco 834.59 -12.79 6558.18 19 -25.61 -17.41Brazil (12/13)
59 Banco ABC Brasil 814.57 -0.25 6696.65 17 7.62 130.87Brazil (12/13)
60 Grupo Financiero Pichincha 808.00 4.88 12901.55 1 12.51 112.59Ecuador (12/13)
61 BBVA Banco Frances 787.59 -0.28 8981.52 6 -1.77 482.77Argentina (12/13)
62 Banco Popular 753.21 17.31 4295.73 3 12.77 77.34Costa Rica (12/13)
63 Banco Morgan Stanley Brazil 748.25 55.86 4289.57 28 20.82 76.57Brazil (12/13)
64 Banco del Bajio 743.61 -4.19 9024.73 10 9.37 94.25Mexico (12/13)
65 Banco Popular 730.27 3.42 8634.58 8 1.11 314.78Colombia (12/13)
66 Banco del Caribe 723.32 18.09 11853.12 6 32.49 350.32Venezuela (12/13)
67 Banco Azteca 701.00 21.16 7670.80 12 6.72 110.81Mexico (12/13)
68 Banco Exterior 699.67 12.99 10667.65 7 14.32 449.72Venezuela (12/13)
69 Banistmo 698.53 -11.98 8064.38 4 -13.88 59.70Panama (12/13)
70 Deutsche Bank Brazil 689.36 2.27 4189.42 29 -32.49 96.01Brazil (12/13)
71 Banco da Amazonia 676.09 -28.88 4813.13 26 -6.33 72.73Brazil (12/13)
72 Banco Patagonia 672.79 33.37 5027.89 10 -5.89 389.53Argentina (12/13)
73 Grupo Financiero Interacciones 646.71 36.7 13243.86 9 22.92 174.35Mexico (12/13)
74 HSBC Bank Argentina 645.27 13.62 6728.62 7 -6.48 270.66Argentina (06/13)
75 Banco Hipotecario del Uruguay 597.29 -0.88 1597.46 4 2.54 101.73Uruguay (12/13)
76 Citibank Colombia 577.26 -25.18 4495.55 13 -6.55 153.95Colombia (12/13)
77 Banco Agrario de Colombia 565.90 -14.72 9987.32 6 -2.76 204.22Colombia (12/13)
78 BankofAmericaMerrill LynchBMultiplo 564.29 -12.13 2720.13 33 -28.43 69.60Brazil (12/13)
79 Banco Nacional de Panama 562.75 2.22 8696.94 3 12.37 120.24Panama (12/13)
80 JPMorgan Chase Bank Mexico 548.52 5.15 3403.84 16 8.09 43.05Mexico (12/13)
81 Banco BICE 548.45 8.9 8140.23 10 1.39 118.20Chile (12/13)
82 Parana Banco 546.59 -7.88 2025.80 37 0.01 73.74Brazil (12/13)
83 Banco Colpatria 535.72 -7.11 8659.59 7 1.44 174.94Colombia (12/13)
84 Banco Provincia 526.58 -6.66 12749.13 2 4.81 224.19Argentina (12/13)
85 Banco Security 525.97 -2.02 8392.27 9 -3.91 75.21Chile (12/13)
86 Banco Hipotecario 525.78 -17.26 3128.90 13 -4.24 94.39Argentina (12/13)
87 Banco Pine 518.49 -13.04 4410.94 27 -12.42 71.70Brazil (12/13)
88 Banco Fibra 515.42 4.85 4019.08 30 -22.63 -276.91Brazil (12/13)
89 Banco de la Ciudad de Buenos Aires 485.32 -17.46 5090.19 9 -4.13 189.00Argentina (12/13)
90 Bank of Tokyo Mitsubishi Brazil 484.01 -9.61 2258.60 35 14.37 30.09Brazil (12/13)
91 Banco Nacional de Costa Rica 483.66 -14.98 10082.33 1 27.66 48.50Costa Rica (12/13)
92 Rabobank International Brasil 479.96 -6.56 6650.16 18 2.48 91.28Brazil (12/13)
93 Banco Alfa 479.18 -12.76 5745.91 24 -16.14 63.28Brazil (12/13)
94 Banco de la Nacion 477.16 -9.12 9667.37 5 1.95 259.40Peru (12/13)
95 Citibank Argentina 476.81 -10.49 3945.52 12 -7.2 334.99Argentina (12/13)
96 Banco de Costa Rica 475.46 7.22 8507.13 2 13.11 99.31Costa Rica (12/13)
97 BanRegio 472.88 20.42 6668.50 13 20.11 99.26Mexico (12/13)
98 Banrural 456.39 16.41 5447.25 2 10.91 149.11Guatemala (12/13)
99 Banco Caja Social 436.22 -14.86 5338.20 11 -4.41 159.33Colombia (12/13)
100 Banco de Brasilia 435.91 4.49 4917.90 25 3 135.45Brazil (12/13)
72 | The Banker | November 2014
Rankings
aMericas | TOP 200 LATIN AMERICAN BANkS
* – pre-tax profits
Rank Bank Tier 1 capital Assets PTP*$m % change $m rank % ch $m
101 Banco Société Générale Brazil 422.69 25.6 2663.33 34 -15.27 0.84Brazil (12/13)
102 Banco Nacional de Credito 421.96 16.97 6710.06 9 10.03 107.39Venezuela (12/13)
103 Bank of America Mexico 418.83 20.82 5902.58 14 48.03 44.12Mexico (12/13)
104 Banestes 409.64 -0.46 6064.02 22 -1.57 65.12Brazil (12/13)
105 Banco Agricola 407.35 n/a 3943.20 1 4.32 128.49El Salvador (12/13)
106 Goldman Sachs Brazil 406.12 4.77 2114.50 36 60.57 -31.96Brazil (12/13)
107 Banco GNB Sudameris 405.45 -11.44 7217.96 9 9.85 75.71Colombia (12/13)
108 Banco AVVillas 400.46 -9.88 5020.27 12 -0.3 146.88Colombia (12/13)
109 Banco Mercantil do Brasil 381.13 -6.96 6006.18 23 -14.51 50.23Brazil (12/13)
110 Banco Industrial de Venezuela 380.60 13.73 5219.63 10 -30.7 47.67Venezuela (12/13)
111 ICBC Argentina 366.48 28.11 4101.77 11 -3.27 180.60Argentina (12/13)
112 Banco Industrial 361.54 -1.71 7946.68 1 14.77 128.61Guatemala (12/13)
113 Banco del Pacifico 355.62 5.87 3859.84 2 16.26 51.17Ecuador (12/13)
114 Banco Consorcio 352.96 -1.71 2778.29 12 7.74 47.61Chile (12/13)
115 Banco Credit Agricole Brasil 347.06 -7.66 1457.90 42 4.57 13.05Brazil (12/13)
116 Global Bank Corporation 344.26 20.1 4479.63 7 17.54 74.53Panama (06/14)
117 JPMorgan Chase Bank Chile 342.83 -5.75 584.38 19 -13.87 7.24Chile (12/13)
118 Banco Credicoop 341.18 13.25 5708.72 8 8.03 87.58Argentina (06/13)
119 Banco Cooperativo Sicredi 339.53 45.42 10147.92 15 6.59 33.50Brazil (12/13)
120 Banco G&T Continental 339.14 -0.93 5438.43 3 9.74 53.75Guatemala (12/13)
121 Banco Santander Uruguay 339.10 -6.56 5288.93 2 4.7 57.55Uruguay (12/13)
122 Venezolano de Credito 333.48 -5.7 3287.12 12 -9.1 88.78Venezuela (12/13)
123 Multibank 332.27 41.96 3102.26 10 20.67 47.94Panama (12/13)
124 Banco Fondo Comun 331.25 19.42 4274.57 11 14.21 124.79Venezuela (12/13)
125 Banco de San Juan 328.64 5.5 1812.22 16 1.81 158.94Argentina (12/13)
126 Banco Ripley 326.68 380.99 1385.61 17 152.83 20.12Chile (12/13)
127 BAC San Jose 322.67 12.39 3723.31 4 20.32 99.49Costa Rica (12/13)
128 Bancoex 320.75 -20.01 360.81 17 -21.49 19.30Venezuela (12/13)
129 Banco Sofisa 297.36 -21.98 1557.41 41 -18.79 8.50Brazil (12/13)
130 Grupo Financiero Guayaquil 296.84 7.44 3514.74 3 1.1 61.12Ecuador (12/13)
131 Banco Sumitomo Mitsui Brasileiro 288.17 -8.07 1835.56 39 85.22 22.26Brazil (12/13)
132 Banco Espirito Santo Brasil 283.43 -5.23 3439.43 31 5.5 28.53Brazil (12/13)
133 Bank of Tokyo Mitsubishi Mexico 280.72 1.76 1216.56 24 8.06 12.92Mexico (12/13)
134 Banesco Panama 269.64 5.99 3336.27 9 24.42 49.99Panama (12/13)
135 Barclays Bank Mexico 268.14 n/a 1680.45 21 n/a -4.08Mexico (12/13)
136 BCP Panama 265.24 10.73 4064.47 8 -11.64 23.79Panama (12/13)
137 Banco Davivienda El Salvador 265.13 7.62 2031.27 2 9.95 33.67El Salvador (12/13)
138 Caja de Ahorros 249.73 14.53 2589.16 11 20.36 40.71Panama (12/13)
139 Bancoob 246.75 8.15 7728.19 16 6 31.74Brazil (12/13)
140 Citibank El Salvador 245.29 4.88 1666.54 4 -9.66 34.39El Salvador (12/13)
141 Banco Barclays 244.21 -31.79 2969.94 32 -14.15 47.24Brazil (12/13)
142 Banco BBM 237.82 -9.5 1373.32 43 3.93 27.33Brazil (12/13)
143 Deutsche Bank Mexico 236.01 21.89 20585.76 6 18.37 41.22Mexico (12/13)
144 Banco Caroni 226.93 -2.04 2731.35 13 -3.68 66.33Venezuela (12/13)
145 Banco Falabella 226.06 -4.08 3430.26 11 11.23 62.38Chile (12/13)
146 Banco Interamericano de Finanza 224.99 34.03 2728.99 6 16.48 53.92Peru (12/13)
147 Banco Atlantida 219.29 8.98 2504.48 1 -2.73 25.95Honduras (12/13)
148 ING Bank Brazil 218.09 -10.68 1655.16 40 4.34 26.14Brazil (12/13)
149 Banpara 215.01 4.83 1932.69 38 6.11 103.99Brazil (12/13)
150 Banca Afirme 213.20 4.91 8268.26 11 3.11 18.05Mexico (12/13)
Rank Bank Tier 1 capital Assets PTP*$m % change $m rank % ch $m
151 Banco Continental 212.77 32.73 2933.36 2 17.64 73.91Paraguay (12/13)
152 ProduBanco 210.80 17.82 2965.56 4 0.43 43.64Ecuador (12/13)
153 Banco Mizuho do Brasil 208.67 -18.27 634.46 48 -27.2 -7.36Brazil (12/13)
154 Banco Supervielle 208.60 24.14 2645.77 14 3.56 73.70Argentina (12/13)
155 Banco Invex 207.77 4.97 2928.88 19 -12.37 16.52Mexico (12/13)
156 Scotiabank Costa Rica 204.74 44.45 2321.75 5 7.01 21.98Costa Rica (12/13)
157 Banco Penta 203.98 35.1 1794.09 16 33.85 7.12Chile (12/13)
158 Scotiabank El Salvador 199.90 7.77 2008.71 3 3.4 38.65El Salvador (12/13)
159 Bancoppel 199.89 45.04 1655.20 22 19.32 72.57Mexico (12/13)
160 Mibanco 199.44 -0.61 2135.68 9 -1.46 18.77Peru (12/13)
161 Banco Multiva 197.68 11.72 3735.72 15 52.97 35.94Mexico (12/13)
162 BAC Honduras 195.36 7.95 1759.60 3 9.03 29.11Honduras (12/13)
163 Citibank Peru 193.39 -7.41 2434.47 7 12.19 36.56Peru (12/13)
164 Banco WWB 192.51 -9.59 430.59 14 -5.76 23.22Colombia (12/13)
165 Banco Industrial do Brasil 188.06 n/a 932.57 46 n/a 16.99Brazil (12/13)
166 Banco Itaú Paraguay 186.59 5.28 3048.32 1 27.55 7.90Paraguay (12/13)
167 Citibank Costa Rica 182.98 -2.52 1072.91 7 -4.73 21.67Costa Rica (12/13)
168 Deutsche Bank Chile 182.76 -11.6 1319.85 18 -26.57 31.73Chile (12/13)
169 JPMorgan Corporation Financiera 180.16 -6.39 243.83 15 -23.1 7.96Colombia (12/13)
170 Banco Caixa Geral Brasil 177.10 -12.35 516.08 51 -16.67 -12.64Brazil (12/13)
171 Banco Itaú Colombia 176.99 -9.01 203.77 16 -1.92 -0.40Colombia (12/13)
172 Banco Aliado 174.33 11.66 2193.26 12 13.39 23.71Panama (06/14)
173 Banco Agricola de Venezuela 171.95 -30.42 1558.02 15 -25.28 5.32Venezuela (12/13)
174 Banco Ahorro Famsa 170.53 17.32 1288.75 23 16.52 6.35Mexico (12/13)
175 Banco Itaú Argentina 169.41 -17.86 2146.93 15 5.65 62.80Argentina (12/13)
176 HSBC Bank Chile 169.40 -5.33 2028.40 13 -0.61 6.66Chile (12/13)
177 Banco Monex 169.30 -0.15 3017.28 18 -9.61 60.41Mexico (12/13)
178 BBVA Uruguay 168.79 1.67 2966.08 3 7.26 28.30Uruguay (12/13)
179 Banco Mercantil Santa Cruz 168.67 10.14 2627.04 1 15.64 47.14Bolivia (12/13)
180 Banco Bolivariano 167.70 17.62 2525.23 5 5.9 34.66Ecuador (12/13)
181 Banco Davivienda Costa Rica 167.60 -7.8 1483.24 6 14.22 19.87Costa Rica (12/13)
182 Banco Ficohsa 167.33 0.92 2179.43 2 18.58 53.21Honduras (12/13)
183 Banco Regional 165.63 4.01 2649.16 3 23.3 35.00Paraguay (12/13)
184 Banco Bonsucesso 163.90 -11.58 1239.13 44 -24.35 16.76Brazil (12/13)
185 Banco Financiero 163.40 11.66 2350.14 8 12.68 29.15Peru (12/13)
186 Banco Internacional Ecuador 159.99 14.06 2505.51 6 18.25 39.46Ecuador (12/13)
187 Bicsa Panama 155.88 12.59 1650.43 13 10.9 19.39Panama (12/13)
188 Banco Mifel 150.26 12.29 2707.43 20 -6.4 1.84Mexico (12/13)
189 Banco Sofitasa 147.09 4.37 2170.46 14 10.35 31.38Venezuela (12/13)
190 Scotiabank Brasil 146.73 -17.23 327.25 52 28.97 -8.84Brazil (12/13)
191 Banco Falabella Peru 145.10 -4.29 1163.34 11 4.25 56.30Peru (12/13)
192 Tribanco 143.12 -10.95 784.19 47 -7.6 16.96Brazil (12/13)
193 Rabobank Chile 142.15 -11.14 1963.79 15 6.8 -7.61Chile (12/13)
194 Banco GNB Peru 138.03 -8.61 1299.32 10 -13.77 7.76Peru (12/13)
195 Citibank Venezuela 137.29 -26.78 1081.71 16 -15.02 25.32Venezuela (12/13)
196 BBVA Paraguay 136.93 -10.41 1844.55 4 13.77 33.86Paraguay (12/13)
197 Credit Suisse Mexico 134.38 -8.97 3062.86 17 -16.57 -2.98Mexico (12/13)
198 Banco Internacional 124.34 -4.56 2027.59 14 -1.08 5.73Chile (12/13)
199 Banco Modal 121.50 -10.4 564.09 50 -33.28 -5.03Brazil (06/13)
200 Banco Intermedium 119.36 -10.97 609.17 49 1.79 7.54Brazil (12/13)
Top 200 LaTin aMerican Banks 101–200
74 | The Banker | November 2014
Rankings
aMericas | TOP 200 LATIN AMERICAN BANkSTopLaTin
aMeric
an
BanksBycounTry
Rank
ingBa
nkSt
rength
Size
Soun
dnes
sPr
ofits
Perfo
rman
ceTie
r1ca
pital
Asse
tsCa
pital
asse
tsrat
ioPr
e-tax
profit
Retu
rnon
capit
alRe
turn
onas
sets
BIS capit
alrat
io
Cost
incom
erat
ioCo
untry
Prev
T200
Year
end
$m%
chan
ge$m
Rank
%ch
ange
% lates
t%
previo
usran
klat
est
$m%
chan
ge% lates
t%
previo
usran
klat
est
% lates
tran
klat
est
ArgentinA
11
20Bancode
laNacion
Argentina
12/13
2963.00
-4.46
42922.79
1-7.13
6.90
6.71
141722.01
17.43
58.12
47.28
44.01
9n/a
36.31
22
46BancoSantanderRio
12/13
1027.24
6.17
10862.56
4-0.17
9.46
8.89
8545.77
-8.86
53.13
61.89
65.02
6n/a
42.87
33
49BancoMacro
12/13
948.34
-1.29
9099.91
5-7.87
10.42
9.73
5579.57
20.95
61.11
49.88
36.37
4n/a
45.94
45
54Bancode
Galicia
12/13
894.72
21.64
12617.71
3-1.54
7.09
5.74
13462.74
8.41
51.72
58.03
73.67
1110.12
56.72
54
61BBVA
BancoFrances
12/13
787.59
-0.28
8981.52
6-1.77
8.77
8.64
10482.77
11.1
61.3
55.02
25.38
5n/a
51.92
611
72BancoPatagonia
12/13
672.79
33.37
5027.89
10-5.89
13.38
9.44
3389.53
31.78
57.9
58.6
57.75
3n/a
45.96
77
74HSBC
BankArgentina
06/13
645.27
13.62
6728.62
7-6.48
9.59
7.89
6270.66
-15.97
41.95
56.72
114.02
8n/a
55.91
89
84BancoProvincia
12/13
526.58
-6.66
12749.13
24.81
4.13
4.64
16224.19
48.86
42.57
26.69
101.76
15n/a
76.68
96
86BancoHipotecario
12/13
525.78
-17.26
3128.90
13-4.24
16.80
19.45
294.39
15.96
17.95
12.81
163.02
12n/a
66.67
108
89Bancode
laCiudad
deBuenosAires
12/13
485.32
-17.46
5090.19
9-4.13
9.53
11.07
7189.00
-11.63
38.94
36.37
123.71
10n/a
54.50
1110
95CitibankA
rgentina
12/13
476.81
-10.49
3945.52
12-7.2
12.08
12.53
4334.99
3.08
70.26
61.01
18.49
2n/a
48.65
1214
111ICBC
Argentina
12/13
366.48
28.11
4101.77
11-3.27
8.93
6.75
9180.60
14.99
49.28
54.9
84.40
7n/a
57.69
1312
118BancoCredicoop
06/13
341.18
13.25
5708.72
88.03
5.98
5.7
1587.58
-15.77
25.67
34.52
151.53
16n/a
78.00
1413
125Bancode
SanJuan
12/13
328.64
5.5
1812.22
161.81
18.13
17.5
1158.94
14.05
48.36
44.74
98.77
1n/a
28.24
1516
154BancoSupervielle
12/13
208.60
24.14
2645.77
143.56
7.88
6.58
1273.70
-16.56
35.33
52.57
142.79
14n/a
71.47
1615
175BancoItaúArgentina
12/13
169.41
-17.86
2146.93
155.65
7.89
10.15
1162.80
81.57
37.07
16.77
132.93
13n/a
69.35
BoliviA
11
179BancoMercantilSantaCruz
12/13
168.67
10.14
2627.04
115.64
6.42
6.74
147.14
-3.93
27.95
32.04
11.79
1n/a
n/a
BrAzil
12
1ItaúUnibancoHolding
12/13
37132.12
5.56
436404.84
2-11.94
8.51
7.139
8863.64
-9.71
23.87
27.91
62.03
1116.6
54.99
21
2Bancodo
Brasil
12/13
36321.54
0.05
493699.19
1-11.04
7.36
6.54
455462.61
-26.77
15.04
20.55
151.11
3214.53
51.95
33
3BancoBradesco
12/13
30079.90
-6.98
356117.93
4-9.01
8.45
8.26
406082.91
-19.68
20.22
23.42
91.71
1816.6
53.32
44
4BancoSantanderBrasil
12/13
27015.60
-15.2
192460.79
5-6.44
14.04
15.49
242583.57
-4.03
9.56
8.45
331.34
2719.2
38.55
55
5Caixa
Econôm
icaFederal
12/13
25284.16
n/a
364624.19
3n/a
6.93
n/a
472198.54
n/a
8.7
n/a
350.60
3815.13
63.30
66
9BancoBTGPactual
12/13
4832.43
-3.48
51354.42
8-15.51
9.41
8.24
351279.06
-11.57
26.47
28.89
52.49
617.8
45.45
77
11HSBC
Bank
Brasil
12/13
4176.71
-12.2
54678.95
7-3.1
7.64
8.43
44222.59
-75.08
5.33
18.78
390.41
4312
57.85
89
18BancoSafra
12/13
3211.13
-3.67
56457.35
62.4
5.69
6.05
50730.04
-24.26
22.73
28.92
71.29
2912.4
44.21
98
21CitibankBrazil
12/13
2887.40
-22.02
19799.04
10-5.31
14.58
17.71
22106.50
-67.62
3.69
8.88
410.54
4014.38
85.33
1010
28Banrisul
12/13
2185.62
-8.27
22988.51
9-0.71
9.51
10.29
34449.57
-20.54
20.57
23.75
81.96
1316.5
61.14
1111
32BancoJPMorganBrazil
12/13
1458.64
-14.53
10862.01
14-37.25
13.43
9.86
2547.92
-73.29
3.29
10.51
420.44
4117.9
n/a
1212
33CreditSuisseBrazil
12/13
1370.21
-16.65
14862.11
11-25.7
9.22
8.22
36364.64
-15.12
26.61
26.13
42.45
715.3
61.64
1313
34Bancodo
Nordestedo
Brasil
12/13
1290.99
1.21
14365.76
12-7.78
8.99
8.19
37236.19
91.1
18.3
9.69
121.64
1916.24
55.66
1415
36BancoBM
G12/13
1266.36
3.38
12794.82
13-22.29
9.90
7.44
33460.92
L->P
36.4
-22.47
23.60
313.5
36.02
1514
41BNPParibasBrasil
12/13
1149.07
-7.84
6236.30
20-16.8
18.43
16.63
14115.70
-10.06
10.07
10.32
311.86
1514.2
60.54
1618
47BancoDaycoval
12/13
1006.40
12.91
6191.38
211.5
16.25
14.61
19134.21
-48.03
13.34
28.98
192.17
917.52
38.82
1719
56BancoOriginal
12/13
864.64
0.64
1091.68
45-11.93
79.20
69.32
114.92
-87.22
1.73
13.58
441.37
2474.5
95.63
1816
58BicBanco
12/13
834.59
-12.79
6558.18
19-25.61
12.73
10.86
29-17.41
P->L
-2.09
0.37
46-0.27
4619.07
58.78
1920
59BancoABCBrasil
12/13
814.57
-0.25
6696.65
177.62
12.16
13.12
30130.87
-14.05
16.07
18.65
131.95
1414.8
42.35
2029
63BancoMorganStanleyB
razil
12/13
748.25
55.86
4289.57
2820.82
17.44
13.52
1676.57
147.21
10.23
6.45
281.79
1718.32
54.66
2122
70Deutsche
Bank
Brazil
12/13
689.36
2.27
4189.42
29-32.49
16.45
10.86
1896.01
7.74
13.93
13.22
162.29
811.14
n/a
2217
71BancodaAm
azonia
12/13
676.09
-28.88
4813.13
26-6.33
14.05
18.5
2372.73
-51.05
10.76
15.63
271.51
2313.8
72.04
2323
78Bank
ofAm
ericaMerrillLynch
BancoMultiplo
12/13
564.29
-12.13
2720.13
33-28.43
20.75
16.9
969.60
11.51
12.33
9.72
232.56
527.18
68.45
2421
82Parana
Banco
12/13
546.59
-7.88
2025.80
370.01
26.98
29.29
573.74
-18.5
13.49
15.25
183.64
227.36
39.24
2524
87BancoPine
12/13
518.49
-13.04
4410.94
27-12.42
11.75
11.84
3171.70
-42.95
13.83
21.08
171.63
2014.14
45.29
2628
88BancoFibra
12/13
515.42
4.85
4019.08
30-22.63
12.82
9.46
28-276.91
-120.18
-53.73
-25.58
52-6.89
5215.9
103.10
2726
90Bank
ofTokyoMitsubishiBrazil
12/13
484.01
-9.61
2258.60
3514.37
21.43
27.11
830.09
-6.88
6.22
6.03
381.33
2846.56
61.60
2827
92Rabobank
InternationalBrasil
12/13
479.96
-6.56
6650.16
182.48
7.22
7.92
4691.28
-40.23
19.02
29.73
111.37
2515.52
43.55
2925
93BancoAlfa
12/13
479.18
-12.76
5745.91
24-16.14
8.34
8.02
4163.28
-13.08
13.21
13.26
201.10
33n/a
45.46
3030
100Bancode
Brasilia
12/13
435.91
4.49
4917.90
253
8.86
8.74
38135.45
-1.93
31.07
33.11
32.75
412.71
68.63
3137
101BancoSociétéGénéraleBrazil
12/13
422.69
25.6
2663.33
34-15.27
15.87
10.71
200.84
L->P
0.2
-48
450.03
4519.69
67.04
3231
104Banestes
12/13
409.64
-0.46
6064.02
22-1.57
6.76
6.68
4865.12
30.24
15.9
12.15
141.07
3415.05
59.06
3333
106Goldman
SachsB
razil
12/13
406.12
4.77
2114.50
3660.57
19.21
29.44
12-31.96
24.58
-7.87
-10.93
51-1.51
4922.62126.98
3432
109BancoMercantildo
Brasil
12/13
381.13
-6.96
6006.18
23-14.51
6.35
5.83
4950.23
-49.39
13.18
24.23
210.84
3613.36
51.69
November 2014 | The Banker | 75
Rankings
TOP 200 LATIN AMERICAN BANkS | aMericas
TopLaTin
aMeric
an
BanksBycounTry
Rank
ingBa
nkSt
rength
Size
Soun
dnes
sPr
ofits
Perfo
rman
ceTie
r1ca
pital
Asse
tsCa
pital
asse
tsrat
ioPr
e-tax
profit
Retu
rnon
capit
alRe
turn
onas
sets
BIS capit
alrat
io
Cost
incom
erat
ioCo
untry
Prev
T200
Year
end
$m%
chan
ge$m
Rank
%ch
ange
% lates
t%
previo
usran
klat
est
$m%
chan
ge% lates
t%
previo
usran
klat
est
% lates
tran
klat
est
3535
115BancoCreditAgricoleBrasil
12/13
347.06
-7.66
1457.90
424.57
23.81
26.96
613.05
-11.74
3.76
3.93
400.89
35n/a
64.24
3643
119BancoCooperativo
Sicredi
12/13
339.53
45.42
10147.92
156.59
3.35
2.45
5133.50
4.86
9.87
13.68
320.33
4414.92
81.67
3734
129BancoSofisa
12/13
297.36
-21.98
1557.41
41-18.79
19.09
19.87
138.50
-31.81
2.86
3.27
430.55
3920.56
67.79
3838
131BancoSumitomoMitsuiBrasileiro
12/13
288.17
-8.07
1835.56
3985.22
15.70
31.63
2122.26
-28.47
7.72
9.93
361.21
3135.02
50.27
3939
132BancoEspiritoSantoBrasil
12/13
283.4
3-5.23
3439.43
315.5
8.24
9.17
4228.53
-8.1
10.07
10.38
300.83
3714.2
58.28
4044
139Bancoob
12/13
246.75
8.15
7728.19
166
3.19
3.13
5231.74
-28.9
12.86
19.56
220.41
4212.29
77.35
4136
141BancoBarclays
12/13
244.21
-31.79
2969.94
32-14.15
8.22
10.35
4347.24
-27.02
19.34
18.08
101.59
2133.54
53.36
4240
142BancoBB
M12/13
237.82
-9.5
1373.32
433.93
17.32
19.89
1727.33
-33.4
211.49
15.62
261.99
1223.26
45.40
4342
148INGBank
Brazil
12/13
218.09
-10.68
1655.16
404.34
13.18
15.39
2726.14
1.711.98
10.52
241.58
2227.3
48.74
4445
149Banpara
12/13
215.01
4.83
1932.69
386.11
11.12
11.26
32103.99
-7.55
48.36
54.84
15.38
118.7
48.98
4541
153BancoMizu
hodo
Brasil
12/13
208.67
-18.27
634.46
48-27.2
32.89
29.3
4-7.36
P->L
-3.53
5.98
47-1.16
4859.42
79.88
4646
165BancoIndustrialdoBrasil
12/13
188.06
n/a
932.57
46n/a
20.17
n/a
1016.99
n/a
9.04
n/a
341.82
1617.89
46.30
4747
170BancoCaixa
GeralBrasil
12/13
177.10
-12.35
516.08
51-16.67
34.32
32.63
3-12.64
P->L
-7.13
5.44
50-2.45
5023.85196.66
4848
184BancoBonsucesso
12/13
163.90
-11.58
1239.13
44-24.35
13.23
11.32
2616.76
59.29
10.23
5.68
291.35
2618.63
61.01
4949
190Scotiabank
Brasil
12/13
146.73
-17.23
327.25
5228.97
44.84
69.86
2-8.84
P->L
-6.03
0.49
49-2.70
5145.21157.73
5050
192Tribanco
12/13
143.12
-10.95
784.19
47-7.6
18.25
18.94
1516.96
-2.53
11.85
10.83
252.16
1017.35
60.51
51n/a
199BancoModal
06/13
121.50
-10.4
564.09
50-33.28
21.54
16.04
7-5.03
P->L
-4.14
10.25
48-0.89
4719.09
131.52
5252
200BancoInterm
edium
12/13
119.36
-10.97
609.17
491.79
19.59
22.4
117.54
-126.32
6.39
371.24
3022.44
67.01
Chile
12
12Bancode
Chile
12/13
4000.49
3.95
49514.80
21.88
8.08
7.92
81133.23
4.34
28.33
28.22
22.29
213.05
39.97
21
14BancoSantanderC
hile
12/13
3592.52
-1.36
51582.47
1-0.29
6.96
7.04
121028.20
21.35
28.62
23.26
11.99
313.82
35.74
33
23Bancode
Credito
eInversiones(BC
I)12/13
2619.32
4.28
38656.39
43.2
6.78
6.71
13691.98
1.25
26.42
27.21
41.79
513.44
41.57
45
25CorpBanca
12/13
2382.37
21.72
33393.25
518.14
7.13
6.92
11442.45
48.08
18.57
15.27
81.32
1013.22
44.62
54
29BancodelEstadode
Chile
12/13
1836.62
-14.92
48801.52
30.88
3.76
4.46
19378.56
-7.31
20.61
18.92
60.78
1411.25
55.06
66
38BB
VAChile
12/13
1175.85
-1.68
19346.54
6-1.18
6.08
6.11
18110.37
-27.57
9.39
12.74
130.57
1511.9
52.95
77
39Scotiabank
Chile
12/13
1157.81
-2.65
13631.52
7-1.47
8.49
8.6
6145.60
42.75
12.58
8.58
121.07
1214.66
56.24
88
45BancoIta
úChile
12/13
1031.28
2.61
12975.33
814.22
7.95
8.85
9198.43
3919.24
14.2
71.53
710.95
43.19
910
81BancoBICE
12/13
548.45
8.9
8140.23
101.39
6.74
6.27
14118.20
4.9
21.55
22.37
51.45
812.61
55.51
109
85BancoSecurity
12/13
525.97
-2.02
8392.27
9-3.91
6.27
6.15
1675.21
-14.22
14.3
16.33
100.90
1312.19
52.26
1112
114BancoConsorcio
12/13
352.96
-1.71
2778.29
127.74
12.70
13.92
447.61
132.24
13.49
5.71
111.71
620.52
33.72
1211
117JPMorganChaseBank
Chile
12/13
342.83
-5.75
584.38
19-13.87
58.67
53.61
17.24
-57.16
2.11
4.64
181.24
11140.12
77.77
13n/a
126BancoRipley
12/13
326.68
380.99
1385.61
17152.83
23.58
12.39
220.12
9.6
6.16
27.03
141.45
913.09
57.90
1414
145BancoFalabella
12/13
226.06
-4.08
3430.26
1111.23
6.59
7.64
1562.38
98.41
27.59
13.34
31.82
415.14
44.35
1518
157BancoPenta
12/13
203.98
35.1
1794.09
1633.85
11.37
11.26
57.12
L->P
3.49
-0.79
170.40
1616.79
74.82
1615
168Deutsche
Bank
Chile
12/13
182.76
-11.6
1319.85
18-26.57
13.85
11.5
331.73
844.35
17.36
1.63
92.40
188.25
25.27
1716
176HS
BCBank
Chile
12/13
169.40
-5.33
2028.40
13-0.61
8.35
8.77
76.66
745.67
3.93
0.44
160.33
1724.3
74.52
1817
193Rabobank
Chile
12/13
142.15
-11.14
1963.79
156.8
7.24
8.7
10-7.61
-353.47
-5.35
-1.05
19-0.39
1912.61
73.81
19n/a
198BancoInternacional
12/13
124.34
-4.56
2027.59
14-1.08
6.13
6.36
175.73
110.48
4.6
2.09
150.28
1812.34
68.40
ColomBiA
12
16Bancode
Bogota
12/13
3316.55
-28.78
52361.97
215.22
6.33
10.25
101503.93
-0.25
45.35
32.37
12.87
711.2
58.17
21
17Bancolom
bia
12/13
3228.53
-36.94
68042.74
123.11
4.74
9.26
161005.03
-17.92
31.13
23.91
91.48
1210.61
56.81
33
30BancoDavivienda
12/13
1796.85
-26.76
29322.61
310.24
6.13
9.22
12566.86
10.52
31.55
20.9
81.93
1110.82
52.47
45
40Bancode
Occidente
12/13
1151.01
5.75
14334.87
57.56
8.03
8.17
8165.55
-17.3
14.38
18.39
121.15
1413.34
38.23
514
48BancoCorpBancaColombia
12/13
952.00
129.95
6505.42
1025.59
14.63
7.99
491.41
-13.31
9.6
25.47
141.41
1323.93
45.00
64
53BB
VAColombia
12/13
899.09
-20.01
18144.18
45.25
4.96
6.52
15383.62
10.95
42.67
30.76
32.11
811.37
45.21
77
65BancoPopular
12/13
730.27
3.42
8634.58
81.11
8.46
8.27
6314.78
1.76
43.11
43.81
23.65
211
48.01
86
76Citib
ankColombia
12/13
577.26
-25.18
4495.55
13-6.55
12.84
16.04
5153.95
-9.62
26.67
22.08
103.4
23
1551.40
99
77BancoAgrario
deColombia
12/13
565.90
-14.72
9987.32
6-2.76
5.67
6.46
13204.22
-48.26
36.09
59.48
62.04
913
44.84
1010
83BancoColpatria
12/13
535.72
-7.11
8659.59
71.44
6.19
6.76
11174.94
-20.94
32.65
38.37
72.02
1012
29.78
1111
99BancoCajaSocial
12/13
436.22
-14.86
5338.20
11-4.41
8.17
9.17
7159.33
23.02
36.53
25.28
52.98
515
n/a
1212
107BancoGN
BSudameris
12/13
405.45
-11.44
7217.96
99.85
5.62
6.97
1475.71
17.87
18.67
14.03
111.05
1518
47.93
1313
108BancoAV
Villas
12/13
400.46
-9.88
5020.27
12-0.3
7.98
8.82
9146.88
4.06
36.68
31.77
42.93
612
n/a
1415
164BancoWWB
12/13
192.51
-9.59
430.59
14-5.76
44.71
46.6
323.22
25.68
12.06
8.68
135.39
148
57.42
76 | The Banker | November 2014
Rankings
aMericas | TOP 200 LATIN AMERICAN BANkSTopLaTin
aMericanBanksBycounTry
Rank
ingBa
nkSt
rength
Size
Soun
dnes
sPr
ofits
Perfo
rman
ceTie
r1ca
pital
Asse
tsCa
pital
asse
tsrat
ioPr
e-tax
profit
Retu
rnon
capit
alRe
turn
onas
sets
BIS capit
alrat
io
Cost
incom
erat
ioCo
untry
Prev
T200
Year
end
$m%
chan
ge$m
Rank
%ch
ange
% lates
t%
previo
usran
klat
est
$m%
chan
ge% lates
t%
previo
usran
klat
est
% lates
tran
klat
est
1516
169JPMorganCorporationFinanciera
12/13
180.16
-6.39
243.83
15-23.1
73.89
60.7
27.96
-15.75
4.42
4.91
153.26
4n/a
60.61
16n/a
171BancoIta
úColombia
12/13
176.99
-9.01
203.77
16-1.92
86.86
93.62
1-0.40
86.77
-0.23
-1.57
16-0.20
16n/a
82.73
CostAriCA
11
62BancoPopular
12/13
753.21
17.31
4295.73
312.77
17.53
16.86
177.34
-20.72
10.27
15.2
61.80
3n/a
66.03
22
91BancoNacionalde
CostaRica
12/13
483.66
-14.98
10082.33
127.66
4.80
7.27
48.50
-43.62
10.03
15.12
70.48
710.93
n/a
33
96Bancode
CostaRica
12/13
475.46
7.22
8507.13
213.11
5.59
5.9
699.31
-5.77
20.89
23.77
21.17
5n/a
70.06
44
127BACSanJose
12/13
322.67
12.39
3723.31
420.32
8.67
9.28
599.49
10.14
30.83
31.46
12.67
1n/a
38.59
57
156Scotiabank
CostaRica
12/13
204.74
44.45
2321.75
57.01
8.82
6.53
421.98
-17.99
10.74
18.91
50.95
613.87
75.38
65
167Citib
ankCostaRica
12/13
182.98
-2.52
1072.91
7-4.73
17.05
16.67
221.67
190
11.84
3.98
42.02
2n/a
54.05
76
181BancoDavivienda
CostaRica
12/13
167.60
-7.8
1483.24
614.22
11.30
143
19.87
-7.17
11.85
11.77
31.34
4n/a
65.36
eCuAdo
r1
160
GrupoFinancieroPichincha
12/13
808.00
4.88
12901.55
112.51
6.26
6.72
6112.59
12.6
13.93
12.98
60.87
610.4
67.11
22
113BancodelPacifico
12/13
355.62
5.87
3859.84
216.26
9.21
10.12
151.17
6.53
14.39
14.3
51.33
513.32
61.12
33
130GrupoFinancieroGu
ayaquil
12/13
296.84
7.44
3514.74
31.1
8.45
7.95
261.12
21.31
20.59
18.23
41.74
112.96
48.01
44
152ProduBanco
12/13
210.80
17.82
2965.56
40.43
7.11
6.06
343.64
-18.39
20.7
29.89
21.47
310.85
63.51
55
180BancoBolivariano
12/13
167.70
17.62
2525.23
55.9
6.64
5.98
434.66
-15.09
20.67
28.63
31.37
411.85
66.74
66
186BancoInternacionalEcuador
12/13
159.99
14.06
2505.51
618.25
6.39
6.62
539.46
-8.75
24.66
30.83
11.57
211.36
54.12
elsAlvAdor
11
105BancoAgricola
12/13
407.35
n/a
3943.20
14.32
10.33
10.78
3128.49
2.02
31.54
30.92
13.26
117.56
43.15
23
137BancoDavivienda
ElSalva
dor
12/13
265.13
7.62
2031.27
29.95
13.05
13.34
233.67
48.02
12.7
9.23
41.66
418.45
50.78
32
140Citib
ankElSalva
dor
12/13
245.29
4.88
1666.54
4-9.66
14.72
12.68
134.39
-2.43
14.02
15.07
32.06
222.52
52.78
44
158Scotiabank
ElSalva
dor
12/13
199.90
7.77
2008.71
33.4
9.95
9.55
438.65
-16.11
19.33
24.84
21.92
316.74
53.83
guAtem
AlA
11
98Banrural
12/13
456.39
16.41
5447.25
210.91
8.38
7.98
1149.11
7.59
32.67
35.35
22.74
1n/a
58.67
22
112BancoIndustrial
12/13
361.54
-1.71
7946.68
114.77
4.55
5.31
3128.61
11.67
35.57
31.31
11.62
214.81
53.93
33
120BancoG&
TContinental
12/13
339.14
-0.93
5438.43
39.74
6.24
6.91
253.75
5.99
15.85
14.81
30.99
3n/a
60.20
hond
urAs
11
147BancoAtlantida
12/13
219.29
8.98
2504.48
1-2.73
8.76
7.82
225.95
-30.39
11.83
18.53
31.04
313.06
57.84
22
162BACHo
nduras
12/13
195.36
7.95
1759.60
39.03
11.10
11.21
129.11
-31.55
14.9
23.5
21.65
213.74
72.27
33
182BancoFicohsa
12/13
167.33
0.92
2179.43
218.58
7.68
9.02
353.21
10.86
31.8
28.95
12.44
113.58
56.06
mexiCo
11
6GrupoFinancieroBB
VABancom
er12/13
9979.66
8.53
114855.47
17.98
8.69
8.64
103604.50
24.66
36.12
31.44
23.14
315.5
42.07
22
7GrupoFinancieroBanamex
12/13
8528.94
-1.63
96302.75
24.71
8.86
9.43
91732.81
-11.15
20.32
22.49
91.80
514
46.68
33
8GrupoFinancieroSantander
12/13
5307.72
-7.46
65597.46
413.74
8.09
9.94
121148.05
-29.92
21.63
28.56
71.75
715.91
36.58
44
10GrupoFinancieroBanorte
12/13
4480.00
24.82
76989.22
39.28
5.82
5.09
171363.77
9.43
30.44
34.72
51.77
615.1
52.03
55
13BancoInbursa
12/13
3690.98
3.07
19598.76
73.73
18.83
18.95
21255.26
188.94
34.01
12.13
46.40
118.07
19.12
66
19GrupoFinancieroHS
BC12/13
3201.88
8.56
40570.47
54.72
7.89
7.61
13359.87
-39.74
11.24
20.25
150.89
1614.81
62.99
77
31Scotiabank
Inverlat
12/13
1764.09
-13.83
18456.60
87.48
9.56
11.92
7232.39
-30.67
13.17
16.37
131.26
1112.3
65.51
88
64BancodelBajio
12/13
743.61
-4.19
9024.73
109.37
8.24
9.41
1194.25
25.87
12.68
9.65
141.04
1412.28
58.28
99
67BancoAzteca
12/13
701.00
21.16
7670.80
126.72
9.14
8.05
8110.81
-38.5
15.81
31.14
121.44
913.34
81.17
1012
73GrupoFinancieroInteracciones
12/13
646.71
36.7
13243.86
922.92
4.88
4.39
21174.35
12.8
26.96
32.67
61.32
10n/a
n/a
1110
80JPMorganChaseBank
Mexico
12/13
548.52
5.15
3403.84
168.09
16.11
16.57
343.05
180.06
7.85
2.95
191.26
1236.75
57.89
1213
97BancoRegionalde
Monterrey
(BanRegio)
12/13
472.88
20.42
6668.50
1320.11
7.09
7.07
1699.26
10.47
20.99
22.88
81.49
812.61
57.07
1314
103Bank
ofAm
ericaMexico
12/13
418.83
20.82
5902.58
1448.03
7.10
8.69
1444.12
-14.7
10.53
14.92
160.75
1717.69
43.05
1415
133Bank
ofTokyoMitsubishiMexico
12/13
280.72
1.76
1216.56
248.06
23.07
24.5
112.92
9.18
4.6
4.29
201.06
1378.7
61.70
1516
135Barclays
Bank
Mexico
12/13
268.14
n/a
1680.45
21n/a
15.96
n/a
4-4.08
n/a
-1.52
n/a
23-0.24
24n/a
113.11
1619
143Deutsche
Bank
Mexico
12/13
236.01
21.89
20585.76
618.37
1.15
1.11
2441.22
405.89
17.46
4.21
110.20
2116.46
56.07
1717
150BancaA
firme
12/13
213.20
4.91
8268.26
113.11
2.58
2.53
2318.05
570.83
8.46
1.32
170.22
2015.09
76.18
1818
155BancoInvex
12/13
207.77
4.97
2928.88
19-12.37
7.09
5.92
1516.52
-66
7.95
24.54
180.56
1813.75
69.25
1924
159Bancoppel
12/13
199.89
45.04
1655.20
2219.32
12.08
9.94
672.57
15.42
36.3
45.62
14.38
220.9
39.43
2020
161BancoMultiva
12/13
197.68
11.72
3735.72
1552.97
5.29
7.25
2035.94
3.45
18.18
19.64
100.96
1515.7
55.55
2123
174BancoAhorroFamsa
12/13
170.53
17.32
1288.75
2316.52
13.23
13.14
56.35
-62.47
3.72
11.63
210.49
1915.44
50.96
2221
177BancoMonex
12/13
169.30
-0.15
3017.28
18-9.61
5.61
5.08
1860.41
-37.57
35.68
57.07
32.00
417.71
76.70
23n/a
188BancoMifel
12/13
150.26
12.29
2707.43
20-6.4
5.55
4.63
191.84
-77.47
1.22
6.09
220.07
2212.76
73.61
2422
197CreditSuisse
Mexico
12/13
134.38
-8.97
3062.86
17-16.57
4.39
4.02
22-2.98
P->L
-2.22
1.51
24-0.10
2317.05
106.58
78 | The Banker | November 2014
Rankings
aMericas | TOP 200 LATIN AMERICAN BANkSTopLaTin
aMeric
an
BanksBycounTry
Rank
ingBa
nkSt
rength
Size
Soun
dnes
sPr
ofits
Perfo
rman
ceTie
r1ca
pital
Asse
tsCa
pital
asse
tsrat
ioPr
e-tax
profit
Retu
rnon
capit
alRe
turn
onas
sets
BIS capit
alrat
io
Cost
incom
erat
ioCo
untry
Prev
T200
Year
end
$m%
chan
ge$m
Rank
%ch
ange
% lates
t%
previo
usran
klat
est
$m%
chan
ge% lates
t%
previo
usran
klat
est
% lates
tran
klat
est
PAnA
mA
11
42BACPanama
12/13
1145.14
8.97
14208.78
133.02
8.06
9.84
9395.56
9.65
34.54
34.33
12.78
111.98
53.43
22
44BancoGeneral
12/13
1032.82
10.67
11815.69
29.35
8.74
8.64
6313.16
1.62
30.32
33.02
22.65
218.27
34.71
35
51Bancolom
biaPanama
12/13
913.74
21.24
7913.76
510.08
11.55
10.48
2124.21
-38.79
13.59
26.93
91.57
5n/a
40.41
43
55Bladex
12/13
868.15
5.16
7471.31
610.58
11.62
12.22
184.75
-8.9
9.76
11.27
111.13
1017.114
38.61
54
69Banistmo
12/13
698.53
-11.98
8064.38
4-13.88
8.66
8.47
759.70
-23.15
8.55
9.79
130.74
1213.9
66.67
66
79BancoNacionalde
Panama
12/13
562.75
2.22
8696.94
312.37
6.47
7.11
13120.24
-14.19
21.37
25.45
41.38
8n/a
42.21
712
116GlobalBank
Corporation
06/14
344.26
20.1
4479.63
717.54
7.68
7.52
1174.53
-8.28
21.65
28.35
31.66
314.05
45.12
810
123Multib
ank
12/13
332.27
41.96
3102.26
1020.67
10.71
9.1
347.94
22.62
14.43
16.7
71.55
615.92
54.69
98
134BanescoPanama
12/13
269.64
5.99
3336.27
924.42
8.08
9.49
849.99
-15.27
18.54
23.19
51.50
713.34
55.67
109
136BC
PPanama
12/13
265.24
10.73
4064.47
8-11.64
6.53
5.21
1223.79
-128.97
11.29
120.59
13n/a
2.53
1111
138Cajade
Ahorros
12/13
249.73
14.53
2589.16
1120.36
9.65
10.14
440.71
46.49
16.3
12.75
61.57
417.01
54.29
1213
172BancoAliado
06/14
174.33
11.66
2193.26
1213.39
7.95
8.07
1023.71
7.62
13.6
14.11
81.08
1114.78
28.08
1314
187BicsaPanama
12/13
155.88
12.59
1650.43
1310.9
9.44
9.3
519.39
77.09
12.44
7.91
101.17
912.88
48.27
PArAguAy
12
151BancoContinental
12/13
212.77
32.73
2933.36
217.64
7.25
6.43
273.91
2.15
34.73
45.13
12.52
112.4
39.25
21
166BancoIta
úParaguay
12/13
186.59
5.28
3048.32
127.55
6.12
7.42
47.90
-15.37
4.23
5.26
40.26
413.07
45.79
33
183BancoRegional
12/13
165.63
4.01
2649.16
323.3
6.25
7.41
335.00
-1.31
21.13
22.27
31.32
3n/a
53.69
44
196BB
VAParaguay
12/13
136.93
-10.41
1844.55
413.77
7.42
9.43
133.86
20.48
24.73
18.39
21.84
2n/a
47.61
Peru
11
24Bancode
Credito
delPeru
12/13
2574.24
7.04
35042.22
1-1.3
7.35
6.77
8820.39
-5.59
31.87
36.13
62.34
614.46
46.63
23
35BB
VAContinental
12/13
1283.10
10.12
20231.84
23.83
6.34
5.98
10633.63
-4.13
49.38
56.72
23.13
212.42
34.29
32
37Scotiabank
Peru
12/13
1201.26
0.69
14651.52
39.55
8.20
8.92
6407.16
-12.39
33.89
38.95
52.78
413.24
37.72
44
50Interbank
12/13
926.98
22.9
10625.70
415.1
8.72
8.17
4314.35
5.39
33.91
39.54
42.96
313.39
44.35
55
94Bancode
laNacion
12/13
477.16
-9.12
9667.37
51.95
4.94
5.54
11259.40
-20.79
54.36
62.38
12.68
515.84
50.25
68
146BancoInteramericanode
Finanza(BIF)
12/13
224.99
34.03
2728.99
616.48
8.24
7.16
553.92
18.15
23.97
27.19
71.98
713.1
48.47
77
160Mibanco
12/13
199.44
-0.61
2135.68
9-1.46
9.34
9.26
318.77
-50.39
9.41
18.85
100.88
1015.44
54.90
86
163Citib
ankPeru
12/13
193.39
-7.41
2434.47
712.19
7.94
9.63
736.56
-18.81
18.91
21.56
81.50
8n/a
66.08
911
185BancoFinanciero
12/13
163.4
011.66
2350.14
812.68
6.95
7.02
929.15
20.71
17.84
16.5
91.24
912.23
58.62
1010
191BancoFalabella
Peru
12/13
145.10
-4.29
1163.34
114.25
12.47
13.59
156.30
-1.81
38.8
37.82
34.84
115.06
51.85
119
194BancoGN
BPeru
12/13
138.03
-8.61
1299.32
10-13.77
10.62
10.02
27.76
L->P
5.62
-2.87
110.60
1113.94
68.21
urug
uAy
11
43Bancode
laRepublica
12/13
1033.33
-10.06
14299.09
16.83
7.23
8.58
2311.37
4.97
30.13
25.82
12.18
213
63.08
22
75BancoHipotecario
delUruguay
(BHU
)12/13
597.29
-0.88
1597.46
42.54
37.39
38.68
1101.73
27.38
17.03
13.25
26.37
142
48.14
33
121BancoSantanderU
ruguay
12/13
339.10
-6.56
5288.93
24.7
6.41
7.18
357.55
6.33
16.97
14.91
31.09
311.82
67.55
44
178BB
VAUruguay
12/13
168.79
1.67
2966.08
37.26
5.69
64
28.30
0.2
16.76
17.01
40.95
4n/a
66.09
venezuelA
14
15MercantilServiciosF
inancieros
12/13
3507.32
67.62
38082.93
256.29
9.21
8.59
51186.55
32.08
33.83
42.93
83.12
718.4
55.93
21
22BanescoBancoUnive
rsal
12/13
2668.23
18.69
35628.49
323.66
7.49
7.89
1734.09
43.06
64.99
53.92
24.87
3n/a
37.25
32
26BB
VABancoProvincial
12/13
2346.12
4.57
31376.35
419.4
7.48
8.54
101530.24
17.86
65.22
57.87
14.88
221.04
35.87
43
27Bancode
Venezuela
12/13
2303.08
4.72
38880.85
117.56
5.92
6.65
161424.64
7.98
61.86
59.99
43.66
6n/a
37.27
58
52BancoOccidentalde
Descuento
12/13
905.13
74.67
17505.89
554.6
5.17
4.58
17272.66
-0.63
30.12
52.95
91.56
1412.47
69.23
67
57BancodelTesoro
12/13
839.76
52.95
10417.58
828.71
8.06
6.78
7479.28
53.5
57.07
56.87
54.60
418.66
27.29
76
66BancodelCaribe
12/13
723.32
18.09
11853.12
632.49
6.10
6.85
15350.32
11.17
48.43
51.44
62.96
814.36
46.40
85
68BancoExterio
r12/13
699.67
12.99
10667.65
714.32
6.56
6.64
13449.72
19.29
64.28
60.88
34.22
512.65
41.79
99
102BancoNacionalde
Credito
12/13
421.96
16.97
6710.06
910.03
6.29
5.92
14107.39
-11.26
25.45
33.55
121.60
13n/a
71.31
1011
110BancoIndustrialdeV
enezuela
12/13
380.60
13.73
5219.63
10-30.7
7.29
4.44
1147.67
-51.71
12.53
29.5
150.91
1628.11
73.01
1110
122Venezolano
deCredito
12/13
333.4
8-5.7
3287.12
12-9.1
10.15
9.78
488.78
-48.85
26.62
49.08
112.70
1022.57
68.27
12n/a
124BancoFondoComun
12/13
331.25
19.42
4274.57
1114.21
7.75
7.41
8124.79
31.21
37.67
34.29
72.92
927.28
57.65
13n/a
128Bancoex
12/13
320.75
-20.01
360.81
17-21.49
88.90
87.25
119.30
-3.99
6.02
5.01
165.35
1200.27
49.36
14n/a
144BancoCaroni
12/13
226.93
-2.04
2731.35
13-3.68
8.31
8.17
666.33
37.21
29.23
20.87
102.43
1129.14
68.28
1513
173BancoAgricolade
Venezuela
12/13
171.95
-30.42
1558.02
15-25.28
11.04
11.85
35.32
14.46
3.09
1.88
170.34
1723.14
73.32
16n/a
189BancoSofitasa
12/13
147.09
4.37
2170.46
1410.35
6.78
7.16
1231.38
12.03
21.33
19.87
131.45
1524.95
72.64
1714
195Citib
ankV
enezuela
12/13
137.29
-26.78
1081.71
16-15.02
12.69
14.73
225.32
-36.68
18.44
21.33
142.34
1224.52
67.04
Performance insightThe ranking is the definitive measure of the health, performance and grown of leading
Latin American banks. The ranking tracks the 200 largest Latin American banks in terms of Tier 1 capital and covers $3,973 billion of total assets.
The Top 200 Latin American Banks ranking is generated using headline figures from the wider data set available in The Banker Database. The Banker Database provides online access to all our
proprietary research, including comprehensive financial time-series data on more than 4,000 banks in 160 countries.
To find out how you can access this invaluable data, contact us on+44 (0)20 7775 6370/6368 or email [email protected].
Top 200 Latin American Banks
www.thebankerdatabase.com
Note: These figures are based on the aggregate Pre-tax Profits and Total Assets for each country, including Bank Holding Companies and Foreign-Owned Subsidiaries for each country in the Top 200 Latin American Banks ranking.
ColombiaPre-tax Profits
$4.98bnNumber of banks in
top 20016
Total Assets$239bn
VenezuelaPre-tax Profits
$7.94bnNumber of banks in top 200
17 Total Assets
$222bn
ChilePre-tax Profits
$4.50bnNumber of banks in
top 20019
Total Assets$302bn Argentina
Pre-tax Profits$5.86bn
Number of banks in top 20016
Total Assets$138bn
BrazilPre-tax Profits
$30.42bnNumber of banks in top 200
52 Total Assets$2,231bn
MexicoPre-tax Profits
$10.52bnNumber of banks in top 200
24Total Assets
$528bn
80 | The Banker | November 2014
Brazil’s near-term economicforecast is disappointing, withgross domestic productgrowth that, at best, may justexceed 1% in 2015. This has
had a dramatic impact on its banks’ expan-sion plans. Private sector lenders, such asItaú Unibanco and Bradesco, have tightenedtheir lending policy, while state-run institu-tions Caixa Economica Federal and Bancodo Brasil, which are tasked with supportingthe economy through the extension of creditlines, are expected to relax their previouslyaggressive margins on loans and are bracedfor rising non-performing loans (NPLs).
Upcoming presidential elections haveadded a further layer of difficulty to the mar-ket in recent months, with most in thefinance community adopting a wait-and-seepolicy. Banks have put the brakes on lending,but this may open up opportunities to lessconventional financiers, such as privateequity funds.
WorseThanexpecTedOn reflection, banks started 2014 in anoverly optimistic mood, and now many arefinding that they have not met their expecta-tions for loan growth.
Itaú Unibanco, the country’s largest pri-vate sector bank, is one such lender that hasseen slower than anticipated loan growththis year. Its loan book expanded by 9% inthe second quarter of the year, slower thanits February forecasts, which predicted
growth in the 10% to 13% range.Bank lending for the whole system rose
11.4% to 2800bn reais ($1200bn) in the 12months to July 2014, according to Brazil’scentral bank. Analysts expect private sectorloans to grow 5% and state-owned lenders’loans to grow by 15% in 2014.
Average loan growth for the systemcould hover at about 10% next year, saysMauricio Molan, chief economist at San-tander Brasil, the country’s third largest pri-vate sector bank by Tier 1 capital. But, whileaverage growth will hold steady, the conver-gence towards safer assets will affect loanbook composition, which “will continue tochange from less to more secure lending”,says Mr Molan.
This means that products that are per-ceived to be more risky will be sidelined,such as certain consumer loans and financ-ing to small and medium-sized enterprises(SMEs). This represents a U-turn from theinterest which private sector banks haveshown to smaller corporate clients in previ-ous, more buoyant years.
“I don’t see much appetite for private sec-tor banks to finance SMEs if the economystagnates,” says Franklin Santarelli, head ofthe Latin American financial institutionsteam at ratings agency Fitch Ratings. “Banks,mostly private, have tried to shift the compo-sition of their portfolios away from unsecuredconsumer lending, as it was five or six yearsago, [and have gone] in different directions:in the consumer segment, towards payroll
lending or auto finance or, [in the case ofstate-owned] Caixa, into mortgages.”
changingTacTicsFast-growing levels of personal debt inrecent years have raised concerns, so a slow-down in consumer credit would be welcome,according to analysts. But financing to SMEsis a different story, as these companiesemploy an estimated 80% of the total work-force in Brazil.
Itaú Unibanco plans to focus on largecorporate clients and infrastructure-relatedprojects, which it hopes the government willinstigate. It will also continue to reduce itsexposure to consumer lending and thefinancing of small businesses, says MarceloKopel, a former finance director of the bank’scredit card processing business, Redecard,who is now head of Itaú’s investor relations.
“At Itaú, we’re very keen to grow largecorporate [products] related to infrastruc-ture and investment; we will grow in the con-sumer finance space only if disposableincome is growing,” he says. “The environ-ment is quite competitive among large corpo-rates. In terms of SMEs, the market iscompetitive for mid-sized companies; for thesmaller ones, it is less competitive, becausebanks are more risk averse. In our case, ourpolicy is that even if we could charge more tocompensate for larger losses, the risk appe-tite is not there. There are banks that may bewilling to do this, but we are not.”
Brazil’s second largest private sector
Banking
americas | BRAzIL
Brazil’sBankshittheBrakesHaving revelled in the economic growth that characterised the past fewyears, Brazil’s banks are now struggling to adapt to a less favourableenvironment. In response to stalling gross domestic product anddisposable income growth, many lenders are curbing their lending,leaving gaps, particularly in the small and medium-sized enterprisesegment, for other players to step in.writer Silvia Pavoni
November 2014 | The Banker | 81
ment, they’re in a better position thanmedium-sized banks because their funding ischeaper. They can go to the same client andoffer an interest rate that is a bit lower,because their funding cost is a fraction of thefunding cost for a medium-sized bank.”
Banco Indusval and Banco Pine did notrespond toTheBanker’s requests to comment.
Mr Santarelli acknowledges the diffi-culties in lending to SMEs, however, andadds that not all large lenders have got theirstrategy right. “Five years ago, [private sec-tor] banks discovered that the SME seg-ment was a significant portion of the marketand that it was underbanked. But this is asector that can bring some grief,” he says,pointing out that lending to SMEs involvesdealing with “customers that have neverbeen attended to before. You don’t knowexactly their paying patterns and how vola-tile they can be on the asset quality. [A lead-ing bank] tried to serve SMEs using [whatturned out to be the wrong] approach andquite quickly realised that the asset qualitywas not what they were expecting.”
gap inThemarkeTIf banks are at a loss about how to continuetheir SME strategy, other players arebecoming increasingly aware of the poten-tial of this market.
Darby Overseas Investments, a Wash-ington, DC-based fund that forms part ofglobal investment firm Franklin TempletonInvestments, has started to provide mezza-
lender, Bradesco, is of a similar view. It hasalso found that the stagnant economy hasdiminished loan demand.
“Our best product is the loan [portfolio],but we need to have quality in those opera-tions,” says Luiz Angelotti, an executiveboard member and head of investor rela-tions at Bradesco. “We try to approve themajority of [loan requests] but we need tomaintain quality and margins. The demandthat we have now is not enough to maintainthe growth that we had expected at thebeginning of the year. [Corporate] clientsare not fully using their pre-approved lines.”
middlegroundBrazil’s medium-sized banks, which had tra-ditionally been the natural fit for servingSME clients, have found themselves pricedout by the larger lenders. Traditionally,SMEs were served almost entirely by mid-sized banks until larger players, encouragedin past years by a better macroeconomicbackdrop, decided to target the market.Now, with leading banks preferring largerclients, and smaller banks dealing with ris-ing funding costs, it seems the SME marketis, once again, underserved.
“What we’re seeing, generally speaking, isthat banks that were active with SMEs, mostlymid-sized banks – Indusval, Pine and others– have a competitive advantage because oftheir [long standing relationship with] thecustomers,” says Mr Santarelli at Fitch. “Hav-ing said that, once larger banks identify a seg-
nine financing to Brazilian SMEs. Unlike abank, because of its natural risk appetite,Darby would not consider collateral a pre-requisite to financing.
Darby’s most recent investment in thecountry involves ethanol producer VitalRenewable Energy Company (VREC), forwhich Darby provided $15m-worth offinancing that will allow the company tocomplete the next phase of an industrial andagricultural expansion of its ethanol facility.Darby provided equity as well as a seniorloan with a tenor of more than five years –something that few local lenders would beprepared to do.
“Banks are very hesitant in terms of howlong they will extend the tenors of theirloans,” says Richard Frank Junior, Darby’smanaging director. “[Their] interest ratesare probably less than what our ultimatereturns would be, but we’re going out sev-eral years [on the loan] and banks don’thave the appetite to go that far. I think thatwill continue. What banks generally want isassets. VREC actually had some good assets,but there are other companies we were ableto invest in that were asset-light – bankswon’t touch those.”
cenTralBanksTeps inIn an effort to boost bank appetite for lend-ing in general, in August Brazil’s centralbank went so far as to reduce capital require-ments, in a move that it hoped would raiseloans by 150bn reais. Earlier this year, the
Uncertain times: markets will need time to adjust to the outcome of the Brazilian election, which saw Dilma Rousseff (left) andAécio Neves (right) go head to head
Banking
BRAzIL | americas
Dad
oGaldieri/Bloom
berg
Pau
loFridman
/Bloom
berg
82 | The Banker | November 2014
central bank sought to control inflation withhigher interest rates and increased its over-night rate to 11%, which central bank presi-dent Alexandre Tombini insists is not at oddswith measures to free up credit. Analysts,however, expects a rate cut as inflationappears to be tamed at 6.5%.
Regardless, the central bank move leftthe market lukewarm. “Banks don’t wantto lend. Putting more money into the inter-banking system is not going to do anything,”Tony Volpon, head of emerging marketsresearch for the Americas at NomuraSecurities International, told news agencyBloomberg in August this year. “There istoo much policy and political uncertainty,”he added.
The uncertainty is likely to continue inthe months following the country’s presiden-tial election, which will be held at the end ofOctober. The two candidates left in the raceas The Banker went to press were incumbentpresident Dilma Rousseff, and pro-businesschallenger Aécio Neves, who has theendorsement of environmentalist candidate
Marina Silva, who did not advance to thefinal run-off. Whatever the outcome of theelection, the market will no doubt need a fewmonths to adjust.
Among the challenges facing the incom-ing government will be the rising NPLs instate-run banks, where asset quality in con-sumer lending quickly deteriorated this year.To ensure that Caixa’s capital position wassufficiently strong, the central bank author-ised the lender to book 28bn reais in hybridsecurities as common equity.
Investors had voiced concerns that therapid growth of the bank’s loan book on theback of government pressure to boost accessto credit, had weighed down Caixa’s capitalposition. In the 12 months to June 2014, thebank said that its loan book had grown by28%; this compares with average growth of1% among private banks in the same period,according to Fitch Ratings.
Mr Molan at Santander, for one, is notparticularly concerned about the rise of badloans. “Public banks’ NPLs will grow, butwon’t be critical; at the end of the day [if nec-
Franklin Santarelli of Fitch Ratings:“I don’t see much appetite forprivate sector banks to financeSMEs if the economy stagnates”
Banking
americas | BRAzIL
Richard Frank Junior, managingdirector of Darby OverseasInvestments, sees opportunity formezzanine investments in Brazil
November 2014 | The Banker | 83
essary] we’d see the government increase[public] banks’ capital so that they canimprove their balance sheets,” he says. Healso acknowledges, however, that the gov-ernment will not have much room tomanoeuvre, as it will have to engage in fiscaladjustments given the macroeconomic envi-ronment. According to Santander, flat eco-nomicgrowthwill likelypushunemploymentto 7% next year, from the current 5.5%.
shapeofThingsTocomeSome are convinced that SMEs, despite thedifficult backdrop, will continue to do welland benefit, in particular, from expectedgovernment investment in infrastructure, asthey can potentially provide services to largeconstructors, says Fitch’s Mr Santarelli.
At the same time, new investors are look-ing at this space. Mr Frank says that Darby isone of the very few funds providing mezza-nine finance in Latin America using aregional strategy; it also invests in Mexicoand Colombia. But, he adds that a number oflocal private equity firms have started to
Banking
BRAzIL | americas
show interest in this type of deal. Becausefundraising is currently done in US dollars,the fund needs to scout for companies thathave exposure to the currency. A growinglocal network may galvanise this process.
“The challenge is to find the right fit [fora] US dollar investment with a mezzaninestructure,” says Mr Frank. “We have to doour homework and find the right fit forcompanies that have a natural hedge orhave very little debt where they can mangefluctuations on the exchange rate. We see alot of opportunity for mezzanine invest-ments in Brazil. The market has now cooleddown a bit. In fact, we don’t see much activ-ity right now because everyone is holdingon before the final rounds of the elections,but in terms of mid-sized companies, Brazilis a huge market.”
If Brazil’s economic and political uncer-tainties continue, even after the elections,banks can be expected to stay on the saferside of lending for some more time. It may bethat non-banks will be the ones that take onthe riskier assets.
After a decade of hectic growth,the Peruvian economywas hithard by 2013’s “tapering tan-trum” – as Julio Verlarde, thecountry’s central bank gover-
nor, describes the impact of the US FederalReserve tapering its quantitative easing pro-gramme – but it is now back on course andpredicted to growby 6% in 2015.
This year growth is likely to be about 4%,saysMrVerlarde, who argues that Peru’s pastdecade has been about much more than atypical Latin American commodities boom.While Peru’s economy was certainly boostedby high gold and copper prices over thisperiod – and has been impacted by recentprice reversals – it has an investment rate of28% of gross domestic product (GDP),which is translating into both expandedcommodity production but also increasedexports in other sectors such as agriculture.
The IMF reports that Peru has posted thefastest growth and slowest inflation in LatinAmerica over the past decade, with GDPgrowth averaging 6.6%and inflation 2.93%.
But last year’s announcement by thenchairman of the Federal Reserve Ben Ber-nanke that theUSwould start pulling back onits bond buying programme caused panic inglobal markets, and Peru was badly affectedwith its currency falling by 10% as foreigninvestors sold Peruvian assets. On top of this,Peru which is the world’s third biggest copperproducer and fifth largest gold producer, had
profits has been invested in other sectors,producing a big jump in agricultural exportsand high-end textiles and clothing.
A huge fillip to the attractiveness of thedomestic market has come with the adventof the Pacific Alliance trade agreement link-ing Peru, Chile Colombia andMexico, as wellas the Mercado Integrado Latinoamericano(MILA), which integrates the stockexchanges of Chile, Colombia and Peru.
Christian Laub is both president of theLima Stock Exchange and CEO of the Peru-vian investment banking franchise CreditcorpCapital, which was formed by the integrationof three banks: BCP Capital in Peru, Correvalin Colombia and IM Trust in Chile. He saysthat Peruvian companies and investors arenow thinking on a regional rather thannational scale, and that both the developmentof MILA and the creation of Creditcorp weredesigned to respond to this. Creditcorp alsohas an inter-dealer broker in theUS.
Mr Laub admits that the trading vol-umes on MILA are still small, but says theydo not take account of all the regional busi-ness, such as that carried out by familyoffices. He is also arguing for lower tradingcosts tomake Peru competitive with both theChile and Colombia exchanges, as well asthose in the US, where the majority of theliquidity in Peruvian stocks is held.
“Last year we reduced [trading] costs by50% but they are still high and we are notcompetitive with Chile and Colombia. Weneed to aim higher. The liquidity exists but itis traded in other markets. We need to getthat liquidity back to Peru,” saysMr Laub.
He says that by the Peruvian, Colombianand Chilean exchanges, companies in thesecountries can serve an $800bn economywith 90 million people. Adding Mexico tothis bloc would create an economy the samesize as Brazil. “The growth rate is not whatwe are used to [in Peru], but we are not in adownward spiral and there will be a pick-upnext year,” concludesMr Laub.
84 | The BAnker | November 2014
Economy
AmericAs | PERU
PeruPicksuPPeru’s stellar economicperformance over the pastdecade hit a bump in 2013 asa result of the US quantitativeeasing programme. However,the country’s central bankgovernor sees this as atemporary setback, andreports that the Peruvianeconomy is back on the tracktowards long-term growth.
writer
Brian Caplen
to contendwith falling commodity prices.Mr Verlarde says that this “tapering tan-
trum” was not really based on fundamentals,and he has managed the situation through acombination of interest rate movements andchanges to reserve requirements, as well asselling of foreign exchange reserves tostrengthen the country’s currency, the sol.
“We don’t want the exchange rate to betoo far from fundamentals; we only inter-vene when we believe it is going beyond fun-damentals,” he says. “In this case we aretalking [about] a tapering tantrum. It over-shot [the sol depreciated too much againstthe dollar], it was unsustainable and it wasgoing to be reversed.”
Fickle invesTorsMore than half of Peruvian government localcurrency debt is held by foreigners, but MrVerlarde says: “The market is currentlyunderestimating the prospects of a US raterise and it may come sooner than expected.But the fickle investors have already left sothose remaining are more professional long-term investors and I don’t expect the samekind of sell off as last time.”
The market reaction in Peru to a fallingdollar was also greater because 40% of loansare in dollars. Mr Verlarde would like to seethis proportion reduced, but says that his-torically lowUS interest rates since the 2009financial crisis have made dollar borrowingsuperficially attractive.
Overall bank loans to GDP in Peru are alow 40% and government debt to GDP isjust 18%, meaning that the country hasplenty of room to expand without becomingoverburdened.
When it comes to the current position ofthe Peruvian economy,Mr Verlarde says: “Wehad a gooddecade, helped by high commodityprices, but there ismore to the story than that.
Indeed, the commodity prices boom hasbrought with it upstream improvements toPeru, and a sizeable chunk of the mining
Gold mine: Peru’s growth has beenabout much more than a commoditiesboom, says the central bank governor
86 | The Banker | November 2014
Hidden depths: large-scale infrastructure projects, such as the widening of the Panama Canal (pictured), are opening up new opportunities for financing inLatin America
roundtable
americas | latiN america
Latam’stradefinancepathTrade finance is emerging as a key part of the Latin American banking business model and is boundto be a hot topic on the agenda at this year’s Felaban annual meeting being held in Colombia inNovember. Ahead of this, the Banker speaks to experts about the challenges and opportunitiesthat this growing business line is creating in the Latin American market.writer Silvia Pavoni
With international tradeflows at record levelsand new trade routesbeing established,trade finance looks set
to retain its newly acquired strategic statuswithin banks the world over. this is true forboth local lenders, which have a granularknowledge and prime relationship with cor-porate clients, and for international financi-ers, which can accompany businesses acrossmultiple markets.
as latin america’s banks prepare forFelaban’s annual meeting in medellín,
colombia, in November, the Banker asked apanel of experts to discuss the current trendsin the industry and to predict where futureopportunities and challenges lie.
■ WheredoTheBiggesTopporTuniTieslie inlaTinamericanTradefinance?“latin america is a very heterogeneousregion, so opportunities differ but are plenti-ful,” says Gerd Pircher, HSBc’s regional headof global trade and receivables finance forlatin america. He singles out mexico, whereforeign direct investment is flowing into the
[The Pacific alliance]accounTs for more Than
50% of ToTal Trade
[wiThin laTin america],and will only increase
iTs relevance and weighT
Ricardo Velázquez
November 2014 | The Banker | 87
There will always be The
sPace and necessiTy for
local and inTernaTional
lenders To suPPorT
smaller businesses siTTing
alongside each oTher
Gerd Pircher
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latiN america | americas
country on the back of recent energyreforms. the country may also benefit, hesays, from the re-shoring of US manufactur-ing, as mexico is still very cost-efficient inthis area. Such a trend would “shorten logis-tics chains and reduce the risk of [risingmanufacturing] costs”, he says.
ricardo Velázquez, head of internationalbanking at Banorte, is based in mexico andhas witnessed rising international foreigndirect investment first hand. as well as this,he is also optimistic about the opportunitiespresented by intra-regional trade after mex-ico signed agreements with colombia, Peruand chile as part of the Pacific alliance. thecountry has also reached other internationaltrade agreements.
“[the Pacific alliance] accounts formore than 50% of total trade [within latinamerica], and will only increase its rele-vance and weight. the trans-Pacific Part-nership will give latin american countriesthat are part of the partnership [chile, mex-ico and Peru] greater access to countries inthe Pacific rim,” says mr Velázquez.
Jose clemenceau, head of products, tradeexport commodity finance at Santander Bra-sil, says that there is room to grow in the Bra-zilian market as smaller companies arebeginning to look at international exports.
mr Pircher notes that Brazil seems to berelatively unaffected by declining commodi-ties prices, something that renato Faria,head of trade for latin america at citi,agrees with, saying that commodities-linkedproducts offer interesting growth opportuni-ties. mr Faria also names infrastructure as agrowth area in Brazil. “Given the lack ofinfrastructure-related investments in thepast decades, both public and private sectorcompanies are developing turn-key projects,which are generating an increased demandfor sources of financing,” she says.
a few countries stand out, according toKika ricciardi, latin america head inDeutsche Bank’s global transaction bankingbusiness. “countries such as colombia andPanama have each committed to a number oflarge infrastructure projects that will requireadditional financing in the near term. Bothcountries benefit from an investment-gradecredit rating, which makes them particularlyattractive to lenders,” she says.
Furthermore, growing corporate activitywithin latin america, and the need for com-panies to optimise working capital ratios, offernew business avenues to trade finance houses.“these two factors [allow] banks to extendfinancing to less credit-worthy companiesdown the supply chain, thus maximisingreturns at healthy risk levels,” says mr Faria.
Supply chain finance is indeed a growingarea, according to ms ricciardi, who says:“Post-crisis, working capital solutions havebecome a very favourable way for corporatesto manage their liquidity. We have recentlyrolled out solutions, such as an automaticconfirmed payables tool, which have helpedDeutsche Bank’s clients in the regionimprove the liquidity in their supplierfinance programmes.”
She goes on to detail other products thatare attracting strong interest and that giveclients greater flexibility. “While there is stillconsistent demand for traditional tradeinstruments, such as commercial letters ofcredit and collections, there is growingdemand from clients for sophisticated solu-tions, such as open account solutions, silentpayment guarantees and account receivableprogrammes,” she says.
■ WhaTareTheBiggesTchallengesforTradefinance inlaTinamerica?aside from growing competition andadverse market conditions, regulation seemsto be the largest concern for trade financiers– whether they are part of a global firm or alocal bank.
“increased competition from local banksand abundant liquidity [reduces] spreads,which ultimately creates a challenge [if wewant to] maintain proper returns withoutjeopardising market share,” says citi’s mrFaria. “also, the global regulatory environ-ment and the different impact that new reg-ulations [such as Basel iii and theDodd-Frank act] have over global bankscompared with local banks create additionalchallenges for international players.”
local banks are concerned about regula-tion, too. Banorte’s mr Velázquez is con-cerned about the potential negative impactthat Basel iii will have on the affordability oftrade finance. But, he believes that concertedefforts by lenders and international organi-sations are useful in presenting the case fortrade finance to regulators. “Banks and tradeorganisations, such as the World tradeOrganisation and the international cham-ber of commerce, should keep partneringand gathering meaningful trade financedata. this information will facilitate a betterunderstanding and regulatory treatment ofthe trade finance business among policy-makers, regulators and political leadersaround the world,” he says.
Other external factors are also cominginto play, such as weakening commodityprices, says HSBc’s mr Pircher. He also citescountry-specific issues and widespread
88 | The Banker | November 2014
structural impediments as creating chal-lenges for banks. “Drought and election-related uncertainty in Brazil in much of2014, the pain of tax reforms in mexico, andexternal restrictions aggravated by contin-ued uncertainty regarding disputes withbondholders in argentina. [there are also]serious structural hurdles – from low invest-ment in fixed assets [such as infrastructure]to the unfriendly business environment andpoor human capital – which have been driv-ing the region to a situation of reduced com-petitiveness. in economic terms, latinamerica is currently [taking] two steps for-ward and one step back, and trade is noexception to this theme,” he says.
ms ricciardi cites political elections as acrucial source of disruption. “elections inboth Brazil [at the end of October] andargentina, in October 2015, regardless of thepolitical outcome, will determine shifts inthe macroeconomic, fiscal and monetarypolicies of those countries. Some of thechanges have already been priced into themarket, while others are still to be deter-mined,” she says.
■ canBoThlocalandinTernaTionallendersBenefiTByWorkingTogeTherToservesmallerBusinesses?WhaT ishinderingproducTgroWThinThissegmenT?lenders agree on the benefits of co-opera-tion and the need for development on thisfront. “Small and medium-sized enterprises[Smes] represent approximately 80% of thetotal number of companies involved in tradein the region, but inversely represent lessthan 15% of the total amount and volume oftrade financing,” says mr Velázquez.
Because of their limited credit historyand technical expertise when it comes tofinancing, work for smaller companies“requires a deeper knowledge of the clientsand main shareholders, which can only beachieved by local financial institutions”, saysmr Velázquez. “On the other side, in manycases local banks are less equipped and lackthe global capabilities required to offer tradefinancing services compared with theirinternational counterparts.”
HSBc’s mr Pircher acknowledges the lim-itations of some global players, which oftenlack granular knowledge of foreign markets.“there will always be the space and necessityfor local and international lenders to supportsmaller businesses sitting alongside eachother,” he says. “there is nothing hinderingproduct growth in this segment, other thanthe fact that there are very few international
lenders that can genuinely link up smallerlatin american businesses with buyers andsuppliers, which may be equally small, in otherparts of the world. the further afield thosetrading partners are, in particular in emergingcountries in asia, the middle east or in africa,[the fewer] banks can genuinely supportthem, not just with trade finance but with thesupport services and the ‘handholding’ thatthat type of client really requires.”
Deutsche Bank’s ms ricciardi adds:“local and international lenders can workvery well together. there are limitations [forinternational banks] when it comes to lendingto small businesses. local banks play a vitalrole in this respect and with lending occurringprimarily in major currencies, internationalbanks can help and support [local banks]indirectly. local banks do not always haveample liquidity in these major currencies andtherefore rely on international banks to supplythem via trade funding arrangements.”
■as inTernaTionalTradefloWsgroWandTransacTionsBecomemorecomplex,hoWdoyoumanagespirallingcompliancerisk?the industry is painfully aware of the risks offalling short of wide-reaching, heavy, newcompliance requirements – from Basel iii’scapital rules to the Dodd-Frank act, to theForeign account tax compliance act andanti-money laundering and privacy laws.Banks have invested in procedures and sys-tems to deal with the new regulatory websurrounding trade finance deals, accordingto both mr Faria and mr clemenceau.
But, the new regulatory environment isfar from being untangled.
“there is no global standard for [anti-money laundering], terrorist financing andsanction regulations and they vary considera-bly, and sometimes may even be [conflicting]in different jurisdictions,” says mr Velázquez.“Because of this, the banking industry isstruggling with the complexity and pace ofchange in the local and global complianceenvironment relating to trade finance trans-actions. the more complex and intercon-nected the compliance system, the greater therisk of vulnerability and breakdown.”
mr Pircher is optimistic about the indus-try’s ability to respond to such regulatorychallenges, but he also warns of the dangersof misregulation. “the good news is thatwhile global supply chains have becomemore complicated, so too has the technologyand expertise we have in place to managethese risks,” he says. “On compliance risk, theglobal financial crisis rightly led to a rein-
securiTisaTion is likely To
become an ‘add-on’ To The
Trade finance business in
laTin america, as haPPened
in The us and To some
exTenT in euroPe
Renato Faria
roundtable
americas | latiN america
November 2014 | The Banker | 89
forced regulatory framework, making thefinancial system safer.
“However, it is important to ensure thattrade finance continues to be recognised aslow risk and self-liquidating, which is why wewelcomed Basel’s decision to lower the capi-tal requirements for trade finance. Without areliable international trade finance network,exporters and importers would face greaterrisk and incur higher costs. in someinstances, without trade finance a deal couldnot take place at all – particularly if one of theparties is considered to be higher risk. theseeffects would be felt disproportionately inemerging regions, such as latin america,and by Smes, for whom trade finance offersan indispensable form of collateral.”
ms ricciardi says that the best solution issimply to confine business activities to mar-kets and companies that banks are trulycomfortable with – a reflection of the morecautious post-financial crisis attitude that isbeing applied across all banking products.
“a number of risk dimensions have beenadded to the [market]: along with sovereignand credit risks, environmental, reputa-tional and compliance risks are also ever pre-sent in financing complex projects and tradeflows in emerging markets,” she says. “Bankssuch as Deutsche Bank continue to spendmore time and resources in the analysis andmitigation of these risks. We are very focusedon doing business only in those markets andsectors that we [fully] understand.”
■ is securiTisaTionhelpingTodevelopasecondarymarkeTforTradefinanceasseTs inTheregion?WhaTneedsToBedoneTodeepenThemarkeTfurTher?“Securitisation is likely to become an ‘add-on’ to the trade finance business in latinamerica, as happened in the US and to someextent in europe,” says mr Faria.
“Banks will increasingly face balancesheet constraints when it comes to assetgrowth, and securitisation may become aninteresting way to address these constraints.For this to become a reality, a stronger, moreuniform legal and regulatory frameworkthat allows international investors to accessour markets in the region must be in place. ifwe look at where we were on this subjectsome 20 years ago, we can see that a lot ofprogress has been made. But, we still have away to go to turn securitisation into a realtool for developing a secondary market fortrade assets in latin america,” he adds.
mr Pircher at HSBc says: “the imple-mentation of Basel iii and deployment of
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latiN america | americas
risk-weighted assets means banks are look-ing with greater interest at securitisation, asit can be a good tool to keep lines open forcorporate clients. While there are discus-sions taking place in the market, i cannotsee these translating into a large number ofdeals in the immediate future. For bankswith a global footprint that are helpingimporters and exporters at both legs of thetrade, there is appetite to hold trade financerisk. For banks that do not have trade as acore business, securitisation of trade assetscan be a good alternative. as long as you arein line with local regulation, securitisationoffers another option to help customersgrow their business.”
local banks seem to be more conserva-tive, however. Santander Brasil’s mr clem-enceau says: “this is a new market and wehaven’t seen local banks putting lots of effortinto it. But Santander Spain has taken thefirst step, and last year it launched a $1bnthree-year rated asset-backed securitiesproduct composed of short-term tradefinance assets originated by Santander andanother competitor.
“a percentage of Santander’s assets inthis programme are composed of Brazilianloans. Our multi-banking asset participa-tion programme is aimed at enhancing theability of trade banks to support global tradeflows by addressing challenges facing thebanking industry, including capital man-agement, liquidity, increased credit con-straints and capital requirements imposedby Basel ii and iii.”
more needs to be done to encouragefinancial institutions other than banks totrade finance products, which would encour-age the development of a secondary market.mr Velázquez at Banorte says: “the distribu-tion of trade finance risk has been present inthe region for many years through the tradecredit insurance market. However, in recentyears, a number of large global banks haveactively explored ways to distribute tradefinance risk to other non-bank investors.
“So far, the involvement of alternativeinvestors has been mainly limited to boutiquenon-bank financial institutions [NBFis]focused on customers that face constraints inaccessing bank-intermediated trade finance,such as Smes in emerging markets. theattraction of capacity and capital to supportadditional trade financing still has a long wayto go, which requires standardisation andtransparency of trade finance assets, educa-tion about the nature of trade risks and dia-logue and interaction with potential NBFiinvestors in order to be able to compare tradeloans with other asset classes.”
counTries such as
colombia and Panama
have each commiTTed
To a number of large
infrasTrucTure ProjecTs
ThaT will require
addiTional financing in
The near Term Kika Ricciardi
90 | The Banker | November 2014
Braziltop forifC fDiIFCs
Latin america and the caribbean
Brazil remains the leadingLatin American country forforeign investment into thefinance sector, but its totalinvestment levels have shrunk.When it comes to outboundinvestment into the region,Venezuela is leading the way.writer Silvia Pavoni
InTernaTIonal fInance cenTres
Brazilian financial centres attracted atotal of $3.3bn in foreign direct investment(FDI) over the 12 months to August 2014,according to estimates by investment moni-tor fDi Intelligence.
Brazil’s inward FDI was mainly directedtowards its leading financial centre, SãoPaulo, which received $2.17bn of capitalinvestment over eight projects. Capital cityBrasilia saw $361m investment by US-basedinsurance services company McLarens,which has based a new aviation claims man-agement office in the city. Rio de Janeiroattracted $51m over three FDI projects. Anumber of other FDI projects were spreadacross the country. Total investment in Bra-zilian finance centres, however, was 25%lower than the previous 12months.
One country to experience an increase inFDI into the financial sector was Mexico,which attracted almost three times theamount it had in the previous 12 months – areflection of the wide-reaching reforms thecountry enacted in 2013.
Colombia, the third largest destinationin Latin America for financial sector FDI,suffered a reduction of inward financial sec-tor FDI, which dropped to about $278m inthe 12 months to August 2014, from almost$909m in the previous 12months.
When it comes to outward investment,Venezuela generated the largest volumes,with $474m and five projects – all of whichwere part of Caracas-based Banesco BancoUniversal’s international expansion. Thesefive projects were in Brazil, Mexico, Argen-tina, Panama and theUS.
Rank Destination country Capex ($m) Projects Average capex ($m) Jobs created Average jobs Companies
1 Brazil 3,302.6 14 235.9 569 40 14
2 Mexico 805.3 22 36.6 1,071 48 17
3 Colombia 278.1 9 30.9 495 55 6
4 Argentina 159.0 7 22.7 287 41 5
5 Chile 134.5 5 26.9 275 55 5
6 Panama 123.7 5 24.7 221 44 5
7 Costa Rica 92.7 3 30.9 165 55 3
8 Uruguay 61.8 2 30.9 110 55 2
9 Bermuda 35.1 2 17.6 64 32 2
=10 Nicaragua 30.9 1 30.9 55 55 1
=10 Cayman Islands 30.9 1 30.9 55 55 1
=10 Saint Vincent &the Grenadines 30.9 1 30.9 55 55 1
=10 Venezuela 30.9 1 30.9 55 55 1
Top 10 Ifcs In laTInamerIcaandThecarIBBeanBy InwardfInancIal servIces fdI, sepTemBer2013 ToaugusT 2014
Rank Destination country Capex ($m) Projects Average capex ($m) Jobs created Average jobs Companies
1 Brazil 4,405.4 21 209.8 776 36 16
2 Colombia 908.6 15 60.6 3,716 247 10
3 Mexico 279.7 15 18.6 566 37 12
4 Chile 269.5 10 26.9 1,560 156 6
5 Argentina 216.7 8 27.1 389 48 2
6 Dominican Republic 158.7 6 26.4 284 47 4
=7 Uruguay 92.7 3 30.9 165 55 3
=7 Peru 92.7 3 30.9 165 55 3
=7 Panama 92.7 3 30.9 165 55 3
=10 Paraguay 61.8 2 30.9 110 55 2
=10 Nicaragua 61.8 2 30.9 110 55 2
Top 10 Ifcs In laTInamerIcaandThecarIBBeanBy InwardfInancIal servIces fdI, sepTemBer2012 ToaugusT 2013
Rank Source country Capex ($m) Projects Average capex ($m) Jobs created Average jobs Companies
1 Bermuda 266.5 9 29.6 644 71 6
2 Venezuela 234.1 7 33.4 514 73 3
3 Brazil 179.5 8 22.4 341 42 5
4 Peru 99.7 3 33.2 165 55 2
5 Bahamas 97.2 2 48.6 91 45 1
6 Colombia 61.8 2 30.9 110 55 1
7 Chile 48.4 3 16.1 141 47 3
8 Ecuador 38.0 1 38.0 12 12 1
=9 Nicaragua 30.9 1 30.9 55 55 1
=9 Panama 30.9 1 30.9 55 55 1
Top 10 Ifcs In laTInamerIcaandThecarIBBeanByouTwardfInancIal servIces fdI, sepTemBer2012 ToaugusT 2013
Rank Source country Capex ($m) Projects Average capex ($m) Jobs created Average jobs Companies
1 Venezuela 474.0 5 94.8 251 50 1
2 Bermuda 282.0 14 20.1 894 63 12
3 Brazil 174.1 13 13.4 469 36 3
4 Panama 139.1 4 34.8 215 53 3
5 Chile 138.5 4 34.6 178 44 2
=6 Guatemala 61.8 3 20.6 111 37 2
=6 Colombia 61.8 2 30.9 110 55 2
8 Cayman Islands 56.8 2 28.4 126 63 2
9 Mexico 10.9 1 10.9 51 51 1
10 Peru 4.2 1 4.2 9 9 1
Top 10 Ifcs In laTInamerIcaandThecarIBBeanByouTwardfInancIal servIces fdI, sepTemBer2013 ToaugusT 2014
Source: fDi Intelligence from the Financial Times Ltd 2014. Data subject to terms and conditions of use.Capex data includesestimates.Jobs data includes estimates. Financial Times Ltd takes no responsibility for the accuracy or otherwise of this data.
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