Overview of Banks in Ecuador
The banks in Ecuador are supervised by the Banco Central del Ecuador (BCE), the country’s central bank that is also responsible for managing its monetary and fiscal affairs. It also aims to promote the economic development of Ecuador.
The outlook for banks in Ecuador remains fairly weak, despite a rebound in credit and deposit growth in the country. The sector faces macroeconomic risks in relation to the financial and fiscal position under a dollarized economy. Still, Ecuadorean banks are considered relatively safe from the risk of global financial stresses, because of their low exposure to external financial lines.
For anyone considering a career in banking in Ecuador, this list of top banks in Ecuador is a helpful guide on where to start. To learn more, see our list of financial institutions.
The top banks in Ecuador include:
Founded in 1906, Banco Pichincha, the main bank of Grupo Pichincha, is the biggest private bank in Ecuador in terms of capitalization and client base. The bank offers a wide range of banking products and services, not only in Ecuador but also in other countries. The bank serves around 1.8 million customers and manages over 200 branches in Ecuador.
The bank also oversees several subsidiaries such as Banco Financiero Perú in Peru, Banco Pichincha in Colombia, and Banco Pichincha in Panamá. It also operates through eight representative offices in Spain and an agency in Miami.
Banco de Guayaquil
Established in 1923, Banco de Guayaquil operates as a subsidiary of Corporacion Multibg S.A. Headquartered in Guayaquil, the bank provides corporate, personal, transaction, and private banking solutions through its network of 4,791 service points in key areas across the country. It is also present in Madrid and Panama City.
Banco de la Producción S.A. or Produbanco was established in 1978 with headquarters in Quito. The bank provides corporate, retail, and SME banking products and services, operating in the country, as well as in Panama, Nicaragua, Costa Rica, Honduras, El Salvador, the Dominican Republic, Guatemala, and the Cayman Islands. It is part of the Promerica Group since 2014. It currently employs 11,200 staff.
Banco Promerica S.A. is one of the largest private banks in Ecuador. Formerly known as Banco MM Jaramillo Arteaga, it provides a comprehensive range of retail, family, and corporate banking products and services. Its headquarters is in Quito.
International financial group Citibank started operating in Ecuador in 1960. Citi Ecuador is the only international bank in the country. It also holds the best risk qualification of AAA in the market. It provides a range of banking and financial services through its two main branches in Quito and Guayaquil.
Headquartered in Guayaquil, Banco Bolivariano was founded in 1979. The bank provides retail, corporate, and SME banking products and services. It also offers foreign trade, investment, and treasury management services. In 1999, it launched the electronic banking feature through its website and in 2001, the bank introduced Ecuagiros, which specializes in family remittances.
Banco del Austro
Banco del Austro started providing banking services in 1977. The private bank is a member of Grupo Eljuri’s financial unit. Based in Cuenca, it operates through a network of 92 offices and over 200 ATMs in major cities. It also oversees representative offices and partners in Spain, Italy, Canada, and the United States.
Banco del Pacifico
Established in 1972, state-owned Ecuadorian bank Banco del Pacifico was the first of the banks in Ecuador install a computer system for banking, beginning with a network of five terminals. It also introduced Bancomatático, the first ATM in South America.
Banco Solidario S.A.
Founded in 1995, Banco Solidario was formerly known as Estrategia Financiera S.A. Based in Quito, the financial institution offers an array of banking products and services, including loans, lines of credit, savings, risk management, credit scoring, and audit methodology to enterprises and small businesses.
Private financial institution Banco Internacional started providing banking products and services in 1973 in Quito. It is one of the largest banks in Ecuador in terms of profit and placement of commercial loans. It is a member of the Spanish conglomerate, Fierro Group.
Careers in investment banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map…. For banking careers, you will have a significant edge over the competition with our financial modeling courses.
This has been a guide to the top banks in Ecuador. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: